Eldorado Gold Corporation Aktie

Good morning, everyone, and welcome to the Eldorado Gold Corporation 2026 Annual Meeting. [Operator Instructions]

I will now turn the meeting over to the Chair of the meeting, Steve Reid. Please go ahead, Mr. Reid.

Thank you. Good morning, everyone, and welcome to our 2026 Annual Meeting. I'm Steve Reid, and I'm the Chair of the Board of Eldorado Gold Corporation. As provided in the company's bylaws, I'll be the Chair of the meeting.

Eldorado is conducting its annual meeting this year in a physical and virtual hybrid format held in person at the offices of Fasken Martineau DuMoulin LLP in Vancouver, BC, and virtually using the Computershare virtual meeting platform. We also urge shareholders to vote via proxy or voting instruction form prior to this meeting if they were unable to attend the meeting.

I'd like to remind you that for those attending this meeting virtually, only registered shareholders that have logged into the meeting with their previously obtained 15-digit control number or duly appointed proxy holders that have received an invite code from Computershare are entitled to vote at the meeting, ask questions or take an active part in the meeting on the web portal. Beneficial shareholders who have not duly appointed themselves as proxy holder are able to attend the meeting virtually as guests and listen to the webcast, but will not be able to participate or vote at the meeting.

The active participation by only registered shareholders or duly appointed proxy holders virtually is customary and consistent with our in-person meeting procedures. Any registered shareholder or a duly appointed proxy holder with a question that's relevant to the business of this meeting is welcome to ask it through the web portal or in person if you're attending the physical meeting. If you have a question not directly related to the business of this meeting, I kindly ask that you wait and ask that question after the formal business of the meeting.

Some of the statements made at this meeting may be considered forward-looking. We caution you that results of future operations may differ from those anticipated. We urge you to review the cautionary statements and other information contained in Eldorado Gold Corporation's filings on SEDAR+, which identifies a number of factors that could cause actual results to differ materially from those mentioned in any forward-looking statements made at the meeting.

To ensure this meeting covers the required business in an efficient manner, I'll dispense with the seconding of motions of the items of business that are identified in the notice of meeting. This procedure is merely a way to expedite proceedings.

The meeting will now come to order. Karen Aram, Corporate Secretary of Eldorado, is present and will act as Secretary of the meeting. Computershare Trust Company of Canada is the registrar and transfer agent for Eldorado, and Teresa Kwan of Computershare is present and will act as scrutineer for the meeting.

I have before me an affidavit of mailing from Computershare declaring that the notice calling this meeting and other meeting materials were duly mailed on May 22, 2026, to registered shareholders as at the record date of April 29, 2026. And as such, proper notice of the meeting has been given.

According to the preliminary scrutineer's report, at least 2 shareholders entitled to vote at the meeting are present in person or represented by proxy, representing not less than 25% of the votes attached to the issued and outstanding common shares entitled to vote at the meeting. I adopt the scrutineer's report and declare that a quorum is present. With notice having been given in the proper manner and a quorum present, I declare that this meeting is regularly and duly called and is now ready for the transaction of business.

Before commencing with the business of the meeting, I'd like to comment on the voting procedure. We will conduct each vote by way of ballot. I understand that the scrutineer has tabulated all the votes received prior to the proxy voting cutoff.

If you are attending virtually and have previously voted by proxy, you do not need to vote again when prompted. By voting virtually, again, you will revoke any previous vote made by proxy prior to the proxy voting cutoff. If anyone present in person is a registered shareholder or a proxy holder and has not received a package of ballots, could you please see Computershare at this time.

We'll now open the voting for all of the resolutions on the Computershare platform. Each shareholder present in person or represented by proxy will have 1 vote for each Eldorado common share held or represented. If you're attending the meeting in person, please feel free to ask any questions you may have about any motion that is properly before the meeting when we open up the floor to questions after the resolutions have been introduced and prior to closing of the polls.

For the expediency and decorum of the meeting, questioning will be limited to 2 minutes in each case. If you're attending virtually, if a registered shareholder or duly appointed proxy holder has a question on any motion before the meeting, you may submit it through the system now or throughout the meeting, and we will address any such questions after the resolutions have been introduced and prior to closing of the polls.

I may exercise discretion in limiting the number of questions that any person in valid attendance at this meeting may ask. Once questions on the resolutions have been concluded, I'll give you a minute to complete voting and then declare the polls closed. Again, please keep any questions which are of a general nature until after the formal part of the business -- formal business part of the meeting.

The first item of business is the presentation of the annual audited consolidated financial statements of the company for the year ended December 31, 2025, and the accompanying auditor's report thereon. Copies of the financial statements and the auditor's report has been provided to shareholders of record and have also been filed under Eldorado's SEDAR+ profile. Copies are also located on the Computershare dashboard page.

I now declare that Eldorado's financial statements for the year ended December 31, 2025, and the accompanying auditor's report have been received by the shareholders as submitted at this meeting.

Next item on the agenda is the election of directors. Our Board currently consists of 10 directors, and the Board of Directors has fixed the number of directors for the ensuing year at 9. The only persons who have been nominated to stand for election as directors of Eldorado in accordance with the procedures set forth in the advance notice provisions contained in the company's bylaws are the management nominees set forth in the management proxy circular for this meeting.

Each of management's nominees has consented to act as a director of the company. Accordingly, no further nominations will be accepted, and I declare the nominations closed.

I invite a motion from a shareholder that the following management nominees, being those individuals set forth in the management proxy circular for this meeting, be elected as directors of Eldorado to hold office until the close of the next Annual Shareholders Meeting or until their successors are elected or appointed: Carissa Browning; George Burns; Teresa Conway; Samantha Espley; Sally Eyre; Patrick Godin; Judith Mosely; Daniel Myerson; Steven Reid.

I so move.

Thank you. Our next item of business is the appointment of KPMG LLP as the auditor of the company for the ensuing year. I invite a motion from a shareholder that KPMG LLP be appointed as auditor of the company for the ensuing year.

I so move.

Thank you. Our next item of business is to authorize the Board of Directors of the company to set the auditor's remuneration. I invite a motion from a shareholder that the Board be authorized to set the auditor's pay for the ensuing year.

I so move.

Thank you. Our next item of business is a nonbinding advisory vote by way of an ordinary resolution supporting our approach to executive compensation as described in the management proxy circular. I invite a motion from a shareholder that the ordinary resolution as described in the management proxy circular for this meeting be approved and that the full text of the resolution as contained in the circular be taken as read and be made a part of the minutes of this meeting.

I so move.

Thank you. That concludes the placement before the meeting of all the resolutions to be considered. I'll now ask if there are any questions specifically related to the foregoing items.

There being no questions, I'll now move to the final voting. For those attending in person, please complete and sign your ballots, printing your name under the signature. When you've completed your ballots, please raise your hand, and the scrutineer will collect them.

For those attending virtually, the polls are still open. For those of you that have not voted on the resolutions virtually, please do so now. I'll pause for 1 minute to allow you to complete the voting.

[Voting]

Now that everyone has had the opportunity to vote, I declare the polls for this meeting closed. The scrutineer will now tabulate the results of the votes and will provide us the results shortly.

Okay. I'd like to call the meeting back to order to report on the voting results. Based on the preliminary scrutineer's report, I report and declare that all 9 nominated directors have been duly elected as directors of the company to hold office until the next Annual Shareholders Meeting of the company or until their successors are elected or appointed.

KPMG LLP has been duly appointed as auditor of the company for the ensuing year. The Board has been duly authorized to set the auditor's pay for the ensuing year.

The nonbinding advisory vote on executive compensation has been duly approved. The exact number of votes on each of these resolutions will be filed on Eldorado's profile on SEDAR+.

There being no further business to be conducted at this meeting, I will now declare the formal business part of the meeting to be terminated. The final report of the scrutineer will be included in the minutes of this meeting.

Now that the formal business part of the meeting is concluded, we will address questions from the registered shareholders and duly appointed proxy holders which were not directly related to the business of this meeting.

As there are no questions, this concludes Eldorado's Annual Meeting. I'd like to thank you for your support and input and look forward to our second quarter earnings release on July 31 to update you on our progress. Thank you, and good morning.

This concludes the meeting. You may now disconnect.

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold First Quarter 2026 Results Conference Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions]

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, operator, and good morning, everyone. I'd like to welcome you to our conference call to discuss our first quarter 2026 results. 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 and Chief Financial Officer; and Simon Hille, Executive Vice President and Chief Operating Officer.

Our release yesterday details our first quarter 2026 financial and operating results. The release should be read in conjunction with our Q1 2026 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 U.S. 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 which time, we will invite analysts to queue for questions.

I will now turn the call over to George.

Thank you, Lynette, and good morning, everyone. I'll begin with an overview of our first quarter and provide brief updates on McIlvenna Bay and Skouries. I'll then hand the call over to Paul to review the financials and then to Simon with an update on our operations. Following that, Christian will make some concluding remarks before opening up the call for questions.

We've had a very busy and solid start to 2026 with performance in the quarter tracking in line with our expectations and full year guidance. This year, production is back half weighted as 2 mines come into production and several other operations deliver stronger results later in the year.

2026 is an important year for Eldorado as we continue to advance 2 high-quality growth projects, Skouries in Greece, and McIlvenna Bay in Saskatchewan. Mac Bay is nearing first concentrate production followed by first concentrate at Skouries in Q3. Once in operation, both assets will meaningfully enhance our production profile and cash flow generation.

Starting in the third quarter of 2026, to provide greater transparency as these polymetallic assets come online, we plan to enhance our disclosure by reporting copper assets on a dollar per pound, co-product basis for Skouries and Mac Bay.

Before getting into the project updates, I want to note that as previously announced, I plan to retire as CEO later this year as we ramp up Skouries towards commercial production. Christian, who joined us last September has been deeply involved across the business and is set up to seamlessly step into the role at that time. I'm pleased to remain on the Board to support continuity and Dan Myerson has joined the Board as Deputy Chair providing important continuity from the Foran side.

I want to take a moment to recognize the achievement of our colleagues at Lamaque. In March, they received the TSM Gold Leadership Award, a special recognition for mining operations who achieved level AAA, the highest possible rating across all applicable TSM performance indicators. This recognition reflects the dedication of our employees and our unwavering commitment to responsible mining in Quebec and across our global operations, where TSM protocols are applied as a matter of practice, under Eldorado's Sustainability integrated management system, well done Lamaque team.

The Foran transaction represents a significant milestone for Eldorado. At Mac Bay, we have now begun the integration activities and working closely with the existing team as the project nears first concentrate production. Following the close, members of our management team visited Saskatchewan and the Mac Bay project to welcome the team to Eldorado, see progress firsthand and engage with our stakeholders in Saskatchewan.

What stood out was the enthusiasm of our new team, the capabilities supporting the operation and the clear focus on safety, collaboration and responsible execution. Now that Mac Bay is part of our portfolio, we expect to provide the following with our second quarter results. Mac Bay production and cost outlook for 2026, timing for an expansion study and progress on a study for potential lead silver circuit.

Following the close of the transaction, we have already approved approximately $17 million spend on exploration for the remainder of 2026, reflecting the target-rich environment in our view that continued exploration success has the potential to drive meaningful long-term value. The quality of Mac Bay and its exploration potential reinforce our confidence that it will become a long-term cornerstone asset within our portfolio, delivering near-term growth while adding copper exposure in a stable top 3 global mining-friendly jurisdiction.

Turning to Skouries in Greece on Slide 6. Construction activities continue to progress well across all major areas. The team remains focused on disciplined safe execution as we move through the final construction phase. At the end of the quarter, overall project progress was approximately 94% steadily advancing towards first concentrate production. As execution activities have progressed and the project advances towards construction completion on schedule, we have updated our forecast to complete and have revised our total project capital to $1.315 billion, an increase of approximately $155 million from the prior estimate.

The primary driver was the increase related to construction workforce levels to support sustained final construction momentum. Total workforce has increased from 2,350 in mid-Q1 to approximately 3,200, which includes about 490 in operations. Advancing Skouries into safe production in the current metal environment is a key driver of value creation. This incremental capital reflects our continued focus on maintaining momentum towards first concentrate production.

Accelerated operational capital at Skouries is now expected to be approximately $260 million, reflecting an incremental $82 million to expand pre-commercial mining and site works. This supports open pit mining and advancing underground development ahead of first production. We're well positioned for start-up with more than 2.8 million tonnes of ore stockpiled which provides the entire planned mill tonnage for 2026. Overall, this investment supports a smoother ramp up into production.

On the process plant, work remains focused on final mechanical installations, piping, cable tray, cabling as we prepare for first ore. With respect to the damaged cyclone heat pump variable speed drives, temporary replacement equipment is expected to be installed in Q2, high- and medium-voltage electrical distribution for multiple substations is progressing. The process control building structure is complete and electrical rooms are being progressively handed over to commissioning.

On the power line and substations, the 150 kV power line and primary substation continued to advance to start up in Q3. Ahead of grinding area ore commissioning, final electrical regulatory authority approval will require completion of inspection and energization protocols. Power line construction is progressing with the transmission tower assembly complete and pilot wire pulling now underway along the transmission line.

A primary substation is advancing through ongoing assembly of the substation structures and control building structural completion. Pre-commissioning is now underway, starting with the substations that feed the process plant, filter plant, the primary crusher, while commissioning continues across fire, utility and process water systems.

In parallel, we've begun pre-commissioning and flotation focused on here and instrumentation as well as the SAG and ball mill instrumentation, electrical and control systems, and we started wet commissioning in the process water pumps and tailings thickeners. Together, Skouries and McIlvenna Bay represent a step change for Eldorado in scale and portfolio diversification across jurisdictions and metals.

With that, I'll turn it over to Paul to review the financial results.

Thank you, George, and good morning. I'll start on Slide 7. In Q1 2026, we produced 100,358 ounces of gold, a 13% decrease year-over-year, primarily reflecting lower tonnes at stacked grades at Kisladag and lower grades at Efemcukuru, partially offset by higher grades and improved recoveries at Olympias and Lamaque.

Gold sales totaled 100,619 ounces at an average realized gold price of $4,891 per ounce, generating total revenue in excess of $532 million, a 50% increase from $355 million in the comparable quarter last year, driven by significantly higher gold prices.

Production costs were $188 million, up from just over $148 million, driven primarily by royalty expense in Turkiye and Greece, which accounted for approximately 70% of the increase, with the balance largely attributable to labor inflation in Turkiye and incremental labor and contractor costs associated with continued development of Lamaque Complex.

Royalty expense increased to $50 million from $22 million last year, reflecting higher realized gold prices and higher royalty rates, partially offset by lower sales volumes. On a unit basis, total cash costs across the portfolio averaged $1,470 per ounce sold, up from $1,153, while ASIC averaged $1,942 per ounce sold compared to $1,559 in the prior year period, mainly reflecting higher royalty expense, driven by the higher gold price environment, lower production and labor cost impacts.

Below the line, net earnings attributable to shareholders from continuing operations were $136 million or $0.69 per share compared to $72 million or $0.35 per share last year primarily due to higher realized gold prices, partially offset by lower sales volumes, higher production costs and higher income taxes.

Adjusted net earnings were $188 million or $0.95 per share compared to $56 million or $0.28 per share last year. The adjustments this quarter included an $18 million foreign exchange translation loss on deferred tax balances, a $20 million unrealized loss on derivative instruments and $8 million of acquisition costs related to the Foran Mining transaction.

Turning to Slide 8. We ended the quarter with cash and cash equivalents of approximately $630 million, maintaining a strong balance sheet and significant financial flexibility to fund our growth initiatives. Cash declined in Q1 relative to Q4 2025, primarily due to capital investment, share repurchases, dividend payments and income taxes paid, partially offset by cash generated from operating activities.

As we prepared the company for the significant cash flow that will come following ramp-up of production, at Skouries and McIlvenna Bay, it's worth reflecting on our developing capital allocation policy, which is based on a framework that is built around 5 key priorities. First, we continue to allocate funds towards the highest return opportunities within our global portfolio, including potential expansion projects at Lamaque and McIlvenna Bay, advancement at Perama Hill, ongoing optimization and expansion of Olympias and continued investment for our stable cash-generating mines in Turkiye.

Second, we've meaningfully increased our exploration investment focused on mine life extensions and the discovery of new resources. Third, we remain committed to maintaining balance sheet strength with a focus on reducing leverage over time including the prudent management of our $500 million high-yield bond maturing in 2029, while preserving the flexibility to execute our pipeline of development projects.

Fourth, we have established a sustainable base dividend policy of $0.075 per share per quarter. And finally, we continued in Q1 to opportunistically repurchase shares reflecting our conviction in the company's intrinsic value, particularly given the potential for an estimated double-digit free cash flow yield based on our current valuation compared to industry-leading peers who currently trade at a lower yield. Overall, we believe our capital allocation framework appropriately balances growth, financial strength and shareholder returns.

With that, I'll turn it over to Simon for an operational update.

Thank you, Paul. Starting on Slide 9 at the Lamaque Complex. We produced 42,306 ounces in Q1, up 5% year-over-year. The outperformance was primarily grade-driven. And we also saw the initial contribution from Ormaque following the receipt of our operating authorization. All-in sustaining costs were $1,370 per ounce sold, modestly lower year-over-year, reflecting higher production volumes and continued cost focus, partially offset by impact of deeper mining and timing of sustaining capital spend.

Total capital spend was totaled $48 million, including $20 million of sustaining capital, primarily for underground development, drilling and equipment. Growth capital totaled $28 million, largely related to development of Ormaque and ramp development at the Triangle mine and supporting infrastructure.

Continuing to Slide 10. At Kisladag, we produced 28,339 ounces as planned. As we have previously disclosed in 2026 is a cutback year for Phase 6 of the open pit, where the average grade is lower than the life of mine. All-in sustaining cost was $2,060 per ounce sold primarily reflecting lower volumes sold and on a higher cost base.

Sustaining capital spend included $4 million, while growth capital included $51 million including a onetime $24 million purchase of strategic land to support the North Heap leach pad and North Rock Waste Dump expansions. The remaining planned $27 million was largely waste stripping and continued construction of the Phase 3 at the North Heap leach pad. The GMS study covering future phases and evaluating whole ore screening remains on track for completion in Q2 of 2026.

At Efemcukuru on Slide 11, we produced 15,394 payable ounces in Q1 relative to 19,307 payable ounces in Q1 of 2025. The lower output is primarily due to lower grade and partially offset by the higher throughput. All-in sustaining costs increased to $2,528 per ounce sold primarily reflects the lower volumes sold and the higher cost base as expected with the higher sustaining capital tied to the increased development meters.

Sustaining capital spend included $5 million primarily underground development and $2 million of growth capital related to the new portal development at Kokarpinar along with the development cost for the new Bati zone.

Finally, to Slide 12. At Olympias, we produced 14,319 payable ounces of gold in Q1, up 21% from 11,829 ounces in Q1 of 2025. This improvement reflects a stable ore blend and flotation performance that drove higher metal recoveries. Revenue increased to $88 million from $46 million, primarily on the higher realized gold price, higher sales volumes for gold and base metals and with the base metals also benefiting from higher grades and recoveries.

All-in sustaining cost was $2,031 per ounce sold reduced from $2,842 primarily reflecting improved metal recovery and stable mill performance that resulted in lower cash cost per ounce sold as a result of higher volumes sold.

Sustaining capital was $5 million, while growth capital was $8 million driven by the mill expansion project, with sequential area completion commencing at the end of Q3 and ramp up through Q4 of 2026. Across all sites, safety remains core to our operations and we continue to reinforce a culture of safe, responsible production.

I'll now turn it over to Christian for closing remarks.

Thanks, Simon, and good morning, everyone. Overall, the first quarter reflects a solid start to what is defining year for Eldorado. We're delivering solid operational and financial performance while continuing to make meaningful progress on our key growth projects that march towards the finish line. In addition, we initiated our dividend and bought back over $80 million worth of Eldorado shares in Q1.

Importantly, we've continued to strengthen our leadership team over recent months, including the well-deserved promotion of Simon to Chief Operating Officer, and the appointment of Gordana Vicentijevic, who will be joining our -- shortly as Senior Vice President of Projects. Gordana has significant experience leading projects of large and small-scale globally as well as experience working with G Mining Services, who will be a key partner on a number of future projects.

Additionally, we'd like to recognize Sylvain Lehoux, who has been promoted to Senior Vice President, Operations for Canada, taking on responsibility for Eldorado's growing Canadian portfolio. The deliberate steps we've taken to enhance our bench strength, particularly in project execution and operational leadership are already contributing to improved alignment, stronger integration across the business.

Complementing these efforts, in 2026, we entered into a project alliance with G Mining Services to support the project, development and execution, reinforcing our technical capacity and ability to deliver projects safely, efficiently and on schedule.

As I spent time across our sites and corporate offices, I've seen strong alignment with our values, particularly in how our teams are approaching collaboration and execution. These behaviors will be critical as we move through the remainder of the year. With Skouries and McIlvenna Bay advancing towards key milestones and first production and with the strength of the team we have in place, we're entering a period of meaningful transformation for the company, one that we believe will enhance our scale, diversify our portfolio and strengthen our long-term value proposition.

Looking ahead, while Eldorado remains predominantly a gold producer, the addition of meaningful copper production from Canada and Europe represents an exciting extension of our portfolio. At McIlvenna Bay, we are building exposure to copper in a top-tier mining jurisdiction with dependable infrastructure and access to a skilled workforce. And we appreciate the major projects office support of the strategic project for Canada and Eldorado.

Further, the district scale exploration potential and work being done by the team in Saskatchewan is extremely exciting with excellent targets to be followed up as evidenced by our increased investment in exploration. We expect to aggressively explore the near mine and wider land package starting this year. This potential and the already long mine life will enhance our peer-leading average mine life and exciting exploration portfolio across all jurisdictions.

At Skouries, we expect to deliver a long-life copper gold assets in Europe, where demand for responsible produced metals continues to grow. Northern Greece is highly prospective, and we will continue to grow as a core part of our portfolio. These 2 near production mines provide substantial exposure to copper and its key role in electrification and the energy transition, while also enhancing the resilience of our portfolio through greater commodity and geographic diversification, while also extending our average years of mine life into the mid-teens with excellent potential to extend further.

I'm excited about Eldorado's future and a strong culture and teams across the company. As we reach a significant cash flow inflection point later in 2026, I have a high level of confidence in our team, our strategy and our ability to surface significant value from execution of peer-leading near-term growth.

Thank you to our employees, partners and you, as shareholders for your continued support. I'll now turn the call back to operator for questions from our analysts.

[Operator Instructions] The first question comes from Don DeMarco with National Bank.

First question, looking at Skouries, given that labor cost pressures contributed to the CapEx increase, is there a read-through to potentially cost pressures on operating costs going forward?

Don, thanks for the question. No, no read-through there. So really what drove this capital increase as we get to the final stage of construction was completing electrical and instrumentation in the plant. So we brought in 3 EU contractors just recently to help ensure we can maintain the early Q3 start-up of the plant. So it's essentially some extra labor to complete that electrical and instrumentation.

No read-through in terms of our operating costs, our operating manpower levels are going to come in as expected. And we've only had kind of normal inflationary pressure on labor costs. So -- and if you look at our cost guidance for the fourth quarter, as we bring it into operation, we continue to maintain a very low cost profile once we're into production.

Okay. And so then looking at the next couple of quarters before first concentrate, are there any risks on the horizon maybe lingering cost pressures, whether related to labor, contractors, et cetera, that might require additional capital that might be unforeseen at this time?

No Don, we don't see that at this point, again, from a construction perspective. We should have construction complete at the midyear point. And we've said Q3 as first concentrate and really, the variable for us remaining is how efficiently we can get the energy connected to be able to put first ore through the grinding mills and through the plant.

And there we're collaborating with the Greek power authority. So we get our construction completed in July. Our expectation is final checks with us and them on that main substation can happen together in parallel. And that would result in an early Q3 start-up. If we can't get that collaboration and they do their checks subsequent to ours, it could slip to mid-Q3. But really, that's not a cost impact. We'll be ramping down construction workforce rapidly as we get this construction completed around midyear.

Okay. Great. And then for final question, just shifting over to Mac Bay. I see that you've approved an exploration budget. Can you share the split between infill and expansion and some of the targets that you might be focusing on with that budget?

Thanks, Don. It's Simon here. The -- I can maybe give you some color on what our plans are around the exploration portion of the budget. The Foran team had around a $4 million exploration budget for the year, of which, we are adding $17 million for the remainder of the year. And the teams are quite excited to sort of mainly focus on 3 key targets. They are the Tesla copper-rich feeder zone, Big Stone expansion and then adding some more geoscience to the existing land package around some airborne geophysical surveys and expanded lifts on the whole body characterization. These things should set us up for good success moving forward. In our exploration budget, we typically don't have infill. Infill is a part of an operational budget.

The next question comes from Sam Overwater with Scotiabank.

Just a couple more questions on Skouries. We were quite surprised by the increase in capital costs, and you mentioned it was related mainly to the workforce at the electric plant. But what else happened? What else changed since the previous increase in Q4?

Yes. Again, really the 60% of that cost increase is the additional contract workforce since completing the electrical and instrumentation. And then the balance is kind of split between materials, FX and owner support costs. So bottom line is it's taking us a couple of months additional full workforce to get the final construction complete.

If you go back to our last guidance on Skouries Capital, at that point, the view was we'd be waiting to get the power connected in the power line and doing some final things in the tailings filtration plant. So bottom line, this increases -- we're spending some additional dollars bringing in some additional EU contractors to ensure we're ready to run once that power is connected, hopefully early Q3.

Okay. Great. And then, you said 60% was the contract work with the balance being materials, FX, et cetera. Could you give us a little bit more of a breakdown between what the materials, FX and what else -- the split of that remaining 40%?

Yes, there was about $15 million in materials and kind of 4 key items. In the dry stack filter plant, our insurers have requested and we've agreed to put in additional fire protection, that's about $5 million. We've added about $4 million in additional spares to ensure smooth ramp-up in the balance of the year. We've added about $3 million in additional gen sets that are helping us do precommissioning as we wait for power connection, and there was about $1.5 million in freight. And then there was about $15 million in foreign exchange impacts and the balance is really the indirect cost to support that a couple of months of high labor intensive to finish the construction.

Okay. Amazing. Last question from me. What are the remaining risks in your opinion, whether that be capital or operating to start up? And what contingencies do you have in place to make sure we hit this Q3 time frame?

Yes. Again, I think the key risk for the year remaining on Skouries is to get that power connected. And the timing of that really will depend on where we are closer to the bottom end of our production guidance or the top end of our production guidance. So if we can get that power connected in July as we expect, we'd expect to be higher in the production guidance.

In terms of cost risk, I'd say that's not a worry for me now. We've got a couple of months of maintaining these high workforce levels to complete the construction. The only remaining risk beyond that is just the normal commissioning risk. So once power is connected, we start moving ore through the circuit. And as always, in every construction, you have adjustments that need to be made. At this point, I think we've got a 20-year mine life plus here, fantastic infrastructure that's been constructed and pretty darn confident about the ramp-up.

Amazing. Best of luck with ramping up these 2 projects.

[Operator Instructions] The next question comes from Josh Wolfson with RBC Capital Markets.

Just going back to this labor conversation on Skouries, I understand the need for the additional contractors to meet the timelines. But was there some difference in thinking versus the prior plan in terms of labor productivity being challenged? Or what sort of -- what really is prompting this change?

Yes. I mean it's really taking more hours of electrical and instrumentation to get this finished. So yes, for sure, we haven't hit the numbers we expected and again, brought in 3 European contractors to button this thing up and get it running.

Got it. And I understand it's only been a short amount of time since the Foran acquisition has closed. I noted the second quarter will have more comprehensive of an update. Is there any sort of perspective you can provide in terms of what is required ahead of first production? Or sort of what milestones we should be looking at there?

Josh, it's Simon here. Josh, look, we're pretty excited. We've been on the ground just a couple of weeks ago. Obviously, we're close contact with the team. The team is right in the thrust of what we call hot commissioning right now, which is where we start to add ore into various parts of the process to sort of test the components and simulate what we will be as we run into full production and we link those things together on a sequential basis. So we're pretty excited that things are moving to plan and we expect to see this running in this month.

That's all the questions 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.

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Fourth Quarter 2025 Results Conference Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions]

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, operator, and good morning, everyone. I'd like to welcome you to our conference call to discuss our fourth quarter and year-end 2025 results in addition to details of our 2026 guidance and overview of our 3-year production outlook.

Before we begin, I'd 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 and Chief Financial Officer; and Simon Hille, Executive Vice President, Operations and Technical Services. Louw Smith, Executive Vice President, Greece, is at site today and not able to join the call. So Simon Hille will speak on his behalf for Skouries and Olympias.

Our releases yesterday detail our fourth quarter and year-end 2025 financial and operating results as well as our 2026 guidance and 3-year production outlook. They should be read in conjunction with our year-end 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 U.S. 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 which time, we will invite analysts to queue for questions.

I will now turn the call over to George.

Thanks, Lynette, and good morning, everyone. I'll begin with an overview of our fourth quarter and full year 2025 results and highlights and then provide an update on construction and the time line at Skouries. I'll then hand the call over to Paul to review the financials and then to Simon with an update on projects and operations. Following that, Christian will provide an update on our 2026 guidance and 3-year production outlook before I conclude with some closing remarks.

It's been a busy start to the year. We have continued to execute on a clear value creation strategy, achieving the high end of 2025 production guidance, launching a quarterly dividend to formalize a capital return framework and advancing a disciplined exploration program that reinforces the company's discovery strategy. The announced acquisition of Foran Mining further strengthens the company's long-term growth pipeline, adding a high-quality Canadian copper-gold development asset and enhancing portfolio diversification with a focus on per share value creation and sustainable free cash flow growth.

Turning to Slide 4 and our fourth quarter and full year highlights. 2025 was a year of strong execution and meaningful progress across our portfolio. We delivered safe gold production at the upper end of our guidance, finishing the year with 488,268 ounces. This performance was supported by another strong year at Lamaque Complex, steady contributions from Kisladag and Efemçukuru and a solid finish at the Olympias mine, bringing it back on track.

Solid operating execution, combined with a favorable gold price environment drove strong financial results, including $1.8 billion in revenue, $743 million in operating cash flow and $316 million in free cash flow, excluding Skouries investment. In Greece, we are reaching a key inflection point. The first production from Skouries later this year, together with the Olympias expansion and ongoing advancement of the Perama Hill project, Greece is set to deliver meaningful growth. This momentum is complemented by the continued long-life potential at the Lamaque Complex, supported by production from the Triangle deposit, development from the Ormaque deposit and a robust exploration pipeline and by our Turkish operations, which remain a stable cash-generating foundation for the company.

Turning to Slide 5. In the fourth quarter, our lost time injury frequency rate was 0.55, an improvement from the LTIFR of 1.02 in the fourth quarter of 2024. While there is always room for improvement, this safety performance also comes during the peak of our construction activities at Skouries. We continue to implement multiyear programs to support continuous improvement in workplace safety, supporting our vision of everyone going home healthy and safe every day. During the quarter, we achieved safe production of 123,416 gold ounces at $1,894 all-in sustaining cost per ounce sold. Simon will speak further to each of the assets' performance later in the call.

With a strong balance sheet, we are well positioned to advance our growth pipeline while maintaining flexibility to return capital to shareholders. As previously announced, we were active on our share repurchase through the NCIB program, and we repurchased approximately $204 million of shares during 2025. Additionally, we announced in January the initiation of a quarterly dividend program, which commences in the first quarter of '26. Coupled together, these mark an important milestone in delivering value to our shareholders and reflect the company's strong financial position and confidence in executing our growth strategy.

At Skouries, first concentrate production has been modestly delayed and is now expected in early in the third quarter of 2026 with commercial production anticipated in the fourth quarter. This timing adjustment is expected to increase construction capital by approximately $50 million. The delay relates to primarily required replacement of the cyclone feed pump variable frequency drive capacitors in the process plant due to moisture damage that occurred while in storage. And secondarily, our power line connection delays resulting from a slower-than-expected approval of the detailed engineering and delayed ramp-up of the subcontractor. Prior to commissioning, final electrical regulatory authority approval requires completion of inspection and energization protocols.

Importantly, the project is mitigation measures well underway and Skouries remains a multi-decade high-quality asset expected to generate meaningful cash flow in the second half of 2026 and beyond. Ramp-up of first production towards commercial production is expected to accelerate as the project team will continue to complete additional areas as we advance toward first production. We see the impact of the delay is minimal when looking at the long-life nature of the asset, and we are confident in the delivery of this multi-decade mine.

With that, I'll turn the call over to Paul for a review of our financial results.

Thank you, George, and good morning, everyone. Turning to Slide 7, I'll summarize our fourth quarter and full year 2025 financial results. Consistent and reliable operational performance through the fourth quarter enabled us to deliver results at the high end of our tightened production guidance, while operating costs for both the quarter and the full year remained within expectations. Strong gold prices contributed positively to operating cash flow, further supporting the execution of our strategic and operational investments.

Net earnings attributable to shareholders from continuing operations were $252 million or $1.26 per share in the fourth quarter. For the full year, net earnings attributable to shareholders totaled $520 million or $2.56 per share. Net earnings increased both for the full year and the fourth quarter compared to the prior year periods, driven by higher revenue, partially offset by increased production costs, including higher royalties and losses on derivative instruments.

After adjusting for onetime nonrecurring items, adjusted net earnings for the quarter were $126 million or $0.63 per share. The primary adjustments in the quarter included a $104 million recovery related to the recognition of deferred tax assets and a $27 million unrealized gain on derivative instruments. For the full year, adjusted net earnings were $355 million or $1.75 per share. Adjustments during the year primarily included a $178 million recovery related to the recognition of deferred tax assets, a $39 million unrealized loss on derivative instruments and a $19 million foreign exchange gain related to the translation of deferred tax balances.

Free cash flow in the fourth quarter was negative $55 million or positive $109 million when excluding capital investment in the Skouries project. For the full year, free cash flow was negative $233 million or positive $316 million when excluding Skouries. Cash flow generated by operating activities before changes in working capital totaled $752 million for the year compared to $636 million in the prior year. The increase was primarily driven by higher revenue, which rose to $1.8 billion in 2025, supported by higher average realized gold prices, partially offset by lower production volumes during the year compared to 2024.

Production costs for the full year increased to $678 million from $564 million in 2024, primarily due to higher royalties, which accounted for approximately 40% of the year-over-year increase. Royalty expense totaled $124 million, up from just over $79 million in 2024. The balance of the increase reflects labor cost inflation across the operations, notably in Turkiye, where local inflation continues to outpace devaluation of the local currency, the strengthening euro impacting Olympias and increases at Lamaque related to labor and contractor costs required to support the Triangle Mine as it operates at greater depth.

Fourth quarter total cash costs of $1,295 per ounce sold were at the lower end of our tightened guidance range and $1,176 per ounce sold for the full year. The year-over-year increase was primarily driven by higher royalty expenses driven by regulatory change in Turkiye and by the stronger gold price environment and overall lower gold volumes sold. Higher total cash costs resulted in increased all-in sustaining costs for both the quarter and the full year. AISC in the fourth quarter was $1,894 per ounce sold and $1,664 per ounce sold for the full year. Year-over-year comparisons were also impacted by higher sustaining capital expenditures in 2025.

Growth capital investments at our operating mines totaled $74 million in the fourth quarter and $218 million for the full year. At Skouries, growth capital investment totaled $475 million for the year, including $137 million in the fourth quarter. Accelerated operational capital at Skouries amounted to $35 million in Q4 and $86 million for the full year.

Current tax expense was $85 million in the fourth quarter and $229 million for the full year. This full year $115 million increase compared to 2024 was driven by improved profitability across all jurisdictions. Deferred tax was $118 million recovery in the fourth quarter and a $207 million recovery for the full year, primarily related to the recognition of deferred tax assets in Canada and Greece.

Turning to Slide 8. Our balance sheet remains strong and provides the flexibility to support growth initiatives while returning capital to shareholders. Total liquidity was approximately $976 million at the year-end, positioning us well to complete construction at Skouries, support ramp-up and continued disciplined capital allocation, including to our recently announced dividend program and ongoing NCIB repurchases. During the fourth quarter, we purchased and canceled approximately $80 million of Eldorado shares under the NCIB. Following our additional investment in AMEX announced in December, our year-end cash balance was $869 million.

Before turning the call over to Simon, I'd like to take this opportunity to announce that commercial terms for the Skouries concentrate offtake arrangements have been agreed and contracts are being finalized ahead of execution. These contracts cover approximately 80% of planned copper concentrate production over the next 2 to 3 years at terms significantly better than those assumed in the Skouries 2022 technical study.

With that, I'll hand the call over to Simon, who will provide an update on our operations, beginning with Greece.

Thanks, Paul, and good morning, everyone. Let's begin with Slide 9, which highlights the progress at our Skouries copper-gold project. As George outlined, we have adjusted the timing of our Skouries project. However, I want to be very clear, the project continues to make strong progress and execution on the site remains solid. As of the end of 2025, overall construction has reached 90%, and our focus is firmly on delivering safe and high-quality startup. The open pit is operating ahead of plan. Substantial ore stockpiles have been established and grade control drilling is substantially complete from Phase 1, which has confirmed the first 3 years of production. While the timing has shifted modestly, the fundamentals of the project are unchanged, and the team is executing with discipline as we move towards the first production.

Turning to Slide 10. Photos here and on the following slides illustrate the advancement of the work underway. Work in the process plant remains focused on mechanical, piping, cable tray and electrical installations in preparation for first ore. As mentioned, recent inspections have identified the need to replace the cyclone feed pump variable speed drive capacitors in the process plant, which experienced moist damage during storage. We have ordered and expect to install temporary replacement equipment in Q2 with permanent equipment in Q3. The prefabricated electrical distribution room for the compressors has been installed with cable and terminations progressing. The reagent areas are advancing in line with the commissioning plan.

Moving to Slide 11. Two of the 3 tailings thickeners are mechanically complete with electrical cabling and instrumentation installation underway. The third thickener not required for start-up is in progress in line with the plan. Water testing is complete, piping installation is advancing and the support infrastructure, including pump house and flocculant building is moving forward.

Slide 12 focuses on filtered tailings plant, which remains on the critical path with electrical installation and commissioning being the final step. The prefabricated electrical room was installed and electrical work is advancing. We're also making steady progress on the tailings handling infrastructure, including the stacking conveyance system. The accessibility and productivities of the tailings infrastructure have been mildly affected by recent rain fall above the historic levels. However, these are short-term challenges that the team is actively managing.

As seen on Slide 13, construction of the crusher building is advancing well. Concrete work is complete. The crusher is mechanically installed, electrical work is underway. Conveyors to the coarse ore stockpile and the process plant are in place. The stockpile dome assembly is progressing. The installation of the prefabricated electrical distribution room was completed and electrical cable installation and terminations are in progress.

Moving to Slide 14 and Olympias. Fourth quarter gold production was 18,473 ounces. And all-in sustaining costs were $1,676 per ounce sold. Progress continued on the planned mill 650,000 tonnes per annum expansion during the quarter. All of the major equipment, including the verti-mill, flotation cells, thickener, cyclones and e-room have been delivered and installation has commenced. We expect progressive commissioning and ramp-up in the second half of 2026.

Turning to Turkiye on Slide 15. Kisladag production totaled 41,140 ounces with all-in sustaining costs of $1,933 per ounce sold. On the growth initiatives, the long lead procurement for the whole ore agglomeration circuit is underway with installation targeted for 2027. The new secondary crusher has been ordered with delivery expected in the second half of 2026 and the geometallurgical study to assess future screening needs to remain on track for completion in the second half of 2026.

On Slide 16, at Efemçukuru, fourth quarter gold production was 14,496 ounces at all-in sustaining costs of $2,536 per ounce sold. Compared to Q3 of 2025, gold production was lower due to lower grade and recovery despite higher mill throughput.

And now moving to Lamaque on Slide 17. Lamaque delivered production of 49,307 ounces at all-in sustaining costs of $1,392 per ounce sold for the fourth quarter. During the year, the second Ormaque bulk sample was processed, and this higher-grade ore was treated in a blend with the Triangle ore and performed very well. We look forward to advancing Ormaque into production later this year.

And with that, I'll turn the call over to Christian for an overview of what's ahead.

Thanks, Simon, and good morning. Turning to our 2026 guidance and 3-year outlook. Eldorado enters the year from a position of strength. Skouries' exciting value proposition is unchanged. It's a high-quality, long-life asset that will generate strong cash flow for decades. As it advances towards production, Skouries will be transformational, resetting our production profile and cost base well into the next decade.

Slide 18 outlines our consolidated 2026 guidance and 3-year growth profile. From our existing portfolio, we expect production to increase by approximately 40% in 2027 versus 2025, supported by a solid base of relatively lower cost operations. The addition of Skouries further accelerates this growth, enhancing scale, margins and long-term cash flow generation. For 2026, we expect total gold production to be between 490,000 and 590,000 ounces with copper production of between 20 million and 40 million pounds. On a consolidated basis, all-in sustaining costs are expected to be between $1,670 and $1,870 on a per ounce of gold sold basis.

Growth capital and operations is expected to be between $375 million and $405 million and sustaining capital is expected to be between $140 million and $165 million for the year. As previously announced, we've increased our planned exploration investment for 2026 by 60% compared to 2025. We expect to spend between $75 million and $85 million during the year, focused on resource conversion drilling at Lamaque and Efemçukuru, resource growth and discovery programs in Quebec, Turkiye and Greece.

All-in sustaining costs at Skouries are expected to be between negative $100 and plus $200 per ounce of gold on a net of by-product basis. Over the life of the mine of Skouries over the life of mine, Skouries is expected to be a low to negative all-in sustaining cost mine given spot and higher copper prices in the current market and forecast by market commentators. As a result, Skouries will have the potential to transform Eldorado into one of the highest free cash flow yielding companies in the sector for 2027 onwards, with free cash flow yields estimated by some groups of over 20% based on their gold and copper price forecasts. Given we anticipate Skouries' first production in early Q3 2026, commercial production in Q4, we have provided cost guidance for our current operations. Following commercial production at Skouries, we expect to issue updated consolidated cost guidance later in the year.

On Slide #19, we provided the mine-by-mine 2026 detailed production guidance. At the Lamaque Complex for 2026, production is expected to be between 185,000 and 200,000 ounces, reflecting the start-up of Ormaque. Our focus remains on advancing Ormaque development and continuing resource conversion drilling at both Triangle and Ormaque.

In Turkiye Kisladag, we expect 2026 production of 105,000 to 130,000 ounces. Expected production compared to the previously guided range has been impacted by a high waste stripping year, coupled with longer-than-planned leach cycles and lower grade stacked. The higher metal price environment has opened up a significant opportunity for the Kisladag open pit to allow us to evaluate the opportunity to move from $1,700 to $2,100 pit shell, which is expected to unlock the western area of the pit to support resource expansion. To facilitate this opportunity and assist in resolving ongoing geotechnical challenges at the open pit, we expect to increase waste stripping in 2026 by 6 million to 8 million tonnes. The mine optimization plan is expected to be beneficial in the long term by improved balancing of ore and waste movement and supporting consistent year-over-year performance.

At Efemçukuru, we expect production of 70,000 to 80,000 ounces in 2026. Costs are expected to be higher this year due to increased labor, electricity and royalty expenses.

Finally, in Greece and Olympias, production is expected to be between 70,000 to 80,000 ounces, reflecting the ramp-up of the 650,000 tonne plant in the second half of the year. Our focus will be on executing the plan, managing feed blends and supporting stable flotation performance. Higher gold production and improved payability terms are expected to support lower unit costs, though quarterly variability will continue due to timing of by-product shipments. With the portfolio we're genuinely excited about and clear path to cash flow inflection, we believe we are well positioned to create long-term sustainable value.

And I'll now turn it back to George for concluding remarks.

Thanks, team. Our 2025 performance reflects the dedication and capability of our employees and contractors across the organization. I want to thank our teams for their ongoing commitment to responsible production, safety, operational excellence and collaboration. As we look ahead to 2026, our focus remains on safely delivering Skouries, strengthening our operating foundation and continuing to create long-term value for our shareholders.

Before we conclude, I want to briefly revisit the announcement we made almost 3 weeks ago regarding the combination of Eldorado and Foran. Together, we bring 2 high-quality assets entering into production in 2026, in addition to 4 operating mines that support near-term growth and long-term value creation. The combination enhances free cash flow potential, strengthens our production base, improves our cost profile while maintaining a strong balance sheet to fund growth, advance exploration and return capital. It also adds meaningful copper exposure alongside long-life gold production, creating a more balanced and resilient portfolio.

Overall, this creates a compelling platform for growth and operational excellence that will drive sector-leading cash flow per share. We're confident in the opportunities ahead.

Thank you for your time today. I'll now turn the call back to the operator for questions from our analysts.

[Operator Instructions] The first question comes from Cosmos Chiu with CIBC.

Maybe my first question is on Kisladag. As you mentioned, in the 3-year outlook, 2026 guidance is lower than what there was before. And I think you explained why part of it, lower grade, higher strip. But how about 2027? I noticed that 2027, your 3-year outlook is also lower than what you had previously disclosed. So the reasons in 2026, are they also sliding into 2027?

Cosmos, this is Simon. Thanks for the question. So yes, as we explained, we are looking to open up the Western area. I think that's going to provide us with a new ore source, and we're quite excited what that could do for us by adding some more mine life into Kisladag. So that's one of the positives coming out of the extra stripping required this year.

As we look forward into sort of 2027 and beyond, we are probably setting up the mine to be in that range that we've sort of 150,000 to 160,000 ounces on a steady year-on-year basis. However, there will be focus on making those profitable ounces through cost initiatives and other things. But that's sort of the outlook for right now. We don't see it really spiking in any given year.

So I guess to confirm, it sounds like 2027 numbers that you've given today, 140,000 to 160,000 ounces has incorporated some of the potential impact from an increase from a $1,700 an ounce to a $2,100 an ounce pit shell. Is that what I'm getting?

Yes, I think it's fair to say that.

Okay. And then so in terms of the stripping then, the 6 million to 8 million tonnes of pre-strip in 2026. Is that going to stay high then potentially if you move to a $2,100 an ounce pit shell? I'm just trying to figure out if that's a good sustainable number of tonnage to use to think of continue on a going basis.

Yes, that's a good question. To clarify, we typically move roughly around 20 million tonnes of waste every year. And so that's been driving our -- it's split across growth and sustaining capital. Beyond -- for 2026, what we're flagging is an increase -- an extra increase on top of that of roughly around 6 million to 8 million tonnes. The extent of that moving forward will be, I think, fairly modest. This year is probably where we're trying to open up the area. And the $2,100 shell was, I think, always a part of our long-term plan with the metal prices moving in the direction they have.

Great. And then maybe just another question, switching gears a little bit. George, as you mentioned, it's been almost 3 weeks now since you announced the acquisition of Foran Mining. You've had a chance to talk to a lot of investors and shareholders of both companies. How has the reception been so far?

Thanks, Cosmos. Yes, we're out explaining to both sets of investors why this transaction is really a 1 plus 1 equals 3 transaction. I think our shareholders are listening to the benefits that flow to both sets of shareholders. In the case of Eldorado, this is a compelling opportunity to have a multi-decade life asset with massive exploration upside. We also, with our balance sheet, know we can lower the cost of capital relative to a development company and then accelerate investment in things like a lead circuit and doubling the capacity of the plant much faster than the Street is assuming. So we're selling the benefits, compelling benefits to our shareholders, and it's going to be up to them and a shareholder vote in the not-too-distant future. So we remain optimistic.

[Operator Instructions] The next question comes from Tanya Jakusconek with Scotiabank.

Can you hear me?

Yes.

I don't know, George, if you want to take this or maybe Simon wants to take this. I just want to circle back to Skouries. With this delay that we've had, does this give us any -- I'm assuming it gives you a little bit more breathing room on the tailings. Maybe just review the tailings and you mentioned weather, Simon. Are we getting drier weather? Does this help us a little bit on the tailings side is what I'm asking, this additional time.

Yes, it's George. So yes, a couple of things I'd point out. So this 3- to 4-month delay in getting to first concentrate does give us some breathing room in really 2 areas. The plan all along on the plant construction was to get 2 filters up and running and begin the ramp up. With this delay, we're going to be able to get more of that equipment finalized before first concentrate. So we'll have more than 2 filters at start-up, and we'll have a number of other equipment required for ramp-up complete before we start. So that's a positive.

And yes, I mean, we've seen heavy rains in the Mediterranean, both in Greece and in Turkey. Some record rainfalls are hitting the area. So it's a nuisance when you're out trying to do earthworks, open pit mining, but these haven't caused any significant delays in the construction. It's just we're being transparent about those issues. So for sure, the delay in start-up will advance all of our earthworks and put us in a better position for a solid ramp-up in the second half.

Mean you're going to have a very big -- well, I'm going to say big, but you're going to have a nice stockpile ready to feed that mill. And I think Simon mentioned we've done the drilling for 3 years of mining, detailed drilling in the pit. So we've defined for 3 years with a nice stockpile. Is that safe to assume that I'm understanding it correctly?

You are. We're going to be in a fantastic position to feed the mill. We're at more than 1.5 million tonnes today on the ground stockpiled. And with this 3-month delay, that stockpile is going to grow even further. So the beauty in all this, we're going to have more ore than we're going to process this year. We're going to be able to select the higher grade, more valuable ores to feed the plant. So we're in a great position from a mining perspective, great position from an ore body quality perspective. We've got 3 years of the open pit infill drilled, confirming the grades and recovery. And the underground has been unfolding very positively. We're 900 meters ahead on development. We're going to do 4 test stopes this year rather than 2. And the 2 test stopes that -- one that we've completed mining, the other one is roughly half completed. Fragmentation was excellent. The cavity is holding up. It's increased our confidence to go to larger stopes this year.

So the 4 stopes we're going to mine this year around 97,000 tonnes compared to the 2 last year were just over 60,000 tonnes. So we're in a great shape for mining. This delay does allow us to have the plant more ready for a faster ramp-up. And it's unfortunate we had an issue with one of the key pieces of equipment, but I think we're in good shape for a strong year.

And George, I'm assuming that with these -- with the issues on the cyclone feed pump, all other areas have been checked, like we're not -- checks have been done is the only damage the nothing else be checked?

Yes. I mean that's a great question. To put it in context for this concentrator, there's over 4,000 pieces of electrical mechanical equipment. There are 891 motors, and there are 190 variable frequency drives. And so yes, all of this stuff has been inspected. Unfortunately, with the cyclone feed pump -- let me back up. All the electrical equipment had been stored since 2017 in warehouses that were constructed in the first phase of construction. I think that's a testament to the original design of this that often doesn't happen at the beginning.

So when we went into care and maintenance in 2017, the electrical equipment was stored under cover. What we have found is we put this VFD into the motor control center just days ago. There were some signs of some moisture damage on this particular unit. And as a result, we got the manufacturer involved, opened up the capacitors and found this damage. And we've remarkably been able to find the quickest solution is to repurchase new capacitors. The repairs are going to take longer. And essentially, that's our critical path now to start up.

So to answer your question, all of that equipment had been stored other than this one piece. These capacitors were marked cyclone feed pumps on the crating. And we now believe these were stored outside for a while and then later brought into the warehouse. So unfortunately, we were just in the phase of installing these, brought them into the MCC, notice a bit of moisture damage on the outside of the gear and got the manufacturer there to open up this electrical equipment and found the damage. No other equipment had any of those indications and all the additional variable frequency drives have been checked and confirmed to be okay. So we think we're out of the woods on any repeats to this unfortunate issue.

Yes. It sounds like the manufacturer is working with you, and I think Simon said they've already been ordered, and I think we're expecting them on site soon.

Yes. So the replacement new capacitors have been ordered. The rebuild of the damaged capacitors will come in Q3. So our best estimate from accelerating the manufacturing and shipment to site is we will be ready to run in 3 to 4 months from our late Q1 original date.

Okay. And then just maybe just turning to the power line connection. So I'm assuming the subcontractor is there now ready to working away and the critical path there is just getting that approval from the regulators. Is that how I should think about this power line? There's nothing else that needs to be done?

Yes. I mean we wanted to just point this out being transparent. We've talked all along that the dry stack tailings facility was the critical path. and that the power line and substation were not too far behind it. We did have some slippage in the detailed engineering. And just to describe this part of the infrastructure, it won't be owned by Eldorado. This is being constructed for our project, but it will be owned by the regulatory authority in Greece. And so it involves 11 power transmission poles and associated line and then this main substation.

So the engineering took a bit longer. The subcontractor that's constructing it wanted full sign off before they started the work, and we saw some slippage there. But we've mitigated that. And with this delay now on the capacitors, we'll have this energized and ready ahead of time. But we did want to point out that we're not also in control of the inspection. So once the construction is complete, the regulator will come out and inspect all of that infrastructure that will be handed over to them, and they'll make the final determination when it's ready to flip the switches and energize our plant.

And we've got temporary generators on site that we can do our commissioning on all areas of the plant with the exception of our grinding mill. So we have to have this power for that final commissioning and then start up. So at this point, it's not the critical path to actually the capacitors. We just wanted to highlight there was a bit of slippage, and we're focused on mitigating that.

Okay. So just so that I know when is that going to be ready, the power plant?

We expect the power plant in late Q2 and then shortly after that, the capacitor is up and running for the cyclone feed pumps.

Okay. Good luck with all of that. I'll be asking again on the Q1 call.

I'm sure you will.

That's all the questions 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.

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold and Foran Mining Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations, Communications and External Affairs at Eldorado Gold. Please go ahead, Ms. Gould.

Thank you, operator, and good morning. Welcome to our call to discuss today's announced combination of Eldorado Gold and Foran Mining. Before we begin, please note that today's remarks will include forward-looking statements and references to non-IFRS measures. Full cautionary language is included in the accompanying presentation. Joining me today are George Burns, CEO of Eldorado Gold; Christian Milau, President of Eldorado Gold; and Dan Myerson, Executive Chairman and CEO of Foran Mining. All figures are in U.S. dollars unless otherwise stated. The presentation will be available on both companies' websites following this call. After the prepared remarks, we will open the call for analyst Q&A. I'll now turn the call over to George.

Thank you, and good morning. Today marks an important step as Eldorado and Foran combined to form a stronger, more competitive gold and copper producer. This transaction reflects a shared vision of building a business with industry-leading growth, diversified long-life assets and a resilient organization focused on sustainable value creation. From the outset, it was clear that both companies share aligned and thinking values. We both believe long-term success hinges on people, bringing together teams with complementary strengths and a unified commitment to operational excellence and responsible mining.

This combination delivers tangible benefits to shareholders of both companies, including 2 world-class projects entering production in 2026. The exceptional long-life nature of these mines will enhance Eldorado's peer-leading long average mine lives, enhanced exposure to copper and increased presence in Canada, a top-tier mining jurisdiction, a stronger balance sheet and improved financial flexibility, further enhances our company as a free -- high free cash flow margin business, supporting a potential market rerating and shared sustainability priorities and strong alignment on carbon reduction goals. Turning to Slide 4. This transaction creates a diversified gold, copper producer with long-life assets across Canada, Greece and Turkiye. We are particularly pleased to expand our presence in Saskatchewan through McIlvenna Bay, reinforcing Canada as a core jurisdiction for the combined company.

Slide 5 details the key terms, which include Eldorado will acquire all outstanding Foran shares via a plan of arrangement. Foran shareholders will receive 0.1128 Eldorado shares per Foran share, implying equity value of approximately CAD 3.8 billion. Post-transaction ownership, approximately 76% Eldorado shareholders and 24% Foran shareholders. All foreign directors and officers have entered voting support agreements in favor of the transaction and shareholder meeting is expected on or around April 14, 2026, with closing targeted for Q2 2026. I will now hand over the call to Dan to cover the benefits of this combination and provide more details about McIlvenna Bay.

Thanks, George. Turning to Slide 6. This combination strengthens Canada's role in supplying critical minerals and supporting the energy transition. The combined company will remain headquartered in Vancouver with McIlvenna Bay contributing long-term jobs and economic activity in Saskatchewan. Slide 7. Skouries in Greece and McIlvenna Bay in Saskatchewan are both fully financed and entering production in 2026. Skouries is expected to produce 140,000 ounces of gold and 67 million pounds of copper annually over its 20-year mine life. McIlvenna Bay provides additional long-life, copper-rich production and supports our growth profile. McIlvenna Bay is significantly advanced with most capital investment and execution risks largely mitigated.

At year-end 2025, the project was approximately 85% complete, on budget and on schedule for production in 2026. Together with Skouries, the combined portfolio is approaching a meaningful inflection point, characterized by rising production, increasing free cash flow and a clear path to sustained growth. Christian will now walk us through some of the details of the combined company.

Thanks, Dan. And turning to Slide 8. These assets will transform our production profile, driving free cash flow to almost $1.5 billion in 2027 based on consensus estimates. And at the consensus pricing levels, this could be over $2 billion of EBITDA in 2027 with even greater upside at spot prices. Looking at Slide #9, Eldorado stands out amongst its peers, forecasted to increase production by 80% to over 900,000 gold equivalent ounces in 2027, placing us at the upper end of the sector. However, the cash margin of both companies' assets in the long term is more compelling. On Slide #10, you can see that the addition of McIlvenna Bay allows Eldorado to diversify its asset base in 2 key areas. First, we gained meaningful exposure to copper, which is expected to account for roughly 15% of our revenues in 2027.

Second, we diversify our geographic risk and balance by adding a second asset in Canada, a Tier 1 jurisdiction with strong support for responsible resource development. Importantly, McIlvenna Bay also enhances our long-term production profile, complementing the step change we'll see with Skouries and positions Eldorado with a broader, more resilient mix of assets across 3 countries. On the next slide, turning to Slide 11. Eldorado currently operates 4 assets, the Lamaque Complex in Quebec, Olympias in Greece, Kisladag and Efemcukuru in Turkiye. These assets provide a stable gold and copper business, diversified production base, supported by ongoing optimization and exploration programs.

On Slide #12, the combined company has an excellent spread of fully financed development assets, as Dan mentioned, including Skouries and McIlvenna Bay, both advancing towards production here in the near term in 2026. Alongside Perama Hill and the Ormaque deposit at Lamaque, our portfolio offers robust optionality and long-life multi-jurisdictional growth potential. On Slide 13, it shows the exploration momentum remains strong, including new high-grade zones at Ormaque and continued upside Olympias and Stratoni Skarn, which were announced recently. At McIlvenna Bay, the Tesla zone represents the most promising near-term expansion opportunity with resources open down plunge and direct access to existing infrastructure. I'll now turn it over to Dan to talk a little bit more about Tesla.

Thanks, Christian. Turning to Slide 14. Beyond the current mine plan, the most important opportunity for near-term expansion potential at McIlvenna Bay is the Tesla zone. Tesla represents a significant near-mine mineralized system open down plunge with immediate access to existing infrastructure. As we continue to advance exploration and resource definition at Tesla, this is the area we see as the most likely driver of future expansion opportunities, providing the potential to increase scale, extend mine life and enhance the overall value of the operation. I'll turn it over to Christian.

Thanks again, Dan. Slide #15 shows the details of the combined company that had approximately $1.5 billion of cash and equivalents at the end of quarter 3 based on a pro forma set of numbers. Based on consensus estimates, the company is expected to generate over $2 billion of EBITDA in 2027 and maintain minimal net debt, approximately $90 million on that same pro forma basis. This provides flexibility to fund development, exploration and continuing returns to shareholders. On Slide #16, Skouries, along with McIlvenna Bay are expected to transform Eldorado into a high-margin free cash flow business that will provide the opportunity to meaningfully increase our combined value over the next few years.

And then what this means on Slide #17 is that, again, on the back of this exciting combination, we believe it supports a potential market re-rate and move towards the right with higher multiples. McIlvenna Bay further enhances this outlook by adding very long-life growth, excellent jurisdiction and critical minerals exposure. And turning to Slide 18. In terms of the upcoming catalyst, it's a really catalyst-rich period. The key upcoming milestones include commercial production at Skouries and McIlvenna Bay in mid-2026, Tesla zone made resource later 2026, Olympias expansion at Ormaque commercial production in the second half of 2026, so it will be a very busy year full of many catalysts. So I'll now hand it back to George to take -- to summarize.

In summary, this combination positions us as a new gold copper growth leader with near-term cash flow, long-life assets and strong alignment on culture and sustainability. With major projects entering in production in 2026, we are well positioned for meaningful value creation in the years ahead. Dan?

Thank you, George. Echoing George's remarks, this is a tremendous growth company with tremendous amount of free cash flow generating and production growth -- of peer-leading production growth in the sector. We are very excited for what's to come. Thank you for joining us, and we will now open the line for questions.

[Operator Instructions] The first question today comes from Cosmos Chiu with CIBC.

Maybe my first question is on the metal mix. I don't know Foran as well, mostly because in the past, it's been viewed as a base metals company. And I guess my question is, should Eldorado investors be surprised that you are essentially acquiring a base metals company? And what's the metal mix before and sort of after the transaction?

Yes. Thanks, Cosmos. I don't think this is going to surprise anybody. If you look at the basic metal mix, the metals being produced at McIlvenna Bay are already being produced in our portfolio. Gold, copper, lead, zinc, silver are in our portfolio. So it's a perfect match. In terms of strategy, again, a perfect match. Rebalancing our portfolio, we've got a lot of cash flow and production coming into Greece this year, but this asset then increases our jurisdiction in Canada and is, I think, a perfect balance of our overall portfolio. In terms of copper and Eldorado's strategy, we're a gold company. We're still going to be 77% gold production pro forma, but we're becoming a pretty serious copper producer, bringing on Skouries.

So by adding this asset, it's additive. And from a strategy perspective, I would tell you, both of these projects have been largely derisked. If I can speak to Skouries. At Skouries, we've drilled off the first 3 years in the open pit. That drilling has confirmed the ore body. We have a large stockpile of ore ahead of the mill. In the longer term, the underground is going to be important at Skouries. We've done 2 test stopes. We've confirmed the geotechnical parameters. That has gone very well. And now we're confident to go to larger stopes this year. In fact, we're going to do 4 test stopes this year rather than 2 that was planned last year. So I'd say in a mining perspective, we've derisked the Skouries ramp-up, and we're in the final stretches to get the mill wrapped up and to begin commissioning at the end of this quarter.

So we don't have risk of a blowout. We don't have risk of a misstep, and it's going to be a catalyst unfolding to the positive. Now -- our team has done our due diligence on McIlvenna Bay, and we're very confident about where they sit. We're basically in lockstep with one another with catalyst unfolding. We've got to know G Mining Services with our Tocantinzinho divestment. They've done a fantastic job to bring value to us and the execution of that construction project, which was essentially built on our schedule, on our budget, which is amazing post-COVID. And now they're building the project [indiscernible], and we were very impressed with the construction where it sits today. And we're also partnering with them with our Perama project in Greece. So we like everything they've done, and we think both of these projects are well positioned for massive rerate this year for the combined company.

And just to add to that, Cosmos, on revenue mix and metal mix and all of that. The beautiful thing about McIlvenna Bay is, as George outlined, it produces gold, zinc, copper, silver, lead. It's a wonderful, wonderful asset. So you can look at it many different ways. The key is that there was no streaming done or anything like that to finance the operation. So you have full exposure to all of those metals. So it's a wonderful metal mix. And yes, you've got a lot of optionality in that sense.

And George, as you mentioned, I know the kind of key criteria, key sort of critical path items for Skouries fairly well. But how about McIlvenna Bay? I'm just trying to get a better understanding in terms of -- because you talk about perfect match. This is perfectly matching in terms of commercial production at the same time for both assets. So I just want to make sure how well derisked McIlvenna Bay is, what investors need to look for. And then as a follow-up to that, there was forest fires in sort of Northern Manitoba, Northern Saskatchewan last year. Did it impact Foran in any way?

Yes, Cosmos, so I'll answer both of those questions. So where is McIlvenna Bay in terms of construction progress? Well, we are 85% complete as of the end of December. We will be coming out with an update for the month of January in the next few weeks, but 85% complete. We are in wet commissioning already, and we're on track for first -- not first, but we're on track for commercial production by middle of 2026. So as George outlined, it's in lockstep with Skouries and quite a wonderful thing to have 2 brand-new polymetallic copper or gold, whichever way you want to look at it, primarily mines coming online in this year. I think that's quite incredible.

To your question on wildfires, yes, there were significant wildfires in the region last year. We had to evacuate our site for almost 4 weeks. We evacuated at the time, we had 567 people. We evacuated them all within 2.5 hours. It is actually a record for Saskatchewan. And we lost about just under a month in terms of our schedule. But how George outlined G Mining Services and the team at Foran. Even with that, it did not impact the schedule one bit. So to lose the month of May, which in Canada is one of your best construction months in the year, they still were able to achieve the schedule on -- that they had set out. So it's quite incredible and full credit and testament to the team that we have in place.

That's good to hear. And then maybe one last question. As I mentioned, I don't cover Foran. I don't have a model on it. But if I look at consensus numbers, it looks like consensus is CAD 2.4 billion in terms of NAV, the sort of acquisition price earlier today was higher. So Dan, as you mentioned, Tesla, the Tesla zone is clearly an upside sort of potential to it. I guess my question is, the technical report, the latest one that's out, does it include the Tesla zone? How does the kind of market look at NAV at this point in time? And how can -- or is the Tesla zone valued within the -- by the market? How is it being valued by the market right now?

Sure, sure. So Cosmos, just to help you get up to speed, as you said, you don't cover the company, and we can spend some more time together going forward. So McIlvenna Bay, the technical report you referred to, look, that's a snapshot in time, and that snapshot in time was a number of years ago, and that is only referencing Phase 1. Now we aren't here for Phase 1, these kinds of assets, these BMS systems, the reason why they are called company makers is because of their scalability, i.e., they expand and you have Phase 2, Phase 3, Phase 4, which we are planning at Foran. And also they go for multiple decades and multiple generations and hence, the name company maker. So I think that's probably where the distortion in the value of the technical report being that it referenced Phase 1 only. And as you said or alluded to with Tesla, we will be announcing the maiden resource on that later this year. And then we will be accelerating the expansion to Phase 2 given the combined company and the tremendous free cash flow that comes with the combined company.

I'd just like to add, if you reflect on Eldorado's history, in 2017, we acquired the Integra Advanced Exploration Project in Quebec. We came out of the gun with a $430 million acquisition. And you fast forward today, today, the Street NAV is $3.2 billion. That's a 650% increase in value creation. From an internal perspective, it's 900%. And that's adding in the exploration upside that we see right around the Triangle underground mine that was known at the time. Well, it was a resource when we acquired. Since then, we've discovered a second ore body and both of those have massive upside potential.

And we see really exciting exploration beyond those 2 underground mines. So is Eldorado focused on the opportunity that we have with Foran? We see similar metrics. We see a large land package with massive exploration upside. Our exploration geologists are extremely excited about working with Dan's team to bring value forward. And combined, we got the balance sheet to attack the opportunity. So for us, a massive opportunity to expand the value they've already created and bring that additional value to both sets of shareholders.

The next question comes from Tanya Jakusconek with Scotiabank.

George, Chris, and Dan. Maybe just to continue on the transaction. Maybe just a little understanding, was this an auction? Or was this a -- how did this all come about? George, you mentioned you've done your due diligence. So how long has this been in the works? And what did you do? And perhaps a breakup fee as well? That's my first question.

Yes, I'll start with how does it come together. So over the last couple of years at Eldorado, we've been focused head down to deliver the massive growth opportunities and really, last year, we started focus on -- we're about ready to close our 5-year strategy with this year delivering Skouries, delivering an expansion and mine life extension at Lamaque, expanding our plant at Olympias. And as I said, we've largely derisked and are about ready to create that value. And so we've been working for the last 6, 7 months on what the next 5-year strategy would look like. I can tell you, you've seen a lot of acquisitions, divestitures of assets in Canada. We didn't look at those. We were head down.

And generally, most of those have been older assets that need capital or higher cost assets. And so as we were looking at the new strategy and looking at this asset, again, we reflected on what we created when we acquired Integra. And the more we looked at it, the more we did our due diligence, the more excited we got about this opportunity. And so bottom line is we got the balance sheet to do this. We see enormous growth opportunity for both companies, and we're excited to deliver the catalyst right in front of us and to grow those catalysts for decades based on this combination.

In terms of break fees, Tanya, it's customary break fees for a deal of this size in the space.

And in terms of...

Go ahead.

Yes, Dan Myerson here. So in terms of auction, no, we don't run an auction process. As George outlined with the 5-year strategy, we had a very similar one at Foran. Over the last 5 years, when we essentially started the company, we -- our focus was to permit the mine, to finance the mine and to build the mine. Now we've done that, and we had to look at the next step for growth. And that's how the match and marriage happened. And yes, as we outlined earlier in the call in terms of growth and free cash flow generation and as George said, in terms of low-cost operations, I think it's hard to find something better than this combined company. So we were very excited about that. And that's how we've got to where we are today.

Yes. So just to answer my question, I'm trying to understand how long this process has been going on for. So if you were heads down doing all of this, does this mean this was a 2026 focus? Or did it start sometime like mid-'25? I'm trying to understand when this all came about.

Second half of last year, Eldorado was focused on due diligence, and we've been ramping up our understanding of the opportunity up to this point. So it's been the last 6, 7 months.

Okay. And I'm assuming that you've done -- gone to site several times and other for technical due diligence. Just trying to understand.

Yes. We've had our executive and technical teams to site, and they've done reciprocal due diligence on our key assets and both excited and comfortable with what we're embarking on.

Okay. And so my question then is on the timing of it when you said you're at the point of moving Skouries into production? And would you not have thought you got a re-rate there on a stand-alone as well, George?

Well, I think we're going to get a re-rate based on this combination with 2 fantastic assets coming into production at the exact same time. And this is a 0 premium deal at spot. So in our book, both companies, we think this is a great deal.

And I would echo that. You could ask the Foran side the same question. You could say, would you not have wait and done a re-rate. I think we've done the exact same thing. We'll re-rate 2 brand-new copper, gold assets -- copper, gold assets together, I think it's just going to be tremendously powerful.

And the last thing on our side, I would say is that we have an enormous amount of growth happening this year stand-alone in Greece. And this acquisition allows us to expand our footprint in Canada, a jurisdiction that gets, I think, high valuation, and it's very supportive of our P/NAV going forward. So this is a 1 plus 1 equals 3.

Maybe, Dan, if you can just go through the risks. You talked about the ramp-up in commercial production, I think you mentioned mid this year. Maybe just -- at what point do you get to steady state and just maybe go through the risks like George reviewed the mining risks at Skouries. And maybe you can kind of give us a similar idea of what's been done on the mining side, how your block model is looking and et cetera, et cetera, just so that we can understand some of the risks. We don't cover Foran -- trying to understand.

Yes, yes, yes. No, absolutely. I'll take just one step back. So in terms of risk in mining, the major risks, I always divide them into 3 buckets. Number one, permitting risk. That's gone because this is fully permitted, and we are in the best jurisdiction within Canada and 1 of the top 3 in the world. Number two is financing. That's gone because we fully financed the mine. And as I said earlier on the call, there's no streams or anything like that on the asset. So you have full exposure to the multi-metal mix. And number three is execution.

And as George explained, with G Mining Services and the Foran management team, we have built an integrated project management team that has just done such an incredible job. So the execution is largely done as of the end of December, we're 85% complete. We're now into wet commissioning at the mine. And yes, in terms of the mine, it's going incredibly well. We have fired at least 5 stopes and continue to do so. We have built up a significant stockpile of ore ready for hot commissioning over 200,000 tonnes of ore. And yes, it's going incredibly well on the mine side. So from a risk perspective, look, they're largely all behind you. You're now just going into commissioning and ramp up.

And sorry, ramp up to full capacity. When is that happening? When is that scheduled for?

So we allow around 8 or 9 months to do so. However, we like to be conservative and under promise, over deliver. So we'll see how it goes, but second half of this year.

[Operator Instructions] The next question comes from Lawson Winder with Bank of America.

Could I -- just to start off with on the approval side, can you just confirm that are there any required approvals from Investment Canada or any other similar organizations in either Turkiye or the other regions in which you operate?

I can speak to the Canada side for Lawson. There's nothing required from Canada. It's 2 Canadian companies coming together. So if anything, it's a wonderful thing for Canada to have an emerging Canadian champion.

We don't expect any approvals in the overseas jurisdictions.

Okay. Fantastic. And then just George and Christian, how do you view Turkey now in light of this additional footprint within Canada? I mean should we think about this as part of a diversification away from Turkey? Or is Turkey still an area where you see potential for growth? And could we anticipate some sort of M&A transaction in Turkey at some point? Or should we think of that as being off the table?

Yes. I'd speak to this way. We like all 3 jurisdictions. Canada, as I said earlier, investors look to Canada as a premier jurisdiction. We expect our P/NAV to improve with the rebalancing of our portfolio towards Canada. Greece, we're the only metal miner there, but it's an emerging mining district. The Tethyan belt runs right through Greece. We're the only operator there. We've got now 2 great mines, one in production and expanding, another one just about ready to produce. And we have the Perama project in Northern Greece. And we have massive exploration upside around this that we're focused on.

And we just put out a press release so you can look at those details. Turkiye is fundamentally foundational for Eldorado. We've been producing there for a couple of decades. We've got 2 great assets. We are definitely the operator of choice in country. We're investing in 5 early-stage exploration projects that we're very excited about. And yes, we'd love to grow our business in Turkey as well. Right now, this combined company is focused on Skouries and McIlvenna Bay, where we're going to create enormous value this year. But yes, Turkiye, for sure, we're committed to that jurisdiction, and we'll look for opportunities into the future to grow value.

And Lawson, this is Christian here. I mean, I think what we've been articulating, we love the balance of our portfolio, and we want to keep that balance. And we've got such exciting growth and opportunity in Greece. With this, the Canadian portfolio becomes very similar in scale and excitement in terms of growth. And Turkiye, we want to continue to invest in. So that balance, I think, is what brings in diversity, enhances multiples, creates value. We have such a long-term view on this business. This is one of the longest mine life -- average mine life businesses, we believe, in the sector in our peer space. And so we look at it long term, and we're investing in all 3 of these jurisdictions over the long term. So we're very excited.

And then in terms of those projects that you mentioned, it seems from the catalyst slide, that next project would likely be Perama Hill followed by the Tesla expansion at McIlvenna. Would that be a reasonable assumption?

That's correct. I mean -- I'd say they're in a little bit different phases. So for Perama Hill, we're focused on permitting. So we submitted an EIA in December this year. Will be continuing consultations with communities for support and trying to get an approval on an EIA, which then sets us up for construction perhaps next year. Tesla, I mean, for that, it's really getting drilling, dropping the vertical progress in McIlvenna Bay as quickly as we can to get access as quick as we can, but I'd say less complicated from a permitting perspective.

And if I could ask just one final question, Dan, for you. I mean, I think you have a very exciting project here. There is another corporate shareholder in your registry. From your point of view, why does Eldorado make sense?

Yes. I think the big one was -- look, the cultures of the 2 teams match perfectly. That was number one. Number two was, as I think Christian and George both outlined, the long-life nature of the assets within Eldorado and their commitment to sustainability. Like this combined company, 5 out of its 6 assets are going to have dry stack tailings. That's just unheard of for a mining company. And then three, why Eldorado? Well, what we've done is we've just multiplied the re-rate potential that's going to happen from developer to producer, not by 2, it's by like 3 or 4 because the combination of 2 brand-new gold copper assets in the world is just incredible.

I mean these assets, Lawson, are just so difficult to permit -- and not just permit and build and CapEx and all of that. And we've gone through the last 5 years to be ready now where I think the timing is just incredible, as you see with the commodity prices. So we're very grateful to be a part of such a growth company, and I think it's going to be very exciting to see where it can go from here.

[Operator Instructions] This concludes today's conference call. You may now disconnect your lines. Thank you for participating, and have a pleasant day.

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Third Quarter 2025 Results Conference Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions]

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, operator, and good morning, everyone. I'd like to welcome you to our third quarter 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 and Chief Financial Officer; Louw Smith, Executive Vice President, Development, Greece; and Simon Hille, Executive Vice President, 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. They have also both been filed on SEDAR+ and EDGAR. All dollar figures discussed today are U.S. 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 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 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 Louw and Simon with an update on projects and operations.

Turning to Slide 4, our third quarter highlights. We achieved safe production of 115,190 gold ounces and generated approximately $77 million of free cash flow, excluding securities investment. Operational performance remained strong at Lamaque, benefiting from early processing of the remaining portion of the second Ormaque bulk sample. Kisladag had fewer tonnes placed on the pad and lower grade stack 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.

During the third quarter, we improved management of the stockpile of 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 the third quarter, we are tightening our 2025 guidance range on gold production and now expect to be between 470,000 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: one, record high gold prices and recently enacted higher royalty rates in Turkiye driving higher royalty expense; and 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 cost 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 Skouries, project capital investment for 2025 has been revised upward to between $440 million and $470 million as a result of the acceleration of work originally planned for 2026 across several noncritical path areas and proactive derisking efforts. The estimated overall project capital remains unchanged at $1.06 billion. We are on track with accelerated operational capital and are maintaining our guidance of $80 million to $100 million for 2025.

Turning to Slide 5 in the third quarter. Our lost time injury frequency rate was 1.21, an increase from the LTIFR of 1.10 in the third quarter of 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 multiyear rollout 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: 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. For the 9 months ended September 30, 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.

Thanks, George, and good morning, everyone. I'm 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 have 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, the capacity across the organization and the clear commitment to safety, operational and 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 ensuring that we positioned -- 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 Turkiye and with visits planned to Greece and Quebec in the coming months, I'll have the opportunity to see all the mines firsthand. The visit so far stood out to me with the excellent commitment and pride on display. It's been impressive to witness the energy and collaboration 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.

With that, I'll 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 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 onetime nonrecurring 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 a negative $87 million. However, underlying free cash flow, excluding capital investments in the Skouries 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 ounces outstanding for the fourth quarter 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. 1/3 of this increase is attributable to higher royalties while the remainder stems from the rising labor costs in Turkiye, 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 or $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 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. 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 $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 increase from the prior year period, attributing to improved profitability in Canada and Turkiye. Deferred tax expense stood at $2 million compared with a recovery of $11 million in Q3 2024. This included a $4 million expense related to net movements against the U.S. dollar, mainly driven by the lira 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, advanced Skouries towards completion and create additional value through disciplined capital allocation and the NCIB program.

Earlier this month, and 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 multiyear offtake contracts by year-end.

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 Skouries Copper Gold project. As of the end of Q3, overall progress on Phase 2 construction reached 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 Skouries operational team. This strong workforce has enabled us to derisk 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 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. As of the end of October, we had stockpiled approximately 531,000 tonnes of ore from the open pit and an additional approximately 93,000 tonnes from the underground, containing an estimated 21,000 ounces of gold and 5.5 million tonnes 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. Final foundations for support buildings were completed in early October and structural mechanical piping and electrical work are ongoing across the key areas, including the substation, line plant, flotation blowers, compressors at guar area. The control building structure is complete with electrical installations underway on the first 2 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 and 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 was approximately 92% complete. The time lapse video showcasing this progress is linked for reference. Mechanical work progressed with the assembly of the filter presses with 4 complete at the end of the third quarter and the remaining tool 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 all -- and air receivers have been installed.

As seen on Slide 12, construction of the crusher 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 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 preassembly and support steel installation are well underway.

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 preassembly continuing on the remaining 2 feeders.

Moving to Olympias 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 circuit stability issues earlier in the year, which led to a modification of the paste backfill blend to eliminate viscosity modifiers in the backfilled stopes. While plant operations recovered substantially in Q2, affected stockpile ore continued to be processed in the third quarter despite efforts to minimize negative impacts in the processing circuit, ongoing process water chemistry challenges further reduce the metal recovery during the quarter. 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 tonnes per annum during the quarter, with the early works advancing and demolition activities underway within the concentrator. All of the major equipment, including the verti-mill, flotation cells, thickeners, cyclones and E-room have been delivered. We expect progressive commissioning and ramp-up in the second half of 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 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.

Thanks, Louw. Starting in Turkiye on Slide 15. Kisladag production totaled 37,184 ounces with total cash costs 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 a whole ore agglomeration at the capital cost of approximately $35 million, reinforcing our commitment to enhancing permeability, improving leach kinetics and shortening the leach cycle. Over the life of mine, we expect operating and capital cost savings driven by a shortened leach cycle specifically the shortened leach cycle is anticipated to reduce sustaining capital expenditures through lower consumable requirements such as liners and associated pipeline. Installation of the agglomeration drum 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, geometallurgical 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 the first half of 2026.

On Slide 16, at Efemçukuru. Third quarter gold production was 17,586 ounces at total cash costs of $1,522 per ounce sold. Gold production throughput and average gold grades were in line with the plan for the quarter.

And now moving to the Lamaque Complex on Slide 17. Lamaque delivered production of 46,823 ounces at total cash costs of $767 per ounce sold. Third quarter production was positively impacted from higher throughput driven by processing the remaining portion of the second Ormaque ore sample. The high-grade ore was treated in a blend with Triangle ore and performed very well. I would also like to congratulate our team at Lamaque hosting during the quarter nearly 30 Quebec members of Parliament of Canada. 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. 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 noncore 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, but 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.

Thank you for your time. I will now turn it over to the operator for questions from our analysts.

[Operator Instructions] The first question comes from Cosmos Chiu with CIBC.

Welcome, Christian. Maybe my first question is on the transaction that happened earlier today. Fresnillo 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? And then I guess broader scale, M&A is heating up in the sector. How do you see Eldorado positioned?

Sure. On Probe, I mean, we took a toehold in Probe a number of years back with the view that there was a property package that could have potential supplemental ore to feed our really permitted mill capacity that exceeds our current run rate. And so 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 as they've discovered a large, low-grade open pit opportunity. And as we assessed that opportunity, it really didn't stack up with our other capital allocation opportunities. And so when we heard this week that Fresnillo made an offer, it didn't fit our strategic initiatives going forward. And so we didn't agree to sign on to support that acquisition.

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. As we come out of delivering Skouries in the first half of next year, and we're going to be positioned to continue to invest within the portfolio, but look for other opportunities externally. So I think we're in a great position in a great market. But for now it's head down focused on what we're doing.

Perfect. Maybe switching gears a little bit to Skouries. Certainly, sounds good to hear that it is on time for first concentrate in Q1 2026. As you have mentioned, the filter tailings plant is on a critical path. Louw did 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 two, it is a fairly tight schedule, delivering first concentrate by Q1 2026 and it kind of straddles your holiday season. I know there has been some changes in the schedule in terms of work schedule. But how have you factored in potential 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 on the time line for delivery by Q1 2026?

Thanks for the question, Cosmos. Yes, so for a critical path, 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. But I did 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.

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

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

Thanks, Cosmos. It's Simon. The whole ore 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. And so 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, but also less infrastructure requirements in the longer term because we need less footprint in order to leach the tonnes in the plan. So at the moment, we're not planning any enhanced recovery in the model but faster kinetics generally are a positive sign for that in the long term.

Yes. Thanks, Simon. I forgot that the leach cycle is that long at 300 days. So 200 days certainly gives it much needed benefit.

The next question comes from Tanya Jakusconek with Scotiabank.

Welcome, Christian, on board. So 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 pour. 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 60% of the mill 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.

Yes. 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 to 100% by the end of the year. So that's the key criteria. We're feeling comfortable with that given that it's a single floatation circuit. Olympias is much more complex with 3 concentrates. And 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.

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

I believe that's correct.

Okay. And then from midyear, you expect 6 months really of ramp-up to get to nameplate by the end of 2026 is what I heard. Is that correct?

That's correct. That's what we're assuming.

Okay. And then -- sorry. And with that, 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 for this operation, both on the operating and sort of the capital sustaining costs?

Yes. So we'll be updating the market on our 2026 guidance in Q1. And with that, will include the remaining capital spend and the operating cost post commercial production. So that will be the first window. Just to reference back to the technical study. So I mean we completed that technical study just prior to getting the financing in place and then initiating construction. So it's only as stated 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.

Okay. So we would -- so you are expecting to give us an updated technical study in 2026?

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. So we haven't had a date on that. We're waiting for the results.

Okay. All right. And then 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 thereabouts for your reserves and resources. Can you talk to me about how you were thinking about cutoff grades? What are you thinking about inflation on your costs, gold price inputs. And how do these reserves look and resources?

Yes. So I mean, the first thing on metal prices. So we're in the process of determining where to land on 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. Our focus is to keep our reserve price conservative, ensuring we have very strong margins to drive profitability in the company.

So I'd just tell you, it won't be consistent with the peers, a modest increase in metal price assumptions, and we do all this in the fourth quarter 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 the first quarter.

So -- and then 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. So it's work in progress. I would tell you we're not expecting any radical change in any of those inputs, a modest increase in metal price assumption.

Okay. And do you expect to replace, do you think your reserves this year?

Yes. I mean, we haven't finished the work. We're feeling good about it. Stay tuned. We're not far away from releasing that information.

Okay. And then I guess my final question would be to Christian. Welcome on board, Christian, and you've mentioned in your opening remarks that you're looking forward to the next phase of the strategy and you visited all of the operations. So maybe you can share with us as you look at the company, what are your top 5 priorities for the next 12 months?

Yes. Thanks, Tanya. And 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 preplan visits in our budget strategy cycle here. But I've been really impressed with what I've seen so far. Obviously, I've seen a lot of mines around the world and the ones at Tüurquie I got to visit last week and the week before, very impressive in terms of an ESG approach, in terms of how they operate, the longevity of the team and just the skill and experience and reputation in the industry. In terms of priorities, really for me right now, it's really getting an opportunity to settle in for me when I came in, looking at the culture and how I can slot into a team and really the transition with George, I think it 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 overnight and get up to speed with the budgets. We're going through that next phase of strategy for the 5 years coming once Skouries is up and running. And I think critical to us will be that post-Skouries cash flow inflection point and how to allocate the capital. So in our sort of 2030 strategy planning, that will be something 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 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 and the exploration upside and the long lives already in the portfolio are really exciting. And there's growth projects here are very valuable from our own cash flow. So it's kind of 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.

Okay. So I guess what I'm hearing from you, and maybe I don't want to have my own assumptions, but maybe you can tell me if this is correct. So you've 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 two, 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 what does Perama stand in here? Any of the other assets, Probe is noncore, anything else that you see noncore, other assets that you want to push through further in the Eldorado strategy?

That's a fulsome question, Tanya. I think at this stage, when I looked at it, exploration and just continuing to extend and advance mine life is critical. And now there's an opportunity with these kind of gold prices in this environment. And again, my superficial 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 some plans and excitement around our current assets and in the countries we currently operate. So I think that will be one of the key elements. And Perama Hill, I mean, literally going through that phase of, I think, getting GIA updated and submitted.

So assuming there's a permit over the next year or so, it would be nice to put that into the plans. I don't think we're quite ready to actually build the timing in yet. But I think there's been a good job done in Greece to build the sort of social license and the acceptance of the relationships. And when you look at Skouries and Olympias, there's a really nice platform. So I think Perama could come in afterwards, but I can't commit to timing at this stage, obviously.

And as George alluded to, I think there are these opportunities, which Simon was saying in Turkiye to continue to improve, enhance and some of the operations 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. So all those things could be part of the plan, but timing and specific commitments, I think it's a little bit early on that, but that's a good place to park some of the capital over time, I think.

Okay. Well, good. Look forward to working with you.

Thanks, Tanya.

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

Maybe I'll just start off with Olympias. 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. And then concurrently, you've got this expansion underway. Does that expansion perhaps 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 you might see a rebound in recoveries?

Well, maybe starting with recoveries. I mean, we've seen a rebound just in the last 2 months. So 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. So it's been good in the last 2 months. But if we get a slug of this material in, it messes up the process water, and it takes time to clean it up. So we end up lowering throughput. We end up getting lower recovery. And that's the reality looking backwards. As Louw mentioned, this is a cut and fill mining method underground. And so these -- we put this viscosity modifier in the cemented backfill in stopes between Q3 of last year and Q1 of this year when we realized we have this problem.

So as we mine next to all those stopes during that period, we have the risk of getting the viscosity modifier into that fresh ore. And that residual risk will remain until the second quarter 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 will be coming out of the underground and process it before it goes into the plant. So there were crushing and screening and taking the coarse material. It 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 could be put in the plant.

So these are the things that we're doing. And it's 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. But as Louw said, the risk will remain. 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. We'll get that construction completed next year. It will be a staged approach.

Some of the equipment will get stalled 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. So we're expecting some really exciting results that come out of Olympias once we get this expansion completed. That's no longer the bottleneck. It will 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 debottlenecking the underground. So we get this mill expanded. Production goes up, margins expand, and we get this viscosity modifier behind us, Olympias will be a key contributor to cash flow.

Okay. And 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 Turkiye 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?

It's Paul here. So I think I heard you, you were breaking up a little bit, but the question is around our increase in our guidance for all-in sustaining costs. There's 2 things basically that have driven that. One that is in our control and that we've been dealing with and one that isn't. And they split about 50-50 in terms of how it's impacted our guidance for the rest of the year. So 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.

And 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 Turkiye early in the year, and that's responsible for around 50% of the increase. And then the second 50% is really just a reflection of Olympias performance with those recovery issues and lower volume, and that has pushed up our per ounce costs. So 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.

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

Yes, sure. So as far as the share buybacks are concerned, we signaled at quarter end 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. But 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 far as dividends are concerned, 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. 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 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 next year.

The next question comes from Lawson Winder with Bank of America.

Thank you for today's update. If I could maybe push you a bit more on 2026 and the CapEx outlook. So for 2025 sustaining CapEx, we're running at the high end of the $145 million to $170 million. When you look to next year, I mean, is that higher end of the 2025 a pretty reasonable baseline for 2026? And actually, you know what I had asked a similar question for the growth capital at the operations. I mean, is that is the current $245 million to $270 million range, a decent level heading into next year?

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 the Olympias expansion, that's obviously underway in Quebec. We're completing the second bulk sample, but we're in the middle of permitting for a paste backfill plant, an operating permit. So the timing on that is uncertain, but there'll be capital to spend on Olympias when we get those permits. So stay tuned for that. As well, Simon's walked through the whole ore agglomeration, and we've committed that $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.

And then on the growth capital, well, beyond that is Skouries, obviously, we've kind of walked through that Q1 is the bulk of the spend next year in Skouries and we're commissioning in Q2. So there'll just be some residual growth capital happening there. As you look forward on Skouries though, remember that the pit is 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, 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.

So there's incremental growth capital that will be happening over the 5-year plan. Next year, some of that capital on the underground will begin to be spent, but the ramp-up really starts happening at '27. So it's hard to give you specific numbers on next year. Hopefully, I gave you a little bit of color there, and it's not too far away from given the specific updated guidance on '26.

Yes. Actually, that summary was very helpful. And I just would want to say, it's impressive that, that Skouries remains on track. And 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?

Yes, 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. So the impact next year if for some reason, it took a little bit longer to get the first concentrate, those fixed cost that we were going to spend on a monthly basis is about $15 million. So that's really the impact of a delay.

Okay. Relatively small percent of the overall CapEx. 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. 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? And yes, I'll just leave it there. Anything would be very helpful.

Yes. I mean, again point you back to guidance, although Q3, we had some negative impacts, we're still going to 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 going to impact Q4 versus Q1, it's 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 going to be within guidance at Kisladag for the year. And so Q4, don't expect anything dramatic one way or another. It's going to be a good year at Kisladag.

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.

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Second Quarter 2025 Results Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions].

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, operator, and good morning, everyone. I'd like to welcome you to our second quarter 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, President and Chief Executive Officer; Paul Ferneyhough, Executive Vice President and Chief Financial Officer; Louw Smith, Executive Vice President, Development, Greece; and Simon Hille, Executive Vice President, Operations and Technical Services.

Our release yesterday details our second quarter 2025 financial and operating results. This should be read in conjunction with our second quarter 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 U.S. dollars, unless otherwise stated. We will be speaking to the slides that accompany this webcast, which you can download 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. Turning to the outline for today's call. I'll begin with an overview of our second quarter 2025 results and highlights. I'll then hand the call over to Paul to go through our financials, followed by Louw and Simon, who will provide a review of our operational performance. We'll conclude by opening the call to questions from our analysts. Turning to Slide 4 and our second quarter highlights. We delivered solid performance across our operations, achieving safe production of 133,769 gold ounces. The Lamaque Complex and K??lada? exceeded our expectations for the quarter.

At Lamaque, we achieved higher throughput due to the earlier-than-anticipated processing of a portion of the second bulk sample of Ormaque. At K??lada?, our optimization efforts last year led to accelerated inventory drawdown. These additional ounces were initially anticipated later in the year. Efemçukuru delivered a stable production for another quarter. As noted in the Q1 conference call, production at Olympias returned to expected levels and maintained that performance throughout the quarter. Looking ahead, we remain firmly on track to achieve our guidance of producing between 460,000 and 500,000 ounces of gold in 2025. Based on the first half performance, we expect to deliver around the midpoint of our guidance range.

Total cash costs and all-in sustaining costs were $1,064 per ounce sold and $1,520 per ounce sold, respectively. Costs were higher compared to 2024, primarily as a result of higher royalties driven by record high gold prices in addition to higher labor costs. Paul will touch on our costs in more detail later in the call. Before moving on to other highlights for the quarter, the photo shown here on the bottom right part of the slide shows the first stages of our open pit mining at Skouries. Last week, while on site with other executives, we watched the mining of our first oxide ore using the smaller ADT trucks as shown here. We were very pleased to see the overall progress at Skouries, which has been impressive.

Will speak to this in more detail later on the call. Turning to Slide 5. In the second quarter, our (lost time injury frequency rate was 0.95, an increase from the LTIFR of 0.40 in the second quarter of 2024. We acknowledge there is always room for improvement, and we remain committed to continuous improvement in our safety performance, and we thank our employees for their dedication to maintaining safe operations. Throughout 2025, we are continuing to make health and safety improvements, focusing on high potential risk control, empowering our employees to cultivate a positive and health and safety culture.

This is supported by the multiyear implementation of our new Courageous Safety Leadership program, which has been kicked off this year. On sustainability, during the quarter, we issued our annual sustainability report. Additionally, our global sites were also recognized for the dedication and work receiving the following awards. In Québec, the team was awarded the Socio Economic Commitment Felon Award at the Val-d'Or Chamber of Commerce Business Gala. And at the Québec Mining Association Conference, the team was recognized with the Environmental Distinction Award.

In Greece, in recognition of the comprehensive health emergency management plan implemented at the Kassandra Mines, the team won the Gold Award at the 2025 Health and Safety Awards. Additionally, earlier this month, Eldorado Gold was recognized as one of Canada's best companies in 2025 by time based on our strong performance in sustainability transparency, employee satisfaction and consistent revenue growth over the past 3 years. Lastly, we announced the expanded normal course issuer bid on May 1 of this year, reinforcing its role as a key pillar in our disciplined capital allocation strategy. This NCIB expired yesterday, July 31.

As noted in our press release yesterday, our Board has reapproved the program and expanded its scope to include the New York Stock Exchange in addition to the Toronto Stock Exchange. Year-to-date, we have repurchased over 28 million shares at a cost of $58 million. With a strong balance sheet, ongoing cash generation, improving production profile and the progress on our key projects, we believe that the repurchasing of our shares at current market prices is a prudent way to deploy capital while continuing to invest in our long-term growth. I'll stop there and turn the call over to Paul for a review of our financial results.

Thank you, George. Moving to Slide 6. Our results demonstrate strong operational performance consistent with our full year guidance. Sustained elevated gold prices have underpinned robust cash flow generation from our operating assets. In Q2, Eldorado reported net earnings from continuing operations of $139 million or $0.68 per share. This performance was driven by higher average realized gold prices and strong gold sales, partially offset by increased production costs and income tax expenses. Excluding onetime nonrecurring items, adjusted net earnings for the quarter were $90 million or $0.44 per share.

Adjustments include a $23 million foreign exchange gain from the translation of deferred tax balances and a $19 million unrealized gain on derivative instruments, primarily related to euro to U.S. dollar currency forward contracts. Free cash flow for the quarter totaled negative $62 million. However, excluding capital investments in the Skouries project, free cash flow was positive $62 million compared to $34 million in Q2 2024, reflecting the continued strength of our operating assets under current gold market conditions.

From an operational perspective, cash flow before working capital changes reached $202 million in the quarter, up significantly from $132 million in the same period last year. This increase is attributable to a 52% rise in revenue from $297 million to $452 million, supported by a 40% uplift in average realized gold price, which reached $3,270 per ounce in Q2 this year compared to $2,336 per ounce in the same period last year. Production costs in the quarter amounted to $162 million, a $34 million increase over Q2 2024, mainly due to greater gold volumes sold and increased royalties, the latter contributing to approximately 1/3 of the production cost increase per ounce.

Elevated gold prices contributed to higher revenue as well as increased costs, notably royalties and taxes. In Q2, total cash costs were $1,064 per ounce sold and all-in sustaining costs stood at $1,520 per ounce sold. These impacts are expected to result in consolidated total cash costs and ASIC for the full year at or above the high end of our guidance range. Growth capital investments at our operating mines during the quarter totaled $47 million, supporting various projects. At K??lada?, this included planned waste stripping, equipment procurement to extend mine life and ongoing construction of the second phase of the North Heap Leach Pad.

At the Lamaque Complex, investments were primarily directed towards the water management structure at the North Basin construction and bulk sampling work at Ormaque. At Skouries, progress remains on track. During the quarter, we invested approximately $117 million in the project, along with an additional $27 million in accelerated operational capital to facilitate our transition to self-perform open pit mining operations. Our current tax expense for Q2 was $45 million, an increase from $21 million in the prior year period, reflecting improved profitability in Canada and Türkiye. Deferred income tax recovery amounted to $11 million versus an expense of $1 million in Q2 2024.

This recovery included a $23 million benefit related to the strengthening of the euro against the U.S. dollar, partially offset by a $9 million expense arising from the use of tax attributes in Canada. Turning to Slide 7. Our solid balance sheet continues to underpin the business, affording us significant financial flexibility. We concluded the first half of 2025 with total liquidity of just in excess of $1.1 billion. This strong financial foundation enables ongoing investment in our portfolio of profitable cash-generating operations while advancing the construction of Skouries. It also positions us to capitalize on emerging opportunities and return value to shareholders through initiatives such as the NCIB. With that overview, I'll now pass the call to Louw, who will present the highlights of our Greek assets.

Thanks, Paul, and good morning. Starting on Slide 8 at our Skouries copper-gold project. At the end of Q2, overall project progress was 70% for Phase 2 of construction. We continue to expect first copper gold concentrate production in the first quarter of 2026 and commercial production in mid-2026. We continued seeing a steady ramp-up of skilled labor during the second quarter with a heavy emphasis on concrete and site-wide structural mechanical labor trades. Personnel through the gate each day grew from approximately 1,300 to 1,730, including 186 Skouries operational personnel recruited to date.

The photo on the bottom of this slide is a good visual representation of the operations team we have at site already. Although we've surpassed our labor and personnel target, it's essential to ensure we are matching the skilled workforce to relevant work fronts to support our plan to deliver. This ongoing focus will help us plan appropriately and continue building an even more capable and dynamic team. From a productivity standpoint, we are seeing construction productivity at or slightly better than our assumptions across the site. On this slide, you can see on the top left photo, the process plant where work continues to progress with the SAG mill feed conveyor installed during the quarter.

The top right photo shows the tank farm at filtered tailings plant with foundations complete and all five tanks underway with two at the final height. Moving on to Slide 9. During the second quarter, the project capital investment at Skouries was $117 million. The spend in the quarter was in line with our expectations. With elevated personnel on site, we are de-risking the schedule, achieving strong productivity and accelerating work across multiple work fronts to support optimization of commissioning activities. The critical path remains on track, and we expect to meet our project capital guidance of $400 million to $450 million for the full year.

In addition, we spent $27 million in accelerated operational capital during the quarter bringing the spend to date to just over $40 million towards the $80 million to $100 million expected this year. Most of the open pit mining equipment is on site and commissioned. The majority of the open pit equipment operators' team has been onboarded with 26 operators on site and training on the open pit mining equipment is well underway. In addition, as mentioned earlier, we commenced open pit ore mining in July. The photos in this slide and the next few slides will show the advancement of work underway.

As you can see on the large photo on the left of the slide, infrastructure around the process plant continues to advance. Work in the process plant continues to expand to additional work fronts for mechanical installations, piping, cable trays and cable. As of this week, all of the hydro testing in the processing plant as well as the fire and process water tanks at the pump house is now complete. In addition, mechanical installations are proceeding in the support infrastructure areas. Infrastructure surrounding the main process building is shown with the process plant substation, lime plant, flotation blowers building structurally complete.

As you can see on the control building structure, the full floor concrete is complete, and we are now working on the final elevation. The installation of the equipment for the lime plant silos has been completed with cladding and roofing work having started in July. Moving to Slide 10. As you can see on the panoramic photo on the slide, the thickeners continue to advance to plan. Concrete works and mechanical installations for the first 2 thickeners have been completed. Work is advancing on the associated infrastructure with a pump house building with the structural and mechanical rough set complete and pipe rack construction advancing as planned.

Water testing of the clarifier and water storage tank was also completed to plan during the quarter. Turning to Slide 11. At the filtered tailings building, which remains on the critical path, we have included a link to an updated time lapse video showcasing the structural steel installation, which is approximately 75% complete as of the end of July. During the quarter, mechanical work progressed with the installation of the six feeder conveyors and collector conveyor completed in June. Additionally, as shown in the photo on the right, assembly of the first filter press has commenced. On Slide 12, work continues on the construction of the crusher building structure. The concrete work has advanced to the second of 3 elevations above the foundation.

Additionally, the apron feeder and associated chutes have been installed and the bottom shell of the primary crusher is preassembled as shown here on the far left side of the slide with installation expected in August. During the quarter, conveyor foundations between the primary crusher and coarse ore stockpile advanced to plan, along with the stockpile dome foundations. On the far right photo, the foundation work underway is shown. Additionally, the reclaim tunnel concrete and escape tunnel concrete are complete and preassembly of the first 3 reclaim feeders and associated shoot work has commenced for installation in Q3. Foundations for the process plant feed conveyors are also underway.

Before moving to speak to Olympias, I want to take a moment to recognize the Skouries team for their tremendous efforts this quarter as they safely progress the construction at Skouries. Protecting the health and safety of our employees, the contractors, suppliers and communities is our first priority and a cornerstone of our operating philosophy. Moving to Olympias on Slide 13. Second quarter gold production was 15,978 ounces and total cash costs were $1,578 per ounce sold, a 35% improvement in gold production and a 34% decrease in cost over the first quarter. Following the flotation circuit upset conditions in Q1, the plant stabilized, and throughput and recoveries were at planned levels in Q2.

Costs during the quarter were impacted by increased labor costs and the impact of the strengthening euro, partially offset by lower transport costs and higher byproduct credits as well as impacts of realized gains on the euro foreign currency collar hedges. We have commenced the mill expansion to 650,000 tonnes per annum. Beginning with earthworks, as a result of delays in permitting and engineering detail, we now anticipate the completion by mid-2026. We are excited for the potential that this expansion will unlock for the Olympias team over the long term. I'll stop there and hand it over to Simon to discuss the Turkish and Canadian operations.

Thanks, Louw. Starting in Türkiye on Slide 14. It is my great pleasure to congratulate the hard-working team at K??lada?. In May, they achieved a milestone with safe production of the fourth million ounce poured through all the phases of the operation and site support, this is a true testament to your diligence, commitment and teamwork with an estimated 13 years of mine life remaining at K??lada?, the site continues to have a bright future as a cornerstone asset for Eldorado. Cumulatively, our operations in Türkiye have now produced over 5 million ounces.

Now in to the quarter, K??lada? delivered a solid second quarter with production totaling 46,058 ounces and total cash costs of $1,133 per ounce sold. Total cash costs were primarily impacted by higher labor costs, not offset by the devaluation of the local currency and higher royalty expense driven by the higher gold price and increase in gold sales during the quarter. The increase in production during the quarter was primarily due to continued leaching of gold ounces from stacked ore in the prior year, higher grades stacked in prior periods and accelerated drawdown of inventory as a result of optimization efforts put in place in 2024.

The investment focused on closing our high-pressure grinding roll circuit and additional screening and whole agglomeration is on track for an update alongside our third quarter results. Additionally, we have decided to accelerate the expansion of the secondary crusher circuit to facilitate operational de-bottlenecking and reduce the wear on the HPGR. The geometallurgical study for characterization of future mining phases has been decoupled from the investment of the HPGR circuit and is now expected to be complete in Q1 of 2026 as a response to slower-than-expected progress in drilling, core logging and metallurgical testing.

On Slide 15 at Efemçukuru, second quarter gold production was 21,093 ounces at a total cash cost of $1,335 per ounce sold. Gold production throughput and average gold grade were in line with the plan for the quarter. And now moving to the Lamaque Complex on Slide 16. Lamaque delivered production of 50,640 ounces at a total cash cost of $721 per ounce sold. Second quarter production was positively impacted from higher throughput, along with the early processing of a portion of the second Ormaque ore sample, which was blended with the Triangle ore feed. This is another exciting milestone as we progress the Ormaque deposit. And with that, I'll turn back to George for his closing remarks.

Thanks, team. In summary, the second quarter was strong, both operationally and financially, reflecting the ongoing efforts across all sites. We saw a 15% increase in gold production, coupled with an 8% decrease in total cash costs compared to the first quarter. We are well positioned for the second half of 2025 to deliver on our production guidance. Our strong balance sheet and quality assets position us to deliver value to our stakeholders, especially with current metal prices.

Our growth capital investments in Greece are advancing well, creating diversification in our product portfolio with copper beginning in 2026. We remain committed to achieving and delivering peer-leading shareholder returns, supported by low-cost incremental production across the portfolio. Thank you for your time. I will now turn it over to the operator for questions from our analysts.

[Operator Instructions] The first question comes from Cosmos Chiu with CIBC.

Maybe my first question is on your CapEx spend at Skouries in Q2. Good to see that you hit your CapEx targets for the quarter and representing an increase quarter-over-quarter. George, what we're seeing in Q2, is that a good number to use in terms of run rate? Or should we continue to expect that to increase as you get closer to production?

Yes. In terms of activity on the ground, we expect to see a ramp-up in Q3 and then begin to see a ramp down in Q4 and then Q1 as we move into commissioning and startup of the facility, a further ramp down in activity and spending. So yes, it was great to see the increased construction workforce in Q2, beating our expectations and again, we expect to see a bit of continuation in Q3 in those activities and spend rates and then decrease in Q4.

Great. And I want to thank Louw for a very thorough description of what's happening on the ground. As you talked about in the MD&A yesterday as well, there's a critical path. It sounds like certainly the filtered tailings plant is on that critical path. Could you maybe talk about -- is there anything -- any other items on that critical path? And if the filtered tailings plant is the only item on the critical path, can you remind me why it is on the critical path? Is it just due to kind of lead time, how long it's going to take for the construction of that one area? Could you maybe elaborate on just, again, the critical path?

Sure. We talked about the filter plant construction as critical path from the beginning of the project. The reason for that is that this was a redesign. We originally had this plan for a wet thick and slurry disposal methodology. And when you look at the footprint of the project, the only place to put this facility was kind of between the plant and the tailings disposal area in a valley. That required a whole lot of geotechnical investigation and foundation work. So we couldn't get down to bedrock. We've had to put, I believe, more than 600 concrete reinforced steel pilings from the fill down into the bedrock.

So that activity took a great deal of time. And we got all that concrete work done for the filter plant building itself. It's completed for the tank farm, the compressor building. There's still some activity done -- being done on concrete foundation for purification in the air blower area. But essentially, that's the big reason. There was a lot of activity to get the foundation set. We're nearly through all that work. We've made really good progress on the filter plant building this quarter.

You'll see part of the building, we've got the steel members on the roof put in place, and we have made a lot of progress. The bottom two floors are -- all the mechanical work has been completed, and we're now installing filters as we speak on the third floor. And the fourth floor is really just train clearance to be able to pull out plates as we get into operations. So we're feeling good about our progress there, but that part of the facility still is the critical path activity, and we're on track to deliver it in Q1 for commissioning and start-up.

Okay. Great. Maybe turning to the balance sheet a little bit. As you mentioned, you have a very strong balance sheet at the end of Q2 with over $1 billion in cash. I'm just trying to understand the rationale behind, I guess, you had another drawdown on your term loan, EUR 154.1 million. To me, I don't -- did you need to make that drawdown? Because I'm just trying to work through the math. It seems like your budget for the Skouries is $1.06 billion, of which over $700 million has already been spent. You're generating cash from your other assets. I'm just trying to understand the rationale for that drawdown, you do have a lot of cash now. You would have had a lot of cash even before that drawdown.

Cosmos, it's Paul. Look, I think as far as the drawdown is concerned, we're working through the remainder of the project financing facility that's available to us. The interest rates on that facility are very advantageous to us as a company. We managed to negotiate a great deal when we got into that. We've got still about another EUR 85 million under the vanilla facility available to us. And then there's another EUR 60 million under contingent cost overrun. Now right now, I think we will plan to draw down the entirety of the facility.

That was what was intended to fund 80% of the investment in Skouries. The balance sheet that we've got today does offer us significant flexibility. And once we get to project completion, we will then have choices around the pace at which we repay that project finance debt. Our disclosure sets out the vanilla terms and conditions, but we do have choices to accelerate both repayments and access cash from Skouries once it comes into production. So really, this is just us making use of the vanilla facility and taking advantage of the very competitive interest rates that we have.

I just add to that, we also believe our share price is undervalued as we deliver on Skouries. So the balance sheet and drawing down the debt enables us to execute on this NCIB and purchase back our shares where we think they're considerably undervalued.

Great. Maybe just my last question is on K??lada?. I was reading up and you mentioned this as well, there is a potential investment closing of the HPGR circuit with additional screening and whole ore agglomeration that should come out fairly soon. It's the first time I've kind of heard of it. I'm just trying to wrap my head around what is being studied here. And I guess you talked about wear components, W-E-A-R components in Q1. That was mentioned again here in Q2. And so I'm just wondering, is there anything that we should be concerned about in terms of what's happening here at the HPGR?

Cosmos, it's Simon. Thanks for the question. In terms of the plan for closing the HPGR, essentially, through analysis, I think we did report last year, we see an opportunity to get a more uniform final product by closing the HPGR. So by doing that, we need to add in a screen for the center product. And once we do that, we need the associated agglomeration drums. So that's really -- those two elements are coupled together. And we're just finalizing the study -- engineering study work this quarter such that we can evaluate what that investment is going to look like for the site. And it also helps us maximize the current invested capital across the entire plant.

With regards to the secondary crusher de-bottlenecking, this is really -- as the circuit is designed, there's no protection screen in front of the HPGR. And so a slightly larger secondary crusher enables us to ensure that we don't send oversized material to the HPGR, which on the occasion can cause damage to the drum. So there's nothing new about that. That's really a good practice that we're looking to do. And this also unlocks a key bottleneck area inside the historic, if you like, K??lada? plant. So between those two things, we're setting ourselves up for a long and steady run with our long life in front of ourselves at K??lada?.

And maybe just a slight deeper dive on the damage to the HPGR that can occur. Essentially, if we get too large a piece into that HPGR, it can damage some of the bits. And so those have to then be taken off and replaced and that causes downtime and that causes us throughput. So there's no significant issue in terms of damaging the overall HPGR. It's really the wear pieces that can get damaged and cause really lower throughput.

So this will help us in pushing throughput up and will help us de-bottleneck the plant. And as we said in our press release, that part of the investment is moving forward. We're ordering the crusher and moving forward with it all our agglomeration, so additional drums and additional screening, those studies will be completed and discussed in our Q3 earnings call.

So George, it sounds like throughput could increase and will increase and could this also have a positive impact on recovery as well?

Yes. We're studying whole throughput and recovery benefits out of this overall investment, and that's what we look to speak to in Q3. As Simon said, we had an issue with the drill and so the drilling on future potential pushbacks and so that works a bit delayed. But all this investment could actually help bring future pushbacks and extend mine life at K??lada?. So it's better recovery, higher throughput and potentially increase in reserves if that drilling and metallurgical work all turns positive. So stay tuned.

The next question comes from Tanya Jakusconek with Scotiabank.

Simon, can I continue with you on K??lada? and just the pushback on the metallurgical work. And I think you said -- maybe George mentioned it, just delay in drilling. Is it because we can't get drillers? Like why did we have this delay? And so -- yes, maybe talk about why we've had this pushback.

Tanya, thanks for the question. Yes, unfortunately, when we started the program, the first drilling contractor that mobilized to site had a substandard drill equipment. And from a safety perspective, we had to terminate that relationship and find a second drilling contractor that sort of led us to sort of a 3-ish month delay on the program. And so we've been working towards that. We do have some interference inside of the ideal spots in which we want to drill due to current production. But we're working through those and hope to sort of get the remainder of the program completed in 2025.

Okay. And so you do have now a driller in place, the contractor to do that drilling and you're just managing your production versus the drilling is how I understood it?

You are correct.

Okay. Well, that's good. So I'm going to leave K??lada?. And if I can go back to Skouries. So can someone just help me, just wanted to understand a couple of things there. #1, just on your workforce, congrats on having that many people on site. As we look for the remaining portion of the year as we go into first production, can you remind me again what skilled labor we need? So that's the first thing. And how comfortable are you in the retention of this labor? I was very pleased to hear about the productivity slightly above or at. It's been really hot there. So I just kind of wondered how the productivity has gone through August -- sorry, through July because of the heat. So that's my Part 1 of Skouries.

Yes. So when you look at the trades, we're in great shape with the concrete now. That work will be ramping down in Q3, and there'll just be odds and sods to do in Q4. So I'd say that risk is behind us. We very successfully ramped up mechanical installations and structural steel in Q3 -- or Q2, and that's going to continue in the first part of Q3. We were able to secure additional accommodation and that -- and having the additional people available, we executed on that. And really that increased workforce over what we had planned earlier this year is enabling us to complete work that's not on critical path, but by getting that work done earlier, it decompresses the commissioning schedule.

So as an example, we've already commissioned the filters for the concentrate. And in August, we'll be commissioning the pebble pressure circuit as that construction was completed actually this month. So we're going to continue to push the metal on available trades to accelerate work to derisk the overall project. But that isn't changing the critical path item, which is that dry stack filter plant. We're already pedal to the metal. On the productivity, it is a very good sign. It basically is telling us that we're going to be able to deliver this on schedule and at cost. Any follow-up to that?

Yes, I do. So then, George, can we talk about -- so that's great, everything going to plan, first gold pour and I think -- I don't know if it's Q1, I don't know when in Q1. But can you just remind me of your -- we have a quarter later, we're going commercial. Can you just remind me your definition of commercial production? And then can you also remind me the time for this plant to go to steady state and some of the critical items there?

Tanya, it's Paul. Just on the commercial production definition, it is open to interpretation. But based on what we see from peers in the industry, I think commercial really is going to be where we've exceeded something like 70% of throughput, and we're getting recoveries around the expected levels for the project. So that's what the ramp-up will need to look like?

But that's the definition of going commercial.

Yes. It's open to some interpretation, but that's a good, I think, ready reckoner for you to understand what we're aiming to do by midyear next year.

Okay. And then someone can help me on then from there, how we -- well, how long is it going to take to ramp up to steady state and what are the critical items there?

Yes. I would say Q3, we'd expect to be ramped up to nameplate. And this is a pretty simple single flotation plant. Many of us in the company have operated these sorts of facilities. I would say the most tricky thing about this plant is the dry stack tailings facility. We've designed it with six filters. In the commissioning phase, we'll have oxide ore, which is going to be variable and tricky, but we'll be at lower throughput, and we'll have that extra filter capacity at that point.

So we believe we're going to have a pretty smooth ramp-up in the second quarter. There'll be some challenging oxide ore types going through that plant. We've worked with Metso, our manufacturer, ensuring we have good variability in filter cloth to deal with the variability in ore types that we expect. And as we get through those learnings in Q2, and then it's fine-tuning. And as I say, we think by the end of Q3, we're at nameplate.

Okay. That's great. And if I could squeeze one more in. Just saw a couple of companies have been selling their equity stakes in their investments. Can you just remind me what you have outstanding? I think you have Probe left. I forget what else you have and whether that's core or noncore.

Yes. So there's probably just 3 equity investments to speak of. First would be our Romanian assets. And as we disclosed, we continue to work on divestiture of those assets. And at this point, I believe that will happen this year. And then on our toeholds, yes, we have a toehold in Probe and Amex and expect to continue to hold those.

Congratulations on Skouries, it's good to see.

The next question comes from Don DeMarco with National Bank.

So yes, I really enjoyed seeing the photos of the Skouries development. And so first question on Skouries. The 2026 outlook calls for midpoint of 145,000 ounces of gold and some copper. What is the approximate allocation of this production in H1 and H2, kind of builds on Tanya's question.

We haven't put that sort of detail, but it's heavily weighted to the second half. So Q1 will be in early commissioning. There's not going to be a lot of production. We expect first concentrate in Q1. Q2, we're going to be in ramp-up mode, as I said. So working out the bunds and then getting it up to, as Paul said, probably 70% nameplate by the end of Q2. So it's going to be heavily weighted to the second half.

Okay. My next question is on the NCIB share repurchases. They're quite significant in Q2 and they continued post quarter, yet the total approved amount over a 12-month period is much higher. So do you expect these repurchases to increase in H2? Or are the decisions about the repurchases somewhat tactical and you sort of decide once you're within the quarter?

Don, it's Paul. So just commenting on Q2, we upsized the facility at our last -- we announced at our last quarterly results, but that NCIB program actually came to an end on July 31. We are limited in how much we can buy on any day. On the TSX, for example, it's 25% of the average volume. So we couldn't really have done much more in the last quarter. For the coming 12 months, the Board has approved a further NCIB program. That does allow us to repurchase up to 5% of our share capital. Again, we are volume limited on each day, the TSX, as I said, 25%.

The New York Stock Exchange, a little bit more complicated in how much you can purchase, but it's more than the TSX on a daily basis. We are looking at this as a 12-month program. I think we're going to be opportunistic in terms of investing in our stock price, particularly if we see prices which are lower than what we think is a fair value, which we see in the P/NAV discounts today. So it will build up over time. I don't have any real rate to give you, but we think this is an excellent tool as we sit here at our current stock price to return value to shareholders.

That's all for me. So good luck with the rest of Q3 and Skouries development.

Our next question comes from Lawson Winder with Bank of America Securities.

I'd like to follow up initially just on your comments about the skilled trades and those ramping up. They're extremely helpful, especially the commentary around mechanical successfully ramping up in Q2. Looking at some of the other trades like electrical and instrumentation, you guys mentioned in your prepared remarks that some cabling had started. How is that segment of skilled trades ramping up? And what's the outlook for that?

Yes. In terms of the work completed in Q2, I'd say we're just beginning that learning curve. As I said, the pebble crusher facility is now complete, and we'll begin commissioning. So that went well. The productivities on that facility for electrical were at or above our expectations. There's going to be a significant ramp-up in electrical work in Q3 and even into Q4. At this point, we expect to see a continuation of meeting or slightly exceeding productivities.

In terms of our workforce planning for the electrical, our contractors have the people that they expect to need, and we have backup alternatives to bring in additional electrical people. So at this point, we're feeling comfortable with the schedule and our ability to repeat on the electrical, what we've seen on the structural and mechanical.

Okay. And then also on Skouries, just looking at the euro exchange rate versus the USD. So there was a very significant depreciation in the USD versus the euro, as you know, in the first half. Could you just remind us of what's the direct euro exposure -- sorry, for the remaining spend at Skouries? And how are you guys managing that risk at this point?

Yes. So it's Paul here. So on the euro, we've been putting equity and funds in over a period of time. And up to the sort of initial budget levels for the project, we used forward price contracts to put our funds into Hellas Gold in Greece in euros. So we'll be spending from that euro balance, and I think we have something like EUR 250 million to EUR 300 million on deposit at Hellas Gold at the moment.

So our real exposure is just around accounting translation as and when we book those transactions as we spend the capital. Now earlier in the year, the euro wasn't as strong as it is at the moment. We've also seen based on U.S. economic performance in the last month or so that the euro has been weakening again. So it's really difficult to say what the exposure is going to be, but we don't see it making a material difference to our overall reported U.S. dollar cost for the project.

Okay. Great. And then if I could ask just operationally about K??lada?, if you have the ability to provide some guidance on the gold output for Q3 versus Q4 when considering what you have stacked today and your understanding of the leaching times?

Simon here, thanks for the question. Probably to balance the K??lada? production, first half, our grades were a little bit higher than the full year range, and we're expecting that to be more at the lower end of our range, which is around 0.65 grams per tonne in the second half, and that's going to probably soften the production rate into Q3 and Q4. So end up with largely the same production or slightly lower in the second half for this year, mainly due to the grade that we're stacking.

And then any sense of how that splits between Q3 and Q4 at this point?

Largely the same, to be honest, it's pretty steady in terms of how we would expect it to come out. Generally, with the longer leach cycles that we experienced at K??lada?, there's no real radical change in terms of the rate at which we can extract the -- leach the gold stacked.

Okay. And if you wouldn't mind me just fitting in one more question. Your year-end reserve update, I mean, the last one was done at $1,450 were much, much higher than that. How are you guys thinking about what gold price you might be using when you update reserves at year-end and what that might imply for reserve replacement in '25?

Yes. We -- I mean, each year, we do our reserves during the fourth quarter to get the best update we can to feed into our budget process. And so we'll be reaching out to our peers, looking at a 5-year look back and setting that price for this year's reserve update. I would not expect a big increase, but a slight increase in our gold price assumption is we want to remain conservative and ensure our assets are performing great margins going forward and that we can deliver on our 5-year guidance. So stay tuned. We'll give that update later in the year, but I'm expecting right now a slight increase, not a significant one.

[Operator Instructions] Since there are no more questions, 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.