Could you outline Eldorado’s production performance in 2024, and guidance for 2025?

Eldorado Gold’s full-year production for 2024 exceeded 520,000 oz of gold, representing a 7% increase over 2023, driven by operational upgrades at our Kisladag mine in Türkiye, and higher mining rates and ore throughput at Lamaque in Québec. That was above the midpoint of our tightened guidance range for the year, at an all-in sustaining cost (AISC) of US$1,285/oz. Our balance sheet is robust, showing US$978 million in cash and liquidity of US$1.2 billion at the end of 2024. Our 2025 guidance outlines 460,000-500,000 oz of gold production, with an expected AISC of between US$1,370 and US$1,470. Our results from the early part of the year have us on target to achieve guidance. What are some highlights from the Lamaque Complex in 2024?

In Québec, we delivered exceptional results, breaking several records in terms of gold production, health and safety and other operational aspects. It was our best year ever at Lamaque. In total, we produced 196,538 oz of gold, with an average grade of 6.74 g/t and an AISC of US$1,134/oz. Our investments totaled US$80 million in sustaining capital and US$23 million in growth capital, primarily relating to developments at Ormaque.

Lamaque is still a relatively young mine, having only started commercial production in 2019. This year, our guidance is between 170,000-180,000 oz of gold, with stronger production with higher grades expected in the second quarter. How are developments progressing at the Ormaque deposit?

The Ormaque deposit, discovered in 2019, had its inaugural reserve declared in December 2024. The first bulk sample confirmed reserve and block model expectations. A second bulk sample is set for Q4 2025, with full production targeted by 2028. A total of 1.2 million oz in reserves across Ormaque, Triangle and Parallel provide the Lamaque Complex with over eight years of mine life. Exploration continues for additional inferred resources and satellite targets, supporting long-term growth and future supply for the Sigma mill. What updates can you share about Eldorado’s assets in Greece and Türkiye?

In Greece, we currently operate the Olympias polymetallic mine, and are advancing construction at the Skouries copper-gold project. Skouries will make Eldorado a significant copper producer in Europe, with commercial production expected in mid-2026. Its gold will also be a major contributor to the target of increasing Eldorado’s gold production 33% by 2027. In Türkiye, we are focused on the continued optimization of our Kisladag open pit and Efemçukuru underground operations. How is the rise in the price of gold shaping Eldorado’s operations?

Now is the perfect time to be building a gold mine. Gold’s price rise through 2024 has been driving margin expansion and strong cash flow, above our expectations. Even if it continues to rise, we will remain disciplined in our capital allocation. How is Eldorado ensuring high sustainability standards across its operations?

Sustainability is at the core of our strategy, based on four pillars: safe, inclusive and innovative operations; engaged and prosperous communities; responsibly produced products; and healthy environments. In 2025, we will be updating our sustainability framework for the third time since its introduction in 2020.

On the environmental front, we have implemented several greenhouse gas emission reduction projects at Lamaque. It is already among the lowest-emission gold mines globally, thanks to Québec’s low carbon electricity matrix. We have introduced electric haul trucks from Sandvik, mitigating up to 1,700 t/y of CO2 emissions and improving air quality underground. We were the first mining company in Québec to adopt this technology, and plan to add more electrified machines in future.

We always want to be a good neighbour and put people first. That means we are transparent from the very beginning, and in constant communication with our stakeholders. Our aim is for our mines to have a positive impact on communities, while mitigating negative impacts, and to ensure local stakeholders are well informed about what is happening at our operation. What are Eldorado’s key priorities looking ahead?

Growth is a key priority for Eldorado, focused not just on increasing production but on enhancing profitability and long-term value. Our goal is to become a significantly larger and more profitable gold producer with sustainable operations, disciplined capital allocation, and stable production.