Eldorado Gold Corporation

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Third Quarter 2025 Results Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. If you do need assistance during the conference call, you may signal an operator for pressing star then zero. 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 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, Lo Smith, Executive Vice President, Development Grief, and Simon Hilly, Executive Vice President, Operations and Technical Services. Our release yesterday detailed 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 CDAR Plus 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 declared 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 El Dorado for long-term success. Turning to the outline for today's call, I'll begin with an overview of our third quarter 2025 results and highlights, I'll then hand the call over to Christian for his remarks, followed by Paul on our financials, and then Lo and Simon with an update on projects and operations. Turning to slide four, our third quarter highlights. We achieved safe production of 115,190 gold ounces and generated approximately $77 million of free cash flow, excluding Scurry's investments. Operational performance remains strong at Lamac, benefiting from early processing of the remaining portion of the second ORMAC bulk sample. Kistadike had fewer tons placed on the pad and lower-grade stacked as a result of reduced equipment availability and short-term mine plan resequencing, as well as placement of ore on a test pad for the whole-ore agglomeration project. FM Chukaru maintained stable production, while Olympias had challenges from stockpiled ore containing the viscosity modifier used in the tailings-based backfill that negatively impacted the process water chemistry in the flotation circuit. During the third quarter, we improved management of the stockpiled ore with modest negative impacts on metal recovery may persist as we continue processing material from affected backfill stoves and stock piles. Given our strong performance to the end of the third quarter, we are tightening our 2025 guidance range on gold production and now expect to be between 470 and 490,000 ounces. Turning to cost, we revised our 2025 guidance upwards. Total cash costs are now expected to be between $1,175 and $1,250 per ounce sold, and all the 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 Turkey, 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 costs to be at the higher end of our 145 to $170 million guidance range. In line with previous 2025 guidance, Operations growth capital is expected to be between $245 and $270 million. Lastly, it's curious, project capital investment for 2025 has been revised upward to between $440 and $470 million as a result of the acceleration of work originally planned for 2026 across several non-critical path areas and proactive de-risking efforts. The estimated overall project capital remains unchanged at $1.06 billion. We are on track with accelerated operational capital and are maintaining our guidance of $80 to $100 million for 2025. Turning to slide five in the third quarter, our last time injury frequency rate was 1.21, an increase from the LTIFR of 1.10 in the third quarter of 2024. We recognize there is always room for improvement and remain committed to continually strengthen our safety performance. Throughout 2025, we're advancing health and safety initiatives. These efforts are reinforced by the multi-year rollout of our courageous safety leadership program launched earlier this year. On sustainability, our team in Quebec recently welcomed a delegation of external and internal verifiers to complete a verification against the standards of one, our sustainability integrated management system, two, the Mining Association of Canada's Towards Sustainable Mining Initiative, and three, the World Gold Council's Responsible Gold Mining Principles. The objective of the integrated verification was to demonstrate our commitment to health and safety, social and environment performance. While the reports are in the process of being finalized, we are encouraged with the preliminary results and look forward to sharing our performance when they become available. During the quarter, we continue to execute on our share repurchase program, buying back and canceling approximately 3 million shares for a total of $79 million. For the nine months ended September 30th, 2025, Repurchases have been approximately 5 million shares for a total of $123 million. The program reflects our continued commitment to discipline capital allocation and returning value to our shareholders. With that, I'll turn the call over to Christian to say a few words. Thanks, George, and good morning, everyone. Very excited to be joining you today in my new role at El Dorado. I've only recently joined the company in September, pleased with the company's strong culture, talented people, and high-quality asset base, including operations and projects in attractive mining jurisdictions with long average mine lives and significant prospectivity throughout the portfolio. I've already spent considerable time with our leadership teams through initial budget strategy meetings. These sessions have given me a strong sense of the ambition, opportunities, and discipline that will guide the company during the next phase of the strategy. as well as the strong alignment around delivering sustainable value to all stakeholders. What stood out most to me is the depth of talent, 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 on ensuring that we're positioned to deliver our long-term strategy as we go through this scurrious cash flow inflection point in 2026. Having just returned from our sites in Turquie and with visits planned to Greece and Quebec in the coming months, I've had the opportunity to see all the mines firsthand. The visits so far stood out to me with the excellent commitment and pride on display. It's been impressive to witness the energy and collaborations of our teams on the ground, and I look forward to continuing to engage with more of our sites, communities, and investors in the months ahead. With that, I'll now hand over to Paul to walk through the financial results.