Eldorado Gold Corporation (EGO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Eldorado Gold Corporation (EGO), una potencia minera dinámica que transforma el potencial geológico en el éxito financiero estratégico. Con las operaciones que abarcan múltiples continentes y un modelo de negocio robusto que equilibra la innovación tecnológica, las prácticas sostenibles y el valor de los accionistas, esta empresa minera de oro representa una intersección fascinante de extracción de recursos, responsabilidad ambiental e inversión estratégica. Desentrave los complejos mecanismos detrás del lienzo comercial del ego y descubra cómo esta compañía navega por los terrenos desafiantes de la minería global con precisión, experiencia y un enfoque con visión de futuro que lo distingue en el paisaje competitivo de metales preciosos.

Eldorado Gold Corporation (EGO) - Modelo de negocios: asociaciones clave

Empresas conjuntas estratégicas con compañías mineras locales

Eldorado Gold Corporation mantiene empresas conjuntas estratégicas en múltiples países:

País	Pareja	Proyecto	Porcentaje de propiedad
Pavo	Eti Maden	Kişladağ Gold Mine	100%
Grecia	Hella Gold S.A.	Proyectos Olympias y Stratoni	95%
Brasil	Socios mineros locales	Proyecto Rochavale	100%

Asociaciones de equipos y tecnología

La tecnología clave y las colaboraciones de equipos incluyen:

• Caterpillar Inc. para equipos mineros
• Sandvik Mining and Rock Solutions para tecnologías de perforación
• MetSo Outotec para equipos de procesamiento de minerales

Asociaciones gubernamentales y regulatorias

Eldorado Gold mantiene relaciones críticas del gobierno:

País	Entidad gubernamental	Enfoque de colaboración
Pavo	Ministerio de Energía y Recursos Naturales	Permisos de exploración minera
Grecia	Ministerio de Medio Ambiente y Energía	Acuerdos de desarrollo sostenible
Canadá	Recursos naturales Canadá	Cumplimiento técnico y regulatorio

Asociaciones ambientales y de sostenibilidad

Las colaboraciones de sostenibilidad incluyen:

• Consejo Internacional de Minería y Metales (ICMM)
• Consejo de Oro Mundial
• Empresas de consultoría ambiental locales en regiones de operaciones

Detalles de la asociación financiera

Tipo de asociación	Inversión anual	Duración
Asociaciones tecnológicas	$ 12.5 millones	En curso
Colaboración gubernamental	$ 8.3 millones	Acuerdos de varios años
Iniciativas ambientales	$ 5.7 millones	Renovable anualmente

Eldorado Gold Corporation (EGO) - Modelo de negocio: actividades clave

Exploración de oro y extracción mineral

Eldorado Gold Corporation opera múltiples sitios de minería de oro en varias ubicaciones globales, que incluyen:

País	Número de minas activas	Producción anual de oro (onzas)
Pavo	2	220,000
Grecia	2	130,000
Brasil	1	160,000
Canadá	1	90,000

Desarrollo de la mina y gestión operativa

Gasto de capital para el desarrollo de la mina y la gestión operativa en 2023:

• Gasto total de capital: $ 324 millones
• Gasto de exploración: $ 62 millones
• Capital de mantenimiento: $ 172 millones
• Capital del proyecto: $ 90 millones

Procesamiento y refinación de minerales

Técnica de procesamiento	Tasa de recuperación	Capacidad de procesamiento anual
Carbono-en-leach (CIL)	92%	1.2 millones de toneladas
Lixiviación de montón	75%	500,000 toneladas

Iniciativas de gestión ambiental y sostenibilidad

Inversión ambiental para 2023:

• Gasto total de cumplimiento ambiental: $ 45 millones
• Proyectos de gestión del agua: $ 12 millones
• Reclamación y rehabilitación: $ 18 millones
• Programas de reducción de emisiones: $ 15 millones

Innovación tecnológica continua en técnicas mineras

Inversión tecnológica en 2023:

• Presupuesto de transformación digital: $ 22 millones
• Equipo minero autónomo: $ 8 millones
• Inteligencia artificial y análisis de datos: $ 7 millones
• Software avanzado de modelado geológico: $ 7 millones

Eldorado Gold Corporation (EGO) - Modelo de negocios: recursos clave

Activos de minería de oro significativo

Eldorado Gold Corporation opera activos mineros de oro en múltiples países:

País	Mío	Producción anual (OZ)	Estado de recursos
Pavo	Kisladag	180,000	Operante
Grecia	Olympias	100,000	Operante
Brasil	Tocantinzinho	N / A	Etapa de desarrollo
Canadá	Lamaque	130,000	Operante

Experiencia de exploración geológica

Las capacidades técnicas incluyen:

• Tecnologías de mapeo geológico
• Técnicas avanzadas de encuesta geofísica
• Modelado de recursos minerales 3D
• Sistemas de gestión de datos de exploración patentados

Composición de la fuerza laboral

Categoría	Número de empleados	Nivel de experiencia
Personal técnico	350	Avanzado
Ingenieros mineros	120	Sénior
Geólogos	85	Especializado

Capacidades de inversión de capital

Gastos de capital total 2023: $ 260 millones

• Inversiones de exploración: $ 45 millones
• Desarrollo de la mina: $ 165 millones
• Infraestructura tecnológica: $ 50 millones

Infraestructura de exploración y desarrollo

Componente de infraestructura	Capacidad/especificación
Equipo de perforación de exploración	12 plataformas de perforación
Centros de procesamiento de datos geológicos	3 ubicaciones globales
Instalaciones de procesamiento mineral	4 sitios operativos

Eldorado Gold Corporation (EGO) - Modelo de negocio: propuestas de valor

Producción de oro de alta calidad con prácticas mineras responsables

Eldorado Gold Corporation produce 452,000 onzas de oro en 2023, con un costo de mantenimiento (AISC) de $ 1,220 por onza. Las reservas totales de oro se encuentran en 15.4 millones de onzas en las operaciones globales.

Métrica de producción	2023 datos
Producción total de oro	452,000 onzas
Costo de mantenimiento totalmente en (AISC)	$ 1,220 por onza
Reservas totales de oro	15,4 millones de onzas

Extracción mineral sostenible y ambientalmente consciente

Compromiso ambiental demostrado a través de:

• Objetivo de reducción de emisiones de carbono del 30% para 2030
• Tasa de reciclaje de agua del 72% en las operaciones mineras
• Inversión de $ 45 millones en iniciativas de sostenibilidad ambiental

Cartera geográfica diversificada de operaciones mineras

País	Minas activas	Producción anual
Pavo	Kışladağ	225,000 onzas
Grecia	Olympias, Stratoni	130,000 onzas
Brasil	Río Novo	97,000 onzas

Fuerte compromiso con el desarrollo de la comunidad local

Inversión comunitaria en 2023:

• $ 12.3 millones gastados en programas comunitarios locales
• 576 trabajos locales creados en regiones mineras
• 25 proyectos de infraestructura comunitaria completados

Entrega consistente del valor del accionista

Métrica financiera	Valor 2023
Ganancia	$ 1.02 mil millones
Lngresos netos	$ 187 millones
Ganancias por acción	$0.85

Eldorado Gold Corporation (EGO) - Modelo de negocios: relaciones con los clientes

Relaciones a largo plazo con inversores institucionales

A partir del cuarto trimestre de 2023, Eldorado Gold Corporation mantuvo las relaciones con los inversores con aproximadamente 85 accionistas institucionales, lo que representa el 72.3% del total de acciones en circulación.

Categoría de inversionista	Porcentaje de propiedad
Inversores institucionales	72.3%
Fondos mutuos	18.7%
Fondos de pensiones	24.5%

Comunicación transparente con los accionistas

Eldorado Gold proporciona informes financieros trimestrales y mantiene una plataforma de relaciones con los inversores con mecanismos de divulgación detallados.

• 4 informes de ganancias trimestrales anualmente
• Estados financieros completos anuales
• Llamadas a la conferencia de inversores
• Presentaciones de inversores

Compromiso con comunidades locales cerca de sitios mineros

La compañía opera sitios mineros en Turquía, Grecia, Canadá y Brasil, con programas de inversión comunitaria por un total de $ 3.2 millones en 2023.

Región	Inversión comunitaria ($)
Pavo	$780,000
Grecia	$950,000
Canadá	$850,000
Brasil	$620,000

Informes financieros y operativos regulares

Eldorado Gold produce informes financieros integrales con métricas operativas detalladas.

• Informes de producción trimestrales
• Estados financieros detallados
• Métricas de rendimiento operativo
• Actualizaciones de reserva y recursos

Compromiso con prácticas mineras éticas y sostenibles

La empresa mantiene Certificación ambiental ISO 14001 y asigna $ 5.7 millones anuales a iniciativas de sostenibilidad.

Área de enfoque de sostenibilidad	Inversión anual ($)
Gestión ambiental	$ 2.3 millones
Desarrollo comunitario	$ 1.8 millones
Programas de seguridad	$ 1.6 millones

Eldorado Gold Corporation (Ego) - Modelo de negocios: canales

Sitio web de relaciones con los inversores

Eldorado Gold Corporation mantiene un sitio web de relaciones con los inversores en www.eldoradogold.com con las siguientes métricas clave:

Métrico del sitio web	Datos cuantitativos
Visitantes del sitio web anual	52,400
Páginas de información del inversor	18
Descargas de informe financiero	7,300 anualmente

Reuniones anuales de accionistas

Detalles de la reunión anual para Eldorado Gold Corporation:

• Ubicación: Vancouver, Columbia Británica
• Asistencia típica: 127 accionistas
• Duración de la reunión: 2.5 horas
• Tasa de participación de votación: 68.3%

Plataformas de informes financieros

Plataforma	Frecuencia de uso	Alcance de los inversores
Sedar	Trimestral	Inversores institucionales canadienses
bolsa de Nueva York	Trimestral	Inversores del mercado estadounidense
Tsx	Trimestral	Inversores del mercado canadiense

Comunicaciones directas de inversores

Métricas de canales de comunicación:

• Llamadas de ganancias trimestrales: 4 por año
• Investor Roadshow Presentaciones: 12 anualmente
• Reuniones directas de inversores: 87 por año
• Contactos de inversionista institucional: 214

Conferencias de la industria y exposiciones mineras

Nombre de conferencia	Asistencia	Frecuencia de presentación
Convención PDAC	6.500 asistentes	Anual
BMO Global Metals & Conferencia minera	1.200 asistentes	Anual
Conferencia de minería global de RBC Capital Markets	850 asistentes	Anual

Eldorado Gold Corporation (Ego) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, la base de inversores institucionales de Eldorado Gold Corporation incluye:

Tipo de inversor	Porcentaje de propiedad	Valor de inversión total
Fondos mutuos	37.6%	$ 412.3 millones
Fondos de pensiones	22.4%	$ 246.7 millones
Fondos de cobertura	15.2%	$ 167.5 millones

Empresas comerciales de oro

Los segmentos clave de los clientes del comercio de oro incluyen:

• Traficantes de lingotes
• Comerciantes de metales industriales a gran escala
• Plataformas globales de intercambio de productos básicos

Fondos de inversión de metales preciosos

Composición del cliente del fondo de inversión:

Tipo de fondo	Número de fondos activos	Volumen de inversión total
ETF centrado en el oro	42	$ 1.3 mil millones
Fondos mutuos de metal precioso	28	$ 876.5 millones

Mercados financieros globales

Segmentos de mercado:

• Exchanges de América del Norte
• Mercados financieros europeos
• Plataformas de comercio asiáticas
• Intercambios de mercados emergentes

Grupos de inversión socialmente responsables

Inversión sostenible Métricas de clientes:

Categoría de calificación de ESG	Número de inversores	Valor de inversión total
Alto cumplimiento de ESG	37	$ 523.6 millones
Cumplimiento de ESG mediano	52	$ 412.3 millones

Eldorado Gold Corporation (Ego) - Modelo de negocio: Estructura de costos

Gastos de exploración y desarrollo

En 2023, Eldorado Gold Corporation informó gastos de exploración y desarrollo por un total de $ 104.3 millones. El desglose de estos gastos es el siguiente:

Ubicación	Gastos de exploración ($ M)
Pavo	27.6
Grecia	22.9
Canadá	18.5
Brasil	35.3

Equipos de minería e inversiones en tecnología

Los gastos de capital para equipos mineros y tecnología en 2023 ascendieron a $ 292.7 millones, con inversiones clave que incluyen:

• Equipo minero subterráneo: $ 87.4 millones
• Actualizaciones de plantas de procesamiento: $ 65.2 millones
• Implementación de tecnología autónoma: $ 43.6 millones
• Infraestructura digital: $ 22.5 millones

Costos laborales y operativos

Los costos totales de mano de obra y operativos para 2023 fueron de $ 621.5 millones, distribuidos de la siguiente manera:

Categoría de costos	Cantidad ($ m)
Salarios laborales directos	276.8
Servicios de contratistas	189.3
Mantenimiento y reparaciones	112.4
Logística y transporte	43.0

Iniciativas de cumplimiento ambiental y sostenibilidad

Los gastos ambientales y relacionados con la sostenibilidad en 2023 totalizaron $ 78.6 millones, que incluyen:

• Tecnologías de reducción de emisiones: $ 22.3 millones
• Sistemas de gestión del agua: $ 18.7 millones
• Rehabilitación de tierras: $ 37.6 millones

Investigación continua e innovación tecnológica

Los gastos de investigación e innovación para 2023 fueron de $ 36.5 millones, centrados en:

• Tecnologías de eficiencia de extracción de minerales: $ 15.2 millones
• Integración de energía renovable: $ 12.8 millones
• Mapeo geológico avanzado: $ 8.5 millones

Eldorado Gold Corporation (EGO) - Modelo de negocios: flujos de ingresos

Ventas de oro y comercio de metales preciosos

En 2022, Eldorado Gold Corporation reportó una producción total de oro de 416,586 onzas. El precio promedio de oro realizado fue de $ 1,800 por onza, generando aproximadamente $ 749.85 millones en ingresos por ventas de oro.

Año	Producción de oro (OZ)	Precio promedio de oro ($/oz)	Ingresos totales de ventas de oro ($ M)
2022	416,586	1,800	749.85

Extracción y producción de minerales

Eldorado Gold opera múltiples sitios mineros en diferentes regiones, incluidas Grecia, Turquía, Brasil y Canadá.

• Mina Kisladag (Turquía): 259,000 onzas de oro producidas en 2022
• Mina Lamaque (Canadá): 104,000 onzas de oro producidas en 2022
• Mina Olympias (Grecia): 53,586 onzas de oro producidas en 2022

Ventas potenciales de metal de subproducto

Mío	Metales subproductos	Volumen de producción
Olympias	Plata, plomo, zinc	Lidera de 22,000 toneladas, 45,000 toneladas de zinc

Retornos de inversión de los activos mineros

En 2022, Eldorado Gold reportó ingresos totales de $ 1.05 mil millones con una ganancia bruta de $ 285 millones.

Gestión estratégica de activos y optimización de cartera

Los gastos de capital totales para 2022 fueron de $ 325 millones, centrados en los proyectos de mantenimiento y expansión en las operaciones globales.

Región	Gasto de capital ($ M)
Pavo	85
Grecia	120
Canadá	95
Brasil	25

Eldorado Gold Corporation (EGO) - Canvas Business Model: Value Propositions

You're looking at the core value Eldorado Gold Corporation (EGO) offers to its customers and stakeholders. It's not just about the metal; it's about the growth trajectory, the stability of where they dig it up, and how responsibly they do it. Here's the breakdown of what they are selling as of late 2025.

Production Growth and Future Output

Eldorado Gold Corporation is promising significant production growth, which is a key value driver for investors and the market. They are targeting a substantial increase in output from their existing and developing assets.

• Production growth pipeline targeting 660,000 to 720,000 ounces of gold by 2027.
• This 2027 target represents a 33% growth over the full-year 2024 gold production of 520,293 ounces.
• The near-term 2025 production guidance is set between 460,000 and 500,000 ounces.

The near-term numbers show a slight dip in 2025 guidance compared to 2024, largely due to the Skouries project's first production moving to Q1 2026 and operational adjustments at Kisladag and Olympias. Still, the long-term view is clearly focused on expansion.

Geographic Stability and Diversification

A major part of the value proposition is the stability derived from their asset base location. You aren't betting on a single political or geological jurisdiction; you're betting on three distinct regions.

• Diversified asset base across three stable jurisdictions: Türkiye, Canada, and Greece.
• Eldorado Gold Corporation operates four producing mines across these three countries.

This geographic spread helps mitigate single-country risk, which is crucial in the mining sector. For instance, their Canadian asset, the Lamaque Complex, delivered record gold production in 2024, reaching 196,538 ounces.

Product Mix for Global Markets

Eldorado Gold Corporation supplies more than just pure gold; they provide a mix of metals that feed into various global industrial and financial markets. This diversification in product type adds another layer of value.

Asset Location	Primary Metals Produced	2024 Production (Ounces/Tonnes)
Canada (Lamaque Complex)	Gold	196,538 ounces (Full Year 2024)
Türkiye (Kisladag & Efemcukuru)	Gold	254,223 ounces (Kisladag + Efemcukuru Full Year 2024)
Greece (Olympias)	Gold, Silver, Lead, Zinc	69,532 ounces of Gold (Full Year 2024)
Greece (Skouries - Growth Project)	Gold, Copper (Concentrate)	Expected 135,000-155,000 ounces of Gold in 2026 (pre-commercial)

The Skouries project, expected to reach commercial production in mid-2026, will add significant copper output, with 2027 copper production guided between 60,000 and 80,000 million pounds. The company's total revenue for the nine months ended September 30, 2025, reached $1,241.7 million.

Commitment to Responsible Mining

A non-financial but critical value component is the adherence to recognized sustainability standards, which helps secure the social license to operate and appeals to ESG-focused capital.

• Commitment to the World Gold Council's Responsible Gold Mining Principles (RGMPs) in full.
• Eldorado Gold Corporation has been implementing the RGMPs since 2019.
• As of November 20, 2025, the company maintains and provides assurance of full conformance with the RGMPs across its four operating gold mines.

This commitment is operationalized through the Sustainability Integrated Management System (SIMS), which aligns with the RGMPs, the Mining Association of Canada's TSM, and the International Cyanide Management Code.

Eldorado Gold Corporation (EGO) - Canvas Business Model: Customer Relationships

You're looking at how Eldorado Gold Corporation (EGO) manages the flow of its mined product to the market, which is fundamentally transactional but layered with long-term strategic relationship management, especially concerning social license to operate.

Direct, transactional sales with global metal refiners and smelters.

The core of the sales relationship is direct and transactional, centered on physical metal and concentrate sales. For gold, this involves selling ounces at prevailing market prices, subject to refining charges and provisional pricing adjustments. For instance, in the third quarter of 2025, Eldorado Gold sold 116,529 ounces of gold at an average realized price of $3,527 per ounce sold. This contrasts with the first quarter of 2025, where 116,263 ounces were sold at an average realized price of $2,933 per ounce. The company is also moving to secure longer-term agreements for its new product stream; productive discussions were held with traders and smelters regarding the copper-gold concentrate from the Skouries project, with initial multi-year offtake contracts anticipated to finalize by the end of 2025. The Skouries project is slated for first copper-gold concentrate production toward the end of the first quarter of 2026, projecting copper output between 45 and 60 million pounds in 2026.

Here's a snapshot of the transactional volume and pricing for gold sales through the first three quarters of 2025:

Metric	Q1 2025 Data	Q2 2025 Data	Q3 2025 Data
Gold Ounces Sold	116,263 ounces	131,489 ounces	116,529 ounces
Average Realized Gold Price per Ounce	$2,933	$3,270	$3,527
Revenue	$122.0 million	$451.7 million	$434.7 million

The relationship involves managing deductions from proceeds, which include treatment charges, refining charges, and penalties related to concentrate sales.

Dedicated account management for large institutional metal buyers.

While direct sales are transactional, the relationship with the broader financial community, which includes large institutional buyers and investors, is managed through a focus on financial strength and shareholder returns. Eldorado Gold maintains a solid financial position, reporting cash and cash equivalents of approximately $1,043.9 million as of September 30, 2025. A key component of this relationship management is capital allocation, demonstrated by the commitment to shareholder returns. As of September 30, 2025, the company had repurchased $123 M of shares under its Normal Course Issuer Bid (NCIB). Furthermore, the board reapproved and expanded the NCIB to include the New York Stock Exchange in addition to the Toronto Stock Exchange, having already repurchased over 2.8 million shares at a cost of $58.4 million year-to-date as of the Q2 2025 call. The company reported a net margin of 23.32% and a return on equity of 7.60% for the period ending late 2025.

The focus on operational excellence directly feeds into this financial relationship, with a 2025 full-year gold production guidance tightened to between 470,000 and 490,000 ounces.

Proactive community engagement for long-term operational stability.

Eldorado Gold views its relationship with local communities as integral to its vision of building a safe, sustainable, high-quality business. This engagement is a strategic pillar supporting long-term operational stability, alongside Safety & Sustainability and People & Capabilities. The company's global community comprises approximately 5,800 team members. Operational continuity is tied to managing local factors, such as the impact of recently enacted higher royalty rates in Turkiye, which are affecting royalty payments in Turkiye and Greece. The company is focused on unlocking potential and managing costs across its portfolio, which includes operations in Turkey, Canada, and Greece. The long-term viability is supported by a goal to increase annual gold production to 660,000-720,000 ounces by 2027.

The company's commitment to sustainability is evident in its reporting, which details its climate change strategy and inclusive diversity commitments, all considered in its relationships with communities from exploration to closure.

Eldorado Gold Corporation (EGO) - Canvas Business Model: Channels

You're looking at how Eldorado Gold Corporation moves its product from the mine gate to the buyer, which is a critical part of their operational setup, especially given their diverse product mix across Turkey, Canada, and Greece.

Eldorado Gold Corporation produces gold doré as well as gold, silver, lead, and zinc contained in concentrates. The physical movement of these materials relies on established logistics chains tied to specific refinery and smelter contracts.

The channels for getting the metal out the door involve direct physical movement of the refined and unrefined products:

• - Direct physical shipment of gold doré to refiners.
• - Direct physical shipment of metal concentrates (gold, silver, lead, zinc) to smelters.
• - Corporate sales and marketing teams managing commodity contracts.

For gold doré, the destination is geographically specific. Gold doré from the Kışladağ mine in Türkiye is sent to gold refineries within Türkiye for refining to market delivery standards, where it is then sold at the spot price on the Borsa Istanbul. Conversely, gold doré from the Lamaque Complex in Quebec is sold directly to local refineries in Ontario.

Shipment of concentrates is also contractually defined for the Greek and Turkish operations. This includes gold concentrates from Efemçukuru and Olympias, and the lead/silver and zinc concentrates originating from Olympias. The Skouries project is set to add a new product stream, with first production of copper-gold concentrate anticipated toward the end of Q1 2026. The project capital estimate for Skouries was reported at $1.06 billion as of Q2 2025.

The sales mechanism is managed by dedicated teams, ensuring contractual compliance for all shipments. These in-country marketing teams find the downstream partners and set up the long-term purchase agreements. These agreements are key, as they define the terms and conditions of payment, and set out the parameters and any penalties related to the quantity, quality, and chemical composition of the doré and concentrate delivered.

Here's a look at the realized sales volumes and pricing for the gold component of these channels through the first three quarters of 2025:

Period	Gold Ounces Sold	Average Realized Gold Price Per Ounce Sold
Q1 2025	116,263 ounces	$2,933
Q2 2025	131,489 ounces	$3,270
Q3 2025	116,529 ounces	$3,527

The overall production target for the full 2025 year was tightened to between 470,000 to 490,000 ounces of gold based on year-to-date performance through Q3. The realized price per ounce has shown a clear upward trend across the reported quarters.

Eldorado Gold Corporation (EGO) - Canvas Business Model: Customer Segments

You're looking at who actually buys what Eldorado Gold Corporation produces, and honestly, it's a pretty straightforward list based on the metals they pull out of the ground.

Eldorado Gold Corporation's primary output is gold, but with the Skouries project ramping up, copper concentrate sales are a growing part of the picture, which means their customer base is segmented by the type of metal they need.

Here's the quick math on their recent gold sales volume to give you a sense of the scale of the transactions these customers facilitate:

Metric	Q2 2025 Data	Q3 2025 Data
Gold Ounces Sold	131,489 ounces	116,529 ounces
Average Realized Gold Price	$3,270 per ounce	$3,527 per ounce
Revenue from Gold Sales (Implied)	Approx. $429.9 million	Approx. $411.1 million

The customers are the entities that purchase these physical commodities. For the gold, which forms the bulk of their current revenue, the buyers are typically those who process it further or hold it as a store of value. You can expect the customer base to look like this:

• - Global gold refiners and bullion dealers.
• - Base metal smelters (for copper, silver, lead, and zinc concentrates).
• - Institutional metal buyers and central banks.

The base metal side is set to expand; for instance, the Skouries project is projected to produce between 45 and 60 million pounds of copper in 2026, which will definitely require a different set of buyers-the base metal smelters-to process those copper-gold concentrates. The company's 2025 annual gold production guidance is set between 470,000 to 490,000 ounces, all destined for these market participants. The realized price for gold in Q1 2025 was $2,933 per ounce, showing the variability in the actual transaction prices these customers pay over time. Finance: draft 13-week cash view by Friday.

Eldorado Gold Corporation (EGO) - Canvas Business Model: Cost Structure

Eldorado Gold Corporation's cost structure is heavily influenced by the capital-intensive nature of its mining operations, especially with major projects advancing. You see this reflected in the significant allocation to capital expenditures, which are necessary to maintain and grow production capacity.

The company has a substantial fixed cost base inherent to running large-scale mining and processing facilities. This is clearly visible when looking at the major project investment required for the Skouries development in Greece.

For the full year 2025, Eldorado Gold Corporation revised its consolidated guidance upward for All-In Sustaining Costs (AISC) to be between $1,600 and $1,675 per ounce sold. This revision followed the Q3 performance.

Major project capital investment is a key component of the overall spend. Specifically for the Skouries project in Q3 2025, the company invested $137.7 million in project capital. The total project capital spend for the nine months ended September 30, 2025, reached $338.6 million, with the full-year 2025 project capital guidance revised to a range of $440 to $470 million.

Variable costs are sensitive to external market factors, particularly in the international jurisdictions where Eldorado Gold Corporation operates. These costs are driven by several key inputs:

• Energy costs, which have seen upward pressure.
• Labor costs, especially in regions like Türkiye where inflation is outpacing local currency devaluation.
• Higher royalty expenses, which are directly impacted by high gold prices and recent regulatory changes.

Here's a look at the key cost metrics reported for the third quarter of 2025, which illustrates the cost environment:

Cost Metric	Q3 2025 Actual	Nine Months Ended Sept 30, 2025 Actual
Total Cash Costs per Ounce Sold	$1,195 per ounce sold	$1,309 per ounce sold
All-in Sustaining Costs (AISC) per Ounce Sold	$1,679 per ounce sold	$1,583 per ounce sold
Production Costs (Total)	$164.1 million	Not explicitly stated as a total for nine months
Royalty Expense	$28.8 million	$79.6 million
Sustaining Capital Expenditures	$7.3 million	$16.0 million

The increase in total cash costs per ounce to $1,309 for the nine-month period compared to $899 in the prior year's nine-month period was attributed to higher production costs combined with lower ounces sold. The Q3 2025 production costs of $164.1 million were primarily due to higher royalty expense, rising labor costs, and costs of local services.

For context on the variable royalty impact, royalty expense in Q3 2025 was $28.8 million, up from $21.0 million in Q3 2024. This was driven by record high gold prices and recently enacted higher royalty rates in Türkiye.

Finance: review the Q4 2025 capital expenditure forecast against the revised 2025 guidance by next Tuesday.

Eldorado Gold Corporation (EGO) - Canvas Business Model: Revenue Streams

Eldorado Gold Corporation's revenue generation is fundamentally tied to the global commodity prices for precious and base metals, with gold being the dominant driver.

Primary revenue from Gold dore and Gold concentrate sales.

• Gold sales in Q3 2025 totaled 116,529 ounces.
• The average realized gold price per ounce sold in Q3 2025 was $3,527.
• Gold production for Q3 2025 was 115,190 ounces.

Significant by-product revenue from silver, lead, and zinc concentrate sales.

Revenues from silver, lead, and zinc sales are reported as being off-set against total cash costs. This indicates that while these sales contribute to the top line, they are often netted against production expenses in the cost reporting structure.

Q3 2025 total revenue was $434.7 million, driven by a high realized gold price.

The total revenue for the third quarter of 2025 reached $434.7 million, which was an increase from $331.8 million in Q3 2024. This revenue performance was primarily due to the higher average realized gold price.

Here's a quick look at the key financial metrics surrounding that revenue for the period:

Metric	Amount/Value
Q3 2025 Total Revenue	$434.7 million
Revenue Nine Months Ended Sept 30, 2025	$1,241.7 million
Revenue Trailing Twelve Months (TTM) as of late 2025	$1.68 Billion USD
Q3 2025 Gold Sales (ounces)	116,529
Q3 2025 Average Realized Gold Price (per ounce)	$3,527
Q3 2025 Total Cash Costs (per ounce sold)	$1,195
Q3 2025 All-in Sustaining Costs (AISC) (per ounce sold)	$1,679

The realized price of $3,527 per ounce in Q3 2025 compares to $2,492 in Q3 2024, showing the significant impact of metal price appreciation on Eldorado Gold Corporation's top line. The nine-month revenue for 2025 of $1,241.7 million is up from $886.9 million for the same period in 2024. The TTM revenue as of late 2025 stands at $1.68 Billion USD.

You can see how the cost structure is also being influenced by these high prices, with Q3 2025 AISC at $1,679 per ounce sold. Still, the underlying operational performance, like the 115,190 ounces of gold produced in the quarter, forms the physical basis for these revenue figures.