Eldorado Gold Corporation (EGO): Business Model Canvas [Dec-2025 Updated]

You're digging into Eldorado Gold Corporation because you know a successful mining investment hinges on more than just the gold price; it's about operational discipline and a clear growth path, and frankly, that's what we need to map out here. As of late 2025, the company is balancing a strong balance sheet, holding $1,043.9 million in cash as of Q3, against the heavy capital needed to hit their production growth target of 660,000 to 720,000 ounces by 2027, driven by the Skouries development. We must check if they can maintain their 2025 all-in sustaining cost (AISC) guidance between $1,600 and $1,675 per ounce while managing the regulatory landscape across Türkiye, Canada, and Greece. Below, I've broken down the nine core components of their business model-from who buys their base metal concentrates to the critical community relationships-so you can see the mechanics behind those numbers.

Eldorado Gold Corporation (EGO) - Canvas Business Model: Key Partnerships

Eldorado Gold Corporation (EGO) relies on several critical external relationships to execute its global strategy across Türkiye, Canada, and Greece.

Strategic Project Financing Partners for Skouries, Secured by Hellas Gold

The development of the Skouries Project in Greece is fully funded through a combination of equity and strategic project financing, secured by the subsidiary Hellas Gold.

• The Commercial Loan Facility and the RRF Facility total €680.4 million (or $798.9 million) and were fully drawn as of late 2025.
• The Term Facility provides 80% of the expected future funding required to complete the Project.
• The remaining 20% equity commitment is covered by Eldorado Gold's balance sheet and future cash flow, augmented by strategic investments.
• The European Bank for Reconstruction and Development (EBRD) provided a strategic equity investment of CAD 81.5 million (approximately USD 60 million) to Hellas Gold.
• The estimated blended interest rate for the Term Facility is approximately 6%.
• The financing has a 10-year term, comprising 3 years availability and 7 years repayment.

Government and Regulatory Bodies for Operating Permits and Licenses

Eldorado Gold Corporation operates under the jurisdiction of governmental and regulatory bodies across its operating regions, which include Canada, Türkiye, and Greece.

• Eldorado Gold's operations are located in Québec, Canada (Lamaque Complex); Uşak Province, Türkiye (Kışladağ); Izmir Province, Türkiye (Efemçukuru); and Halkidiki Peninsula, Greece (Olympias, Skouries).
• The Skouries Project required securing required permits, licenses, and authorizations.
• A metallurgy committee at Greece's Ministry of Environment and Energy was established to evaluate the Skouries study.
• Eldorado Gold's conformance with the Responsible Gold Mining Principles (RGMPs) is verified through external assurance, as required by the RGMPs.
• Internal Compliance Verifications were conducted at the Lamaque Complex in 2025.

Local Communities in Türkiye, Canada, and Greece for Social License to Operate

The company maintains long-term partnerships with local communities, with specific corporate responsibility investments reported.

• Hellas Gold invested €2.47 million in Corporate Responsibility Projects in 2024.
• Hellas Gold sponsored the creation of the first Ronald McDonald Family Room in Aghia Sofia Children's Hospital.
• The EBRD's investment supports Eldorado Gold's commitment to the highest environmental and social standards across its portfolio.

Equipment Suppliers and Engineering Firms for Major Capital Projects

Major capital projects, particularly Skouries, involve substantial engagement with engineering and equipment supply firms.

• Detailed engineering and procurement for the Skouries Project were substantially complete as of December 31, 2024.
• The accelerated purchase of higher capacity mobile mining equipment is part of the $154 million in accelerated operational capital prior to commercial production at Skouries.
• At the Skouries Filtered Tailings Plant, structural steel installation was 92% complete as of October 30, 2025.
• The Skouries project involves work on the primary crusher, which is assembled in position.

Eldorado Gold Corporation (EGO) - Canvas Business Model: Key Activities

You're looking at the core engine room of Eldorado Gold Corporation, the day-to-day work that keeps the lights on and builds future value. It's a complex operation spanning continents, so let's cut straight to the numbers defining these key activities as of late 2025.

Gold and Base Metal Mining and Processing Across Four Operating Mines

Eldorado Gold Corporation's primary activity is extracting and processing gold, along with silver, lead, and zinc, from its assets in Türkiye, Canada, and Greece. The company holds 100% interests in the Kisladag and Efemçukuru mines in Türkiye, and the Lamaque complex in Canada, alongside the Olympias mine in Greece.

The operational output for the third quarter of 2025 shows the current run rate. You'll see the realized price really helped the top line, even as costs ticked up. Honestly, managing those costs is a constant battle.

Here's a snapshot of the Q3 2025 performance from the operating mines:

The company is definitely feeling the pinch from inflation and higher royalties, which pushed the Q3 AISC to $1,679 per ounce sold.

Development of the Skouries Copper-Gold Project in Greece

Advancing the Skouries copper-gold project in Greece is a massive key activity right now, as it represents the next leg of production growth and revenue diversification into copper. The project is part of the Kassandra Mines complex.

Construction progress reached 73% as of October 2025. The company is pushing hard to hit the next milestones:

• First production of copper-gold concentrate is targeted for the end of Q1 2026.
• Commercial production is expected in mid-2026.
• The feasibility study projected annual output of 140,000 ounces of gold and 67 million pounds of copper over a 20-year mine life.

The capital spend reflects this focus. Eldorado revised the total project capital cost estimate to $1.06 billion. For 2025 alone, the project capital guidance was revised upward to between $440 to $470 million. In the third quarter of 2025, the company invested $137.7 million in project capital at Skouries.

Exploration and Resource Conversion Drilling to Extend Mine Life

Sustaining the current operations means continuously proving up more ounces. At the Lamaque Complex in Canada, the focus is on resource conversion drilling at the Triangle and Ormaque deposits.

This work is paying off in the reserve base. As of September 30, 2025, Eldorado Gold announced a 5% increase in its proven and probable gold mineral reserves, bringing the total to 12.5 million ounces. This reserve update was based on a revised gold price assumption of $1,700 per ounce, up from the previous assumption of $1,450 per ounce. The Lamaque Complex specifically saw a 25% rise in its reserves due to this modeling change.

Managing Geopolitical and Regulatory Risks in Operating Jurisdictions

Operating across Türkiye, Canada, and Greece means managing a diverse set of regulatory and political landscapes. You have to factor in the cost impact of these external factors in your modeling.

In Türkiye, for instance, royalty costs are a key lever. The royalty structure was broadened, meaning the maximum royalty band now kicks in at a gold price of $5,101 per ounce, compared to a previous ceiling of $2,101 per ounce. This contributed to the higher Q3 2025 Total Cash Costs. The company also cited inflationary labor pressure in Türkiye as a cost driver.

The company's cash position as of September 30, 2025, stood at $1,043.9 million, which helps buffer against these operational and geopolitical uncertainties.

Eldorado Gold Corporation (EGO) - Canvas Business Model: Key Resources

You're looking at the hard assets that make Eldorado Gold Corporation run day-to-day, the stuff that actually digs the metal out of the ground. Honestly, it's a mix of physical assets and financial muscle. The human capital is significant; Eldorado Gold's global community is made up of approximately 5,800 team members and contractors across Québec, Greece, and Türkiye, as of late 2024/early 2025 context. That's the team putting the vision into action. That's a lot of expertise you can't just hire overnight.

The core of the business is definitely the operating sites. These are the cash generators right now, and we should look at them together with the major development asset that's about to come online. Here's the quick math on the current operational footprint:

These operating mines are supported by a strong balance sheet. As of September 30, 2025, Eldorado Gold held $1,043.9 million in cash and cash equivalents. That cash position is key; it helps fund the massive capital investment required to bring Skouries online without stressing operations, even with free cash flow being negative at times due to those growth expenditures.

The long-term value is locked in the ground, and the latest reserve statement shows they've been successful in replenishing what they mine. The Company's Proven and Probable gold Mineral Reserves totalled 12.5 million ounces as of September 30, 2025. That figure represents an increase of approximately 5% compared to the previous statement, driven in part by a 25% increase in reserves at the Lamaque Complex. This reserve base supports an average mine life of 13 years across the current operations. It's a solid foundation for the next decade.

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.

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:

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:

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:

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:

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:

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.