Eldorado Gold recorded strong operational and financial performance in 2024.
As stated by George Burns, President and CEO of the Canadian multinational, “gold production increased by 7% to 520,293 ounces of gold above the midpoint of the more moderate production range we had set for the full year. Expenses were also in line with the more moderate range, reflecting the strong performance of our operations around the world. Thanks to the dynamic operational performance combined with the strong gold price, a number of financial milestones were achieved in 2024, such as a 31% increase in revenue to 1.3 billion dollars and increased cash flow from operating activities to 645.7 million, an increase of 69% compared to 2023.”
Regarding the company’s activity in Greece, Burns highlighted that Olympias’ production is expected to increase from 500,000 tonnes/year to 650,000 tonnes/year, boosting long-term profitability. Olympias’ production amounted to 69,532 ounces of gold in 2024, up 4% from 67,133 ounces in 2023. Revenues increased to 226.2 million dollars in 2024 from 186.8 million in 2023 and totaled 69.3 million in the fourth quarter of 2024 from 52.4 million in the fourth quarter of 2023, as a result of the higher average gold price achieved and slightly higher sales volumes in both periods.
At Skouries, the Company continued the project throughout the year. Following the revised schedule, first production is expected in the first quarter of 2026, while commercial production is expected in mid-2026. Gold production in 2026 is expected to range between 135,000-155,000 ounces and copper production is expected to range around 45-60 million pounds. Commercial production is expected in mid-2026. Based on the Project Financing associated with Skouries and our balance sheet, the project remains fully funded. “Once production begins, we believe that Skouries will deliver substantial long-term growth and create significant long-term value for shareholders and the Greek economy,” added Burns.
The Canadian multinational’s exploration activities in Greece in 2025 are expected to focus on testing targets at the Olympias mine site, along the Stratoni Fault Corridor and the Skouries project, while undertaking key field activities to define targets for future test drilling under our exploration permits. At Olympias, approximately 8,800 meters of surface drilling are planned to test extensions to known mineralization in the northern zone of Olympias, while 9,050 meters of drilling are planned to test extensions from the underground in the eastern and western zones.
