<p>埃尔拉多黄金最近的财报电话会议描绘了复杂的情绪，展示了强劲的运营成就和战略进展，同时也突显了重大挑战。公司庆祝了成功的股票回购计划和 Skouries 项目的进展，但也面临着成本指导上升和 Olympias 的运营障碍的担忧。</p>
<h2>强劲的黄金生产和现金流生成</h2>
<p>埃尔拉多黄金在黄金生产和现金流生成方面表现稳健，生产了 115,190 盎司黄金，生成了约 7700 万美元的自由现金流，未包括对 Skouries 项目的资本投资。这一成就凸显了公司的运营实力及其生成可观现金流的能力。</p>
<h2>成功的股票回购计划</h2>
<p>为了回馈股东，埃尔拉多成功回购并注销了约 300 万股股票，总金额达到 7900 万美元。这一战略决策反映了公司对提升股东价值的承诺。</p>
<h2>Skouries 项目的进展</h2>
<p>Skouries 项目取得了显著进展，第二阶段建设完成了 73%。首批铜金浓缩物的生产预计将在 2026 年第一季度进行，整体项目资本保持在 10.6 亿美元，表明该关键项目的强劲前进势头。</p>
<h2>Kisladag 的全矿石团聚项目</h2>
<p>埃尔拉多决定推进 Kisladag 的全矿石团聚项目，投资约 3500 万美元。该举措旨在提高渗透性和改善浸出动力学，展示了公司优化运营效率的关注。</p>
<h2>成本上升和 2025 年指导修订</h2>
<p>公司将总现金成本上调至每盎司销售在 1175 至 1250 美元之间，全部维持成本预计在每盎司销售 1600 至 1675 美元之间。这一修订是由于黄金价格高企、土耳其的特许权使用费率上升以及 Olympias 的表现低于预期，给成本管理带来了挑战。</p>
<h2>Olympias 的运营挑战</h2>
<p>Olympias 面临重大运营挑战，堆存矿石影响了工艺水化学，导致金属回收率降低。这些问题预计将持续到 2026 年第二季度，突显了运营改进的关键领域。</p>
<h2>失时伤害频率率上升</h2>
<p>失时伤害频率率从 2024 年第三季度的 1.10 上升至 1.21，表明需要加强安全措施。这一增长强调了公司在改善其运营安全表现方面的持续承诺。</p>
<h2>前瞻性指导</h2>
<p>展望未来，埃尔拉多黄金为今年剩余时间提供了详细的财务和运营指导。公司将 2025 年黄金生产指导修订为 470,000 至 490,000 盎司，因黄金价格高企和特许权使用费率上升而增加了总现金成本指导。维持资本成本预计在范围的上限，而运营增长资本保持稳定。Skouries 项目的资本投资上调，但整体项目资本估算保持不变，反映出战略稳定性。</p>
<p>总之，埃尔拉多黄金的财报电话会议突显了强劲的运营表现和战略进展的结合，同时也受到成本管理和 Olympias 运营问题的挑战。公司对股东价值和战略项目进展的承诺仍然是关键要点，因为它在当前市场环境的复杂性中航行。</p>

埃尔拉多黄金

<p>埃尔拉多黄金的财报电话会议透露了混合的情绪，展示了强劲的黄金产量为 115,190 盎司和 7700 万美元的自由现金流，但也面临着成本指导上调和奥林匹亚项目的运营问题等挑战。公司成功回购了 300 万股股票，耗资 7900 万美元，并在斯库里斯项目上取得了进展，目前已完成 73%。然而，由于黄金价格高企和运营障碍，总现金成本被修订为每盎司 1,175-1,250 美元。失时伤害频率率上升，表明需要改善安全措施。总体而言，会议突出了在持续挑战中运营优势和战略进展</p>

<p>Eldorado Gold’s recent earnings call painted a picture of mixed sentiments, showcasing both robust operational achievements and strategic progress, while also highlighting significant challenges. The company celebrated a successful share repurchase program and advancements in the Skouries project, yet faced concerns over increased cost guidance and operational hurdles at Olympias.</p>
<div class="lb-trans"><p>埃尔拉多黄金最近的财报电话会议描绘了复杂的情绪，展示了强劲的运营成就和战略进展，同时也突显了重大挑战。公司庆祝了成功的股票回购计划和 Skouries 项目的进展，但也面临着成本指导上升和 Olympias 的运营障碍的担忧。</p>
</div><h2>Strong Gold Production and Cash Flow Generation</h2>
<div class="lb-trans"><h2>强劲的黄金生产和现金流生成</h2>
</div><p>Eldorado Gold reported a solid performance in gold production and cash flow generation, producing 115,190 ounces of gold and generating approximately $77 million in free cash flow, excluding capital investments in the Skouries project. This achievement underscores the company’s operational strength and its ability to generate substantial cash flow.</p>
<div class="lb-trans"><p>埃尔拉多黄金在黄金生产和现金流生成方面表现稳健，生产了 115,190 盎司黄金，生成了约 7700 万美元的自由现金流，未包括对 Skouries 项目的资本投资。这一成就凸显了公司的运营实力及其生成可观现金流的能力。</p>
</div><h2>Successful Share Repurchase Program</h2>
<div class="lb-trans"><h2>成功的股票回购计划</h2>
</div><p>In a move to return value to its shareholders, Eldorado successfully repurchased and canceled approximately 3 million shares, amounting to a total of $79 million during the quarter. This strategic decision reflects the company’s commitment to enhancing shareholder value.</p>
<div class="lb-trans"><p>为了回馈股东，埃尔拉多成功回购并注销了约 300 万股股票，总金额达到 7900 万美元。这一战略决策反映了公司对提升股东价值的承诺。</p>
</div><h2>Advancement in Skouries Project</h2>
<div class="lb-trans"><h2>Skouries 项目的进展</h2>
</div><p>The Skouries project saw significant progress, with Phase 2 construction reaching 73% completion. The first copper-gold concentrate production is on track for the first quarter of 2026, with the overall project capital remaining steady at $1.06 billion, indicating a strong forward momentum in this key project.</p>
<div class="lb-trans"><p>Skouries 项目取得了显著进展，第二阶段建设完成了 73%。首批铜金浓缩物的生产预计将在 2026 年第一季度进行，整体项目资本保持在 10.6 亿美元，表明该关键项目的强劲前进势头。</p>
</div><h2>Whole Ore Agglomeration Project at Kisladag</h2>
<div class="lb-trans"><h2>Kisladag 的全矿石团聚项目</h2>
</div><p>Eldorado decided to proceed with the whole ore agglomeration project at Kisladag, investing approximately $35 million. This initiative aims to enhance permeability and improve leach kinetics, demonstrating the company’s focus on optimizing operational efficiency.</p>
<div class="lb-trans"><p>埃尔拉多决定推进 Kisladag 的全矿石团聚项目，投资约 3500 万美元。该举措旨在提高渗透性和改善浸出动力学，展示了公司优化运营效率的关注。</p>
</div><h2>Increased Costs and Revised 2025 Guidance</h2>
<div class="lb-trans"><h2>成本上升和 2025 年指导修订</h2>
</div><p>The company revised its total cash costs upwards to between $1,175 and $1,250 per ounce sold, with all-in sustaining costs expected to be between $1,600 and $1,675 per ounce sold. This revision is driven by high gold prices, increased royalty rates in Turkiye, and lower-than-expected performance at Olympias, posing a challenge to cost management.</p>
<div class="lb-trans"><p>公司将总现金成本上调至每盎司销售在 1175 至 1250 美元之间，全部维持成本预计在每盎司销售 1600 至 1675 美元之间。这一修订是由于黄金价格高企、土耳其的特许权使用费率上升以及 Olympias 的表现低于预期，给成本管理带来了挑战。</p>
</div><h2>Operational Challenges at Olympias</h2>
<div class="lb-trans"><h2>Olympias 的运营挑战</h2>
</div><p>Olympias faced significant operational challenges, with stockpiled ore impacting process water chemistry and leading to lower metal recovery. These issues are anticipated to persist into the second quarter of 2026, highlighting a critical area for operational improvement.</p>
<div class="lb-trans"><p>Olympias 面临重大运营挑战，堆存矿石影响了工艺水化学，导致金属回收率降低。这些问题预计将持续到 2026 年第二季度，突显了运营改进的关键领域。</p>
</div><h2>Increased Lost Time Injury Frequency Rate</h2>
<div class="lb-trans"><h2>失时伤害频率率上升</h2>
</div><p>The lost time injury frequency rate rose to 1.21 from 1.10 in the third quarter of 2024, indicating a need for enhanced safety measures. This increase underscores the company’s ongoing commitment to improving safety performance across its operations.</p>
<div class="lb-trans"><p>失时伤害频率率从 2024 年第三季度的 1.10 上升至 1.21，表明需要加强安全措施。这一增长强调了公司在改善其运营安全表现方面的持续承诺。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, Eldorado Gold provided detailed financial and operational guidance for the remainder of the year. The company revised its 2025 gold production guidance to between 470,000 and 490,000 ounces, with increased total cash cost guidance due to high gold prices and increased royalty rates. Sustaining capital costs are expected at the upper end of the range, while operations growth capital remains steady. The Skouries project capital investment was revised upward, yet the overall project capital estimate remains unchanged, reflecting strategic stability.</p>
<div class="lb-trans"><p>展望未来，埃尔拉多黄金为今年剩余时间提供了详细的财务和运营指导。公司将 2025 年黄金生产指导修订为 470,000 至 490,000 盎司，因黄金价格高企和特许权使用费率上升而增加了总现金成本指导。维持资本成本预计在范围的上限，而运营增长资本保持稳定。Skouries 项目的资本投资上调，但整体项目资本估算保持不变，反映出战略稳定性。</p>
</div><p>In summary, Eldorado Gold’s earnings call highlighted a blend of strong operational performance and strategic progress, tempered by challenges in cost management and operational issues at Olympias. The company’s commitment to shareholder value and strategic project advancements remain key takeaways, as it navigates the complexities of the current market landscape.</p>
<div class="lb-trans"><p>总之，埃尔拉多黄金的财报电话会议突显了强劲的运营表现和战略进展的结合，同时也受到成本管理和 Olympias 运营问题的挑战。公司对股东价值和战略项目进展的承诺仍然是关键要点，因为它在当前市场环境的复杂性中航行。</p>
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埃尔拉多黄金的财报电话会议：情绪复杂与战略进展