<p>埃爾拉多黃金最近的財報電話會議描繪了複雜的情緒，展示了強勁的運營成就和戰略進展，同時也突顯了重大挑戰。公司慶祝了成功的股票回購計劃和 Skouries 項目的進展，但也面臨着成本指導上升和 Olympias 的運營障礙的擔憂。</p>
<h2>強勁的黃金生產和現金流生成</h2>
<p>埃爾拉多黃金在黃金生產和現金流生成方面表現穩健，生產了 115,190 盎司黃金，生成了約 7700 萬美元的自由現金流，未包括對 Skouries 項目的資本投資。這一成就凸顯了公司的運營實力及其生成可觀現金流的能力。</p>
<h2>成功的股票回購計劃</h2>
<p>為了回饋股東，埃爾拉多成功回購並註銷了約 300 萬股股票，總金額達到 7900 萬美元。這一戰略決策反映了公司對提升股東價值的承諾。</p>
<h2>Skouries 項目的進展</h2>
<p>Skouries 項目取得了顯著進展，第二階段建設完成了 73%。首批銅金濃縮物的生產預計將在 2026 年第一季度進行，整體項目資本保持在 10.6 億美元，表明該關鍵項目的強勁前進勢頭。</p>
<h2>Kisladag 的全礦石團聚項目</h2>
<p>埃爾拉多決定推進 Kisladag 的全礦石團聚項目，投資約 3500 萬美元。該舉措旨在提高滲透性和改善浸出動力學，展示了公司優化運營效率的關注。</p>
<h2>成本上升和 2025 年指導修訂</h2>
<p>公司將總現金成本上調至每盎司銷售在 1175 至 1250 美元之間，全部維持成本預計在每盎司銷售 1600 至 1675 美元之間。這一修訂是由於黃金價格高企、土耳其的特許權使用費率上升以及 Olympias 的表現低於預期，給成本管理帶來了挑戰。</p>
<h2>Olympias 的運營挑戰</h2>
<p>Olympias 面臨重大運營挑戰，堆存礦石影響了工藝水化學，導致金屬回收率降低。這些問題預計將持續到 2026 年第二季度，突顯了運營改進的關鍵領域。</p>
<h2>失時傷害頻率率上升</h2>
<p>失時傷害頻率率從 2024 年第三季度的 1.10 上升至 1.21，表明需要加強安全措施。這一增長強調了公司在改善其運營安全表現方面的持續承諾。</p>
<h2>前瞻性指導</h2>
<p>展望未來，埃爾拉多黃金為今年剩餘時間提供了詳細的財務和運營指導。公司將 2025 年黃金生產指導修訂為 470,000 至 490,000 盎司，因黃金價格高企和特許權使用費率上升而增加了總現金成本指導。維持資本成本預計在範圍的上限，而運營增長資本保持穩定。Skouries 項目的資本投資上調，但整體項目資本估算保持不變，反映出戰略穩定性。</p>
<p>總之，埃爾拉多黃金的財報電話會議突顯了強勁的運營表現和戰略進展的結合，同時也受到成本管理和 Olympias 運營問題的挑戰。公司對股東價值和戰略項目進展的承諾仍然是關鍵要點，因為它在當前市場環境的複雜性中航行。</p>

埃爾拉多黃金

<p>埃爾拉多黃金的財報電話會議透露了混合的情緒，展示了強勁的黃金產量為 115,190 盎司和 7700 萬美元的自由現金流，但也面臨着成本指導上調和奧林匹亞項目的運營問題等挑戰。公司成功回購了 300 萬股股票，耗資 7900 萬美元，並在斯庫里斯項目上取得了進展，目前已完成 73%。然而，由於黃金價格高企和運營障礙，總現金成本被修訂為每盎司 1,175-1,250 美元。失時傷害頻率率上升，表明需要改善安全措施。總體而言，會議突出了在持續挑戰中運營優勢和戰略進展</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>埃爾拉多黃金最近的財報電話會議描繪了複雜的情緒，展示了強勁的運營成就和戰略進展，同時也突顯了重大挑戰。公司慶祝了成功的股票回購計劃和 Skouries 項目的進展，但也面臨着成本指導上升和 Olympias 的運營障礙的擔憂。</p>
</div><h2>Strong Gold Production and Cash Flow Generation</h2>
<div class="lb-trans"><h2>強勁的黃金生產和現金流生成</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>埃爾拉多黃金在黃金生產和現金流生成方面表現穩健，生產了 115,190 盎司黃金，生成了約 7700 萬美元的自由現金流，未包括對 Skouries 項目的資本投資。這一成就凸顯了公司的運營實力及其生成可觀現金流的能力。</p>
</div><h2>Successful Share Repurchase Program</h2>
<div class="lb-trans"><h2>成功的股票回購計劃</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>為了回饋股東，埃爾拉多成功回購並註銷了約 300 萬股股票，總金額達到 7900 萬美元。這一戰略決策反映了公司對提升股東價值的承諾。</p>
</div><h2>Advancement in Skouries Project</h2>
<div class="lb-trans"><h2>Skouries 項目的進展</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 項目取得了顯著進展，第二階段建設完成了 73%。首批銅金濃縮物的生產預計將在 2026 年第一季度進行，整體項目資本保持在 10.6 億美元，表明該關鍵項目的強勁前進勢頭。</p>
</div><h2>Whole Ore Agglomeration Project at Kisladag</h2>
<div class="lb-trans"><h2>Kisladag 的全礦石團聚項目</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>埃爾拉多決定推進 Kisladag 的全礦石團聚項目，投資約 3500 萬美元。該舉措旨在提高滲透性和改善浸出動力學，展示了公司優化運營效率的關注。</p>
</div><h2>Increased Costs and Revised 2025 Guidance</h2>
<div class="lb-trans"><h2>成本上升和 2025 年指導修訂</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>公司將總現金成本上調至每盎司銷售在 1175 至 1250 美元之間，全部維持成本預計在每盎司銷售 1600 至 1675 美元之間。這一修訂是由於黃金價格高企、土耳其的特許權使用費率上升以及 Olympias 的表現低於預期，給成本管理帶來了挑戰。</p>
</div><h2>Operational Challenges at Olympias</h2>
<div class="lb-trans"><h2>Olympias 的運營挑戰</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 面臨重大運營挑戰，堆存礦石影響了工藝水化學，導致金屬回收率降低。這些問題預計將持續到 2026 年第二季度，突顯了運營改進的關鍵領域。</p>
</div><h2>Increased Lost Time Injury Frequency Rate</h2>
<div class="lb-trans"><h2>失時傷害頻率率上升</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>失時傷害頻率率從 2024 年第三季度的 1.10 上升至 1.21，表明需要加強安全措施。這一增長強調了公司在改善其運營安全表現方面的持續承諾。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</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>展望未來，埃爾拉多黃金為今年剩餘時間提供了詳細的財務和運營指導。公司將 2025 年黃金生產指導修訂為 470,000 至 490,000 盎司，因黃金價格高企和特許權使用費率上升而增加了總現金成本指導。維持資本成本預計在範圍的上限，而運營增長資本保持穩定。Skouries 項目的資本投資上調，但整體項目資本估算保持不變，反映出戰略穩定性。</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>總之，埃爾拉多黃金的財報電話會議突顯了強勁的運營表現和戰略進展的結合，同時也受到成本管理和 Olympias 運營問題的挑戰。公司對股東價值和戰略項目進展的承諾仍然是關鍵要點，因為它在當前市場環境的複雜性中航行。</p>
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埃爾拉多黃金的財報電話會議：情緒複雜與戰略進展