Eldorado Gold Corporation (ELD) Earnings Call Transcript & Summary

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Third Quarter 2026 Results Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations, Communications and External Affairs. Please go ahead, Ms. Gould.

Thank you operator, and good morning, everyone. I'd like to welcome you to our conference call to discuss our third quarter 2026 results. Before we begin, I would like to remind you that we will be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary statements included in the presentation and the disclosure on non-IFRS measures and risk factors in our management's discussion and analysis. Joining me on the call today, we have Christian Milau, President and Chief Executive Officer; Paul Ferneyhough, Executive Vice President, Strategy and Chief Financial Officer; and Simon Hille, Executive Vice President and Chief Operating Officer. Our release yesterday details our third quarter 2026 financial and operating results. The release should be read in conjunction with our Q3 2026 financial statements and management's discussion and analysis. both of which are available on our website and have been filed on SEDAR+ and EDGAR. All dollar figures discussed today are U.S. dollars unless otherwise stated. For clarity, we have rounded certain figures for the purposes of this conference call. We will be speaking to the slides that accompany this webcast, which can be downloaded from our website. After the prepared remarks, we will open the call for Q&A, at which time, we will invite analysts to queue for questions. I will now turn the call over to Christian.

Thanks, Lynette, and good morning. I'll begin with an overview of the third quarter and an update on Skouries. As I begin my first quarterly call as CEO, my focus is on building on Eldorado's high-quality, long-life asset base and the investments already made while improving execution consistency, enhancing capital discipline and converting those investments into stronger cash flow and per share value. We have 2 new operations advancing through commissioning and ramp-up, together with significant exploration potential across the portfolio. You should expect us to set clear expectations, report transparently on our progress and be disciplined in how we allocate capital and deliver our long-term plan. I can't emphasize enough that our focus is on creating sustainable long-term value. We are making decisions with that objective in mind while remaining disciplined on near-term execution, capital allocation and returns. An important part of that discipline is how we approach project development and execution. With our recently hired and enhanced projects team embedded across the business, we have strengthened our approach to project governance. Going forward, we do not expect to undertake any significant capital project without the projects team involved from the outset, bringing greater discipline and consistency to project evaluation, planning, execution and oversight. The Skouries inauguration earlier this month was a proud moment for our team and the positive response from government representatives, including Prime Minister Mitsotakis, local communities and other stakeholders reinforce the significance of this project for Greece and the region. In addition, Skouries was designated a strategic project by the European Commission. And in the next week or so, we expect to be transporting our first batch of European produced concentrate, a European smelter just a few hours from Skouries. This is a key milestone for the team. Earlier in September, analysts and investors visited the site and saw firsthand the progress achieved as the operation advances through ramp-up. And this week, we announced our first filtered tails, which was a critical milestone in allowing the processing plant to operate continuously and start the ramp-up towards commercial production during this quarter. This is an exciting time for Skouries and all our partners and stakeholders. I also want to thank George for his leadership over the past 9 years and for the long -- the strong foundation he helped build. I'm pleased that he will remain an important shareholder, supporter and Board member. Turning to the quarter. The quarter marked an important step forward for Eldorado. Skouries produced first copper gold concentrate and McIlvenna Bay continued to ramp up following first copper and zinc concentrate. We expect both operations to achieve commercial production in late Q4. At Skouries, the ramp-up has taken longer and cost more than we expected, and it's important that we acknowledge that directly. Our immediate priority is to safely complete the remaining commissioning work, achieve commercial production and establish stable, predictable operating performance. We are building strong momentum toward that goal and are encouraged by the progress we are seeing. Based on our year-to-date performance, we have revised our 2026 production guidance. For our operating assets, excluding Skouries and McIlvenna Bay, we now expect gold production of 410,000 to 430,000 ounces. Strong performance at Lamaque is partially offsetting lower expected production at Kisladag and Olympias with the Olympias expansion now expected to begin ramping up in Q1 2027. At Skouries, we now expect 2026 production of 10,000 to 35,000 ounces of gold and 5 million to 15 million pounds of copper, reflecting the slower-than-expected ramp-up. The revision reflects the timing of the ramp-up and does not change our current expectations for Skouries long-term design capacity. And based on the progress we are seeing and our current ramp-up plans, we remain comfortable with our expectations for Skouries in 2027. Importantly, the momentum we have built over the last few days with the tailings filter presses and the processing plant now operational, we remain focused on maintaining that momentum through the remainder of the ramp-up. More broadly, despite the changes we are making to our 2026 guidance today, we remain comfortable with our overall outlook for 2027. We expect to enter the year with Skouries and McIlvenna Bay advancing through ramp-up, the Olympias expansion coming online and the benefits of the work underway at Kisladag beginning to contribute. Turning more specifically to Skouries on Slide 5. First production of the copper gold concentrate was achieved on September 8. The process plant is substantially complete and operating as expected as part of the ramp-up, optimization and performance testing continuing across the circuit. And one milestone we are particularly excited about is the start of the 2 filter presses at Skouries, which we announced on Monday. And we continue to press tails successfully on a consistent basis this week. If you haven't yet watched the video that accompanies the release, I strongly encourage you to do so. It's impressive to see the sheer scale of the filter presses in operation, the filter cake discharging on to the conveyors and the material moving out to the tailings management facility. It's a great visual representation of the progress being made at Skouries. Those 2 filter presses enable continuous plant operation, which is an important step forward. We require 4 operating filter presses to support commercial production and commissioning of the remaining units is progressing well with the additional units expected to come online in November and likely within the next couple of weeks. The site was successfully energized on September 28, completing the grid -- connection to grid power. All temporary generators have now been demobilized, providing the reliable long-term power infrastructure needed for commissioning and ramp-up. Mining activities in both the open pit and underground continue to perform well with a significant stockpile of both open pit and underground ore, providing substantial feed availability as the plant ramps up. Underground development is advancing according to plan with 2,100 meters completed during the quarter and east ramp breakthrough achieved. Following first concentrate and the revised timing of commercial production, estimated total project capital for Skouries is approximately $1.425 billion, an increase that consists of $65 million of project capital and $45 million of previously guided growth capital that had been expected following commercial production, but is now expected to be incurred prior to commercial production and is therefore reported as project capital. To reiterate, this $45 million of capital is not new, it's just reclassified from the operating period to the capital period before commercial production. The actual increase of $65 million primarily reflects higher contractor workforce requirements, extended use of temporary power, additional owners' costs and other execution-related costs associated with the longer commissioning period. We also expect accelerated operational capital of $390 million, an increase that consists of $95 million of additional operational costs and $35 million of previously guided sustaining capital that had been expected following commercial production. It is now expected to be incurred and capitalized during the pre-commercial production period and is therefore reported as accelerated operating capital. Again, this $35 million of capital is not new and just reclassified from the operating period to the capital period before commercial production. The actual increase of $95 million primarily reflects activities that support continued growth of the ore stockpiles ahead of our first production, further advancement of the underground mine and advancing the site general earthworks. We have also taken a cautious and prudent approach by separately identifying up to an additional $30 million contingency that may be incurred depending on the exact timing of commercial production. The classification of these expenditures will depend on when commercial production is achieved, with amounts potentially reflected in project capital, AOC, sustaining capital or growth capital. Given the positive momentum we have seen over the past week, we certainly do not expect to use this contingency. However, in the interest of being prudent and transparent, we believe it is appropriate to include it in our estimates at this stage. Based on our current cost and schedule assumptions, the project remains fully funded. With that, I'll turn it over to Paul to review the financial results.

Thank you, Christian, and good morning, everyone. Turning to Slide 6. Our third quarter financial results benefited from higher realized gold prices, while we continue to invest significantly in driving Skouries and McIlvenna Bay towards commercial production. During the quarter, we produced 106,000 ounces of gold and sold 107,000 ounces. Lamaque delivered another strong quarter, benefiting from higher throughput grade and recoveries, including the contribution from Ormaque. This helped partially offset lower production at Kisladag and Efemcukuru. Revenue increased 18% year-over-year to $512 million, supported by an average realized gold price of $4,326 per ounce in the quarter compared with $3,527 per ounce in the third quarter of 2025. The benefit from higher realized prices more than offset the impact of lower gold sales volumes. Production costs were $200 million compared with $164 million in the prior year quarter. The increase primarily reflected higher royalties, higher costs at Lamaque and Olympias and the inclusion of pre-commercial production costs at McIlvenna Bay. Total cash costs averaged $1,415 per ounce sold, while ASIC averaged $2,050 per ounce sold. The year-over-year increases primarily reflected higher production costs, lower gold sales volumes and higher sustaining capital. These impacts were partially offset by increased by-product credits. Depreciation and amortization was $59 million compared with $63 million in the prior year quarter, primarily reflecting lower production at Kisladag. We also recorded a $4 million foreign exchange gain, primarily reflecting movements in the euro on euro-denominated debt and payables in Greece. Other income was approximately $6 million and finance costs were approximately $14 million, with the increase in finance costs reflecting higher interest and financing costs on cumulative debt and changes in the fair value of redemption option derivatives. Income tax expense was $92 million, including $62 million of current tax expense and $30 million of deferred tax expense. Overall, net earnings attributable to shareholders from continuing operations were $118 million or $0.45 per share compared with $56 million or $0.28 per share in the third quarter of 2025. Adjusted net earnings were $127 million or $0.49 per share compared with $82 million or $0.41 per share a year ago. Overall, higher realized gold prices provided a meaningful benefit during the quarter, partially offsetting the impact of lower sales volumes and continued investment in our growth projects. Turning to Slide 7. Our balance sheet and liquidity remain important priorities as we complete the investment programs at Skouries and McIlvenna Bay. In August, we increased our revolving credit facility from $450 million to $600 million, extended its maturity to March 1, 2029, and improved our financial flexibility through enhanced pricing and beneficial covenant terms. At quarter end, we had approximately $397 million of cash and cash equivalents and $275 million of availability under the credit facility, providing total liquidity of $672 million. We also held $72 million of restricted cash in the Skouries debt service reserve account, which has been funded ahead of declaring project completion. Turning to cash flow. Net cash generated from operating activities was $135 million in the quarter. Importantly, cash flow from operating activities before changes in working capital was $249 million compared with $184 million in the prior year quarter. Consolidated free cash flow was negative $191 million, reflecting the significant level of investment in Skouries and McIlvenna Bay as both operations advance towards commercial production. For additional context, the established operating portfolio generated $98 million of free cash flow before the investment in Skouries and McIlvenna Bay during the quarter. This compared with $77 million in the prior year period. This provides clear visibility into the cash generated by the established operating portfolio while we complete this significant phase of growth investment. During the quarter, cash capital expenditures were approximately $206 million at Skouries and $69 million at McIlvenna Bay, underscoring the significant level of investment reflected in the consolidated free cash flow. Looking ahead, our capital allocation priorities remain disciplined. First, completing the commissioning and ramp-up to commercial production levels of Skouries and McIlvenna Bay remain our immediate capital priority. Second, we will maintain balance sheet strength and financial flexibility as these 2 assets transition from investment towards material cash generation. Third, as the new operations stabilize and free cash flow improves, we will evaluate the appropriate balance amongst debt reduction, reinvestment and shareholder returns, including the size of our quarterly dividend and potential share repurchases. With that, I'll turn it over to Simon for an operational update.

Thank you, Paul. Starting at McIlvenna Bay on Slide 8. The total project capital cost estimate from June 1, 2024, to commercial production is now expected to be $975 million, an increase of approximately $23 million following a slower-than-expected ramp-up towards commercial production, which is expected in late Q4. For 2026, growth capital post commercial production is expected to be approximately $15 million and sustaining capital post commercial production is expected to be $10 million. The full process facility is operational with average throughput in the 70% range. We have focused on improved availability and operational consistency. The remaining ramp-up activities are focused primarily on solid liquid separation in the pyrite and tailings thickness, reagent control and improving filtration rates and filter availability. Beyond the ramp-up, we continue to advance exploration opportunities to unlock additional value for McIlvenna Bay and broader district. We remain on track to include an inaugural inferred mineral resource forortesla in our annual mineral reserve and mineral resource update in the fourth quarter. Given the exciting prospectivity at the Tesla deposit, we are undertaking additional work before updating the McIlvenna Bay technical report. This includes evaluating shaft location, material handling options for both deposits and planning resource conversion drilling along with mill expansion study already underway. We expect to update the technical report once the work has advanced. Moving to Slide 9 and the Lamaque complex. The team delivered another strong quarter, producing 52,748 ounces of gold, supported by strong mill performance, higher head grade and recoveries, including positive contribution from Ormaque. Ormaque is becoming an increasingly important source of high-grade ore for Lamaque. Cost performance remained strong with total cash costs of $897 per ounce sold and all-in sustaining costs of $1,436 per ounce sold, the latter reflecting the earlier transition of Ormaque underground development from growth capital to sustaining capital. Moving to Slide 10 at Kisladag. Production totaled 22,713 ounces of gold, reflecting lower grade ore stacked, which is associated with mine sequencing as the operation continued to accelerate waste removal from Phase 6 and the Western area. Completion of necessary bench cleanup progressed more slowly than planned during the quarter, delaying access to higher grade material, which was realized in September. The higher-grade material is now being stacked on the North Heap leach pad. However, given the approximate 300-day leach cycle, the associated production benefit is expected towards the end of fourth quarter and into 2027. All-in sustaining costs were $2,832 per ounce sold, reflecting mine sequencing and the associated lower production, higher cash costs and higher sustaining costs. The accelerated waste stripping is expected to improve access and operating flexibility going forward. We are also continuing to advance initiatives, including the whole ore agglomeration circuit, which remains on track with commissioning and ramp-up expected in the first half of 2027. These initiatives are expected to support improved operational consistency and long-term performance. Moving to Slide 11 at Efemcukuru. The operation produced 17,073 ounces of gold. All-in sustaining costs were $2,313 per ounce sold, reflecting lower ounces sold and slightly higher total cash costs and sustaining capital expenditures. Efemcukuru continues to be a consistent contributor to the portfolio. While the grades were lower in the quarter, the team continued to deliver strong throughput and advanced development work in the Copper Canyon deposit to support the mine life extension. Moving to Slide 12 at Olympias. We produced 13,430 ounces of gold. Lower gold grades were partially offset by higher mill throughput, while stable ore blend and stronger flotation performance supported improved metal recoveries. Quarterly gold production was impacted by a decision to stockpile material with elevated lead and zinc content that was originally expected to be processed at the end of the third quarter. This material is expected to be introduced through the controlled blending program during the fourth quarter to maintain stable plant performance and to optimize recoveries. All-in sustaining costs were $2,067 per ounce sold, supported by higher byproduct credits. Completion of the 650,000 tonne per annum expansion is ongoing with the final circuits planned for the first quarter of 2027 and ramp up to nameplate capacity anticipated in the first half of 2027. Across the portfolio, our focus remains on safe, disciplined execution while advancing the operational improvements and growth initiatives that support Eldorado's next phase of production and cash flow. And with that, I'll turn the call over to Christian for closing remarks.

Thanks, Simon. Q3 was an important quarter for Eldorado. Skouries achieved first concentrate. McIlvenna Bay continued its ramp-up and our established operations generated meaningful production in a strong gold price environment. We've also just returned from McIlvenna Bay, where we visited the site alongside our Board of Directors. Seeing the operation firsthand reinforce the quality of this long-term asset. There is meaningful expansion potential in the next few years and exceptional exploration potential over the long term. And I want to acknowledge the hard work of the team advancing the ramp-up. As I begin as CEO, my approach is straightforward, set clear expectations, report transparently on progress and respond quickly when results differ from plan. I'm confident in the quality of the mines and exploration properties across the portfolio and in the cash flow potential of the investments we have made. Our focus now is on executing the remaining ramp-ups and translating that potential into stronger, sustainable cash generation and per share value starting in '27. Beyond the near-term ramp-ups, we have substantial opportunity within the portfolio. Our job is not to chase growth for growth's sake. It's to maximize the value of the assets we already own, invest where returns justify it, strengthen the balance sheet and grow per share value. Realizing that potential requires disciplined execution as we ramp up our growth projects through mid-2027. That is where our focus will remain. So thank you for your support and time today. I'll now turn the call back to the operator for questions from our analysts.

[Operator Instructions] Our first question is from Cosmos Chiu with CIBC.

Great. Maybe my first question is on Skouries and great to see that you've got the first of the 2 first filter presses now in place. Is that what we need to monitor in terms of the pathway to commercial production, getting the filter presses up to 4 filter presses? Or is there other stuff that we should be monitoring as well?

Cosmos, it's Simon. When we think about the operation at Skouries, 2 filters, when we're operating in sort of porphyry ore types, so the long-term ore type, the sulfide that we're producing there. Generally, to get to full nameplate, we probably need filters operating. So we -- through commissioning, our plan always is to sort of start at about 50% and then ramp through to that 100% mark. With 4 filters, we generally -- when we think about filtration, we like 4 operating and 1 spare. So our target is to get to 5 available. Right now, we have 2 operating as we recorded, we've got 2 more coming online in the next week to 2 weeks, and then we'll be really available to ramp the mill up to support that. So that's really the last milestone, if you want to think about it in terms of our ability to get to full production. There's nothing else holding us back of significance.

Cosmos, it's Paul. Of course, once Simon and the team have finished producing concentrate, we got to get it to market, which is where we actually get our cash and what I can tell you is you should be looking out for confirmation of our first deliveries. We're anticipating those to go to a European smelter just a few hours away, and that will be the next big phase. What I can also confirm is we have got contracts in place for offtake that covers basically the bulk of the next 2.5 years. So once the facilities are humming along, we're going to be able to move that concentrate to our offtake partners and all the logistics for that are in place and ready to go.

Great. And maybe switching gears to McIlvenna and kind of same type of question. Reading through your MD&A, it sounds like the key here is getting availability up at the process plant, either it be equipment or instrumentation or whatnot. Is that sort of like the critical path to commercial production? And again, is there something else that we should be aware of?

Cosmos, Simon again. I think that -- I think you've kind of articulated fairly well. It's really about -- we have had some challenges at the back end of the plant, not really the front end of the plant predominantly where our solid liquid separation in the thickening and filtration units has had some ramp-up challenges. We think we've got a good line of sight on the root causes of what was holding us back there now, and we're at the right side of that moving forward. So we anticipate that we'll be able to achieve our commercial production in this fourth quarter.

Great. And you had mentioned it kind of touched on it previously, talking about the different studies in place, the silver lead circuit and potential for a mill expansion at McIlvenna Bay, and that could culminate into an updated technical report for McIlvenna Bay. But you stopped short in terms of potentially providing a time line in terms of when that study might come out. Could you maybe give us a bit more granularity in terms of timing and when we can expect some of these potential projects and upside potential to be quantified in some type of technical report?

Yes, excellent question, and I'm happy to talk to this one. It's pretty exciting for us. There's so many things, opportunities that we see at McIlvenna Bay. We want to make sure that we have good clarity on our vision going forward and that we wrap in all the strategic aspect. We will probably be able to provide, I guess, more detail in our sort of guidance at the beginning of the year as to the timing of the studies. But there is quite a few moving pieces. So as you mentioned, we have the silver circuit already underway and in terms of study and an expansion to 7,000 tonnes per day running concurrently, and we have materials handling study and shaft location trying to adjust for the magnitude of the deposit that we see at Tesla, which coming out at the end of the fourth quarter as some exciting news coming forward. So we will try -- we're working towards pulling all those pieces together into a strategic thing and then make sure that when we talk to the market and yourselves that we have really a good clean line of sight of what all those elements and value aspects are going to bring to the table. So probably Q1 with our guidance, we'll be able to give more timing detail.

And Cosmos, I was just going to add that certainly, in 2027, we're focused on starting shareholder returns in a material way and taking a bit of a breather. So you shouldn't expect construction of any kind of expansion or anything during 2027. It's more of a taking a breather year, looking at our capital allocation and shareholder returns and starting to generate and turn into a cash flow -- or hit our cash flow inflection point, which is still on track for the early part of 2027. So we're excited about that. There's a bit of fatigue with projects I know right now, and we have a number of them underway, but we are so close to the finish line. It's a very exciting period right now.

That's good to hear. And maybe one last question. And I guess, since I have you here, Christian, bigger picture, as you mentioned, the commercial production at Skouries slightly delayed and the commercial production at McIlvenna Bay slightly delayed. But that's kind of 2026. You kind of touched on it in terms of potential impact into 2027, but could you maybe make a broader comment in terms of some of these issues or delays? Are they more encapsulated in 2026? Is there any kind of potential impact into what we can expect in terms of production into 2027? Could you maybe Christian make a comment?

Yes, sure. Thanks, Cosmos. And you're absolutely correct. I did allude to that in the comments, and we don't expect that impact on 2027 production. Really, this fourth quarter is the heavy lifting, and we're really pleased with how Skouries is going even over the last few weeks since you visited site or since the panelists visited site. And I think 2027 is not impacted by this. We think that we've got a reasonable expectation, and we've given good guidance for next year, and we're comfortable with that.

The next question is from Tanya Jakusconek with Scotiabank.

Maybe I'll go to Paul since I was a bit confused last night with all of these new capital numbers provided. I just wanted to reconfirm my understanding and if that's correct, so Paul, when I think about Skouries, the additional capital, so not movement from one category to another, but additional money that has to go out the door for Skouries is really the $65 million plus the $95 million, which is $160 million. Is that a correct way of looking at it?

Tanya, yes, that's exactly correct.

Okay. And then for McIlvenna Bay, it's $23 million. So the total of $183 million is the additional capital new that has to go out the door for these 2 projects.

Yes, that would be the absolute increase, yes. Obviously, as we pointed out, we're not going to be incurring certain growth and sustaining capital. But as far as the absolute are, yes, you've got the figures exactly correct.

And then in the operating mines, there was about a $55 million increase between sustaining and development, so a total $55 million. So I should be thinking that $237 million is the total additional capital for all development and operating mines. Is that a correct way of understanding it?

Yes. I think you picked up the right figures from the forecast to the end of the year.

Okay. As I said, it was a bit confusing for me with all of the movements in different categories. I wanted to come back to the 2027 guidance because I'm trying to reconcile 3 mines and maybe someone can help me. I don't know if that's Simon. But I'm going to start with Kisladag. Given all of the slower recovery, now we have access, Simon, of higher-grade ore, so the 300-day leach cycle, we had a guidance of 140,000 to 160,000 ounces for 2027. And that's up from the 105,000 to 130,000, which had been the previous guidance. How should we be thinking about 2027? Do we actually have that higher grade coming through and the leach cycle to stabilize and maintain that 140,000 to 160,000?

Thanks for the question, Tanya. As we look forward into 2027, obviously, we're in the process of doing our detailed budgets towards the back end of this year, and we'll have more accurate guidance coming forward. But yes, as we've sort of previously discussed, 2026 was always a cutback year for us in the open pit where we were going to be in lower grade. The intention of that is to ensure that we can set the mine up for the next several years at a sort of steady production rate. We see that range that we've previously guided getting back into that as our sort of normal cadence for Kisladag going forward. And we have the benefit of the whole agglomeration circuit, which will improve that leach cycle, which has been obviously a critical constraint to the operation being commissioned through the end of sort of Q2. And so by second half of next year, we're really excited to see how that performs because as we've talked previously, permeability and leach rate are intimately linked, and we expect that to have a direct impact on the speed at which we can that leach cycle -- that leach cycle days is into production. So yes, we're quite excited by that. We think we're through the most difficult part of the transition for Kisladag now.

Okay. Then the 2 mines that are ramping up, which one is Olympias and the second is Skouries. I think the guidance for 2027 of the 150,000 ounces to 180,000 and 50 million to 70 million pounds of copper for 2027 assumed a 1-year full guidance of normalized ramp-up, like it was a steady state. And my understanding for Skouries is that we're not going to get the steady state until mid-2027. So can someone explain to me how that 150,000 to 180,000 and that 50 million to 70 million is going to pan out? Like should I be having those? Like what adjustments should we be thinking?

So again, we'll give more accurate guidance in the beginning of the year as we always do, Tanya. However, we have a couple of levers that we're going to evaluate through the budgeting period. So while we are saying that we will be ramping up to full production in the first half of 2027, we do have the benefit of 5 million tonnes in front of the mill today in terms of being able to now pick and choose grade. And that grade that we've stacked is quite a bit higher than the life of mine grade. So we do think that we should be able to maintain those ranges that we previously forecasted. The exact details we're working through right now.

And I think, Tanya, it's Christian here. I think we did take into consideration that there is a first half of the year. We're ramping towards that full throughput when we put out the 150,000 to 180,000. So that was already factored in. I think when we come out with our guidance, we may have to indicate a little more first half versus second half or something, but comfortable with the full year for sure.

Okay. So the better grade on the stockpile can give us some buffer for 2027. And then the 2028 that had also a step-up. I'm just wondering if I move the 2027 number into 2028, just because of the delay. I guess we'll see more of an update. I think you're putting out a new -- are you putting out a new study on Skouries that we will be able to reconcile some of these numbers?

That's correct, Tanya. We plan to have one out by the end of Q1 to update our current position and the value of the stockpiles and the detail inside of that.

Okay. And then Olympias, similar thing. We are ramping up in the first part of H1 of 2027. So maybe the 75,000 to 90,000 ounces in 2027 needs to be shaped a little bit unless you have factored in a ramp-up in those 2027 estimates.

Yes, you're probably correct there that that's going to be a little softer because of the ramp-up in the first half. We don't have the exact numbers today, but we'll come out with that in early Q1 to give you better guidance, but it would probably at the lower end of that range right now.