Eldorado Gold Delivers Gold Production of 520,293 Ounces in 2024, Above the Midpoint of Tightened Guidance, With Solid Fourth Quarter Preliminary Gold Production of 155,669 Ounces; Provides Skouries Construction Progress and Conference Call Details
(All dollar figures are in US dollars, unless otherwise stated)
2024 Preliminary Gold Production
| Mine |
Gold Production (oz) | |||
| Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |
|
|
63,742 | 43,106 | 47,391 | 42,299 |
| Kisladag | 56,483 | 41,084 | 38,990 | 37,523 |
| Efemcukuru | 19,451 | 19,794 | 22,397 | 18,501 |
| Olympias | 15,992 | 21,211 | 13,541 | 18,788 |
| Total Gold Production (oz) | 155,669 | 125,195 | 122,319 | 117,111 |
| Mine |
Gold Production (oz) | |
| Full Year 2024 | Full Year 2023 | |
|
|
196,538 | 177,069 |
| Kisladag | 174,080 | 154,849 |
| Efemcukuru | 80,143 | 86,088 |
| Olympias | 69,532 | 67,133 |
| Total Gold Production (oz) | 520,293 | 485,139 |
Turkiye
Kisladag
At Kisladag, fourth quarter gold production increased 37% over the third quarter driven by the benefit of having two Adsorption-Desorption-Recovery (ADR) facilities as well as increased draw down on the existing inventory. This was coupled with steady performance in stacking and leaching aided by irrigation optimization activities that have been implemented. While this positive trend is expected to continue, we also expect, as in prior years, that the first quarter of 2025 will be a lower production quarter as leach kinetics slow during the colder months, in addition, we will have a planned 6-day HPGR roll change. Improvement is expected through subsequent quarters.
Efemcukuru
At Efemcukuru, fourth quarter gold production was in line with the third quarter and resulted in the mine delivering another year of stable production. This is the 10th consecutive year of Efemcukuru achieving annual production guidance, demonstrating the site’s dedication to continuous improvement and performance.
Olympias
At Olympias, fourth quarter gold production was lower compared to the third quarter, mostly impacted by lower throughput during the quarter related to planned equipment downtime and maintenance challenges related to filter presses which negatively impacted the mill throughput.
Skouries – Slower than Planned Progress on Construction and Capital Spend at Year-End 2024
At Skouries, as of
We are evaluating the impact of these and other factors on the project schedule and capital cost. We expect to provide a full project update, including an updated capital cost estimate and project schedule, in
Q4 2024 & Full Year 2024 Financial and Operational Results Call Details
Eldorado will release its 2024 Year-End and Fourth Quarter Financial and Operational Results after the market closes on
| Conference Call Details | Replay (available until |
||
| Date: | : |
+1 412 317 0088 | |
| Time: | ( |
Toll Free: | 1 855 669 9658 |
| Dial in: | +1 647 484 8814 | Access code: | 4253753 |
| Toll free: | 1 844 763 8274 | ||
Participants may elect to pre-register for the conference call via this link: https://dpregister.com/sreg/10195094/fe1e08e6f4. Upon registration, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call.
Additionally, the Company plans to release guidance for 2025 and an updated three-year outlook, in conjunction with the 2024 full-year results on
About
Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye,
Contact
Investor Relations
647 271 2827 or 1 888 353 8166
[email protected]
Media
236 885 6251 or 1 888 353 8166
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Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipates”, “believes”, “budget”, “continue”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “projected” or “scheduled” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: preliminary gold production for 4Q and full year 2024, both on a consolidated basis and by mine; expectations to pour the one millionth ounce at the
Forward-looking statements and forward-looking information are by their nature based on a number of assumptions, that management considers reasonable. However, such assumptions involve both known and unknown risks, uncertainties, and other factors which, if proven to be inaccurate, may cause actual results, activities, performance or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost and results of our construction and development activities, improvements and exploration; the future price of gold and other commodities; exchange rates; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; mineral reserves and resources; our ability to unlock the potential of our brownfield property portfolio; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables (including fuel, explosives, cement, and cyanide); the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; expected by-product grades; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in (including shipping delays, shipping price increases, or impacts on the global energy market).
With respect to the Skouries project, we have made additional assumptions about the ramp up of construction personnel on site; labour productivity, rates and expected hours; capital spend rates; our ability to obtain and maintain all required approvals and permits in a timely manner, both overall and specifically, in relation to equipment, people mobility and power; expected scope of project management frameworks; the timeliness of shipping for important or critical items; our ability to continue to access our project funding and remain in compliance with all covenants and contractual commitments in relation thereto; completion of required archaeological investigations, the future price of gold, copper and other commodities; inflation rates; the broader community engagement and social climate in respect of the Skouries project; and generally, our ability to continue to execute our plans relating to Skouries on the existing project timeline and consistent with the current planned project scope.
Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control. With respect to the upcoming Skouries update discussed in this news release, there can be no assurance that the information contained in the update (whether with respect to the updated capital cost estimate, project schedules or other information in respect of the project) will be accurate or will not require further updates in the future.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: risks relating to our operations in foreign jurisdictions; development risks at Skouries and other development projects; community relations and social license; liquidity and financing risks; climate change; inflation risk; environmental matters including existing or potential environmental hazards; production and processing, including throughput, recovery and product quality; geometallurgical variability; waste disposal including a spill, failure or material flow from a tailings facility causing damage to the environment or surrounding communities; geotechnical and hydrogeological conditions or failures; the global economic environment; risks relating to any pandemic, epidemic, endemic or similar public health threats; reliance on a limited number of smelters and off-takers; labour (including in relation to employee/union relations, the Greek transformation, employee misconduct, key personnel, skilled workforce, expatriates, and contractors); indebtedness (including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and change in credit ratings); government regulation; the Sarbanes-Oxley Act; commodity price risk; mineral tenure; permits; risks relating to environmental sustainability and governance practices and performance; financial reporting (including relating to the carrying value of our assets and changes in reporting standards); non-governmental organizations; corruption, bribery and sanctions; information and operational technology systems; litigation and contracts; estimation of mineral reserves and mineral resources; different standards used to prepare and report mineral reserves and mineral resources; credit risk; price volatility, volume fluctuations and dilution risk in respect of our shares; actions of activist shareholders; reliance on infrastructure, commodities and consumables (including power and water); currency risk; interest rate risk; tax matters; dividends; reclamation and long-term obligations; acquisitions, including integration risks, and dispositions; regulated substances; necessary equipment; co-ownership of our properties; the unavailability of insurance; conflicts of interest; compliance with privacy legislation; reputational issues; competition as well as those risk factors discussed in the sections titled “Forward-looking information and risks” and “Risk factors in our business” in our most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect our business and operations.
The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in
Qualified Person
Except as otherwise noted, Simon Hille, FAusIMM, Executive Vice President, Technical Services and Operations, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release and verifying the technical data disclosed in this document relating to our operating mines and development projects.
Data verification was completed through a site by site internal control process which confirmed ounces produced to internal reporting systems.
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