Eldorado Gold Delivers Strong 2024 Full Year and Fourth Quarter Financial and Operational Results; Positive Free Cash Flow Realized in the Quarter and Full Year
(All amounts expressed in
Q4 2024 and Full-Year Summary
Operations
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Gold production: 155,668 ounces in Q4 2024 reflecting continued improvements across the portfolio. Full-year 2024 production of 520,293 ounces was above the midpoint of the tightened guidance range and an increase of 7% over 2023 production of 485,139 ounces, driven by operational upgrades at Kisladag and higher mining rates and ore throughput at Lamaque.
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Gold sales: 156,864 ounces in Q4 2024 at an average realized gold price per ounce sold(1) of
$2,625 , resulting in 517,926 ounces sold in 2024 at an average realized gold price per ounce sold of$2,405 . -
Production costs:
$172.1 million in Q4 2024, and$564.2 million in 2024, compared to$137.6 million in Q4 2023, and$478.9 million in 2023. The increases are primarily due to higher volumes of production and sales, higher labour costs, and increased royalties (due to higher gold sales and average realized gold price). -
Total cash costs(1):
$944 per ounce sold in Q4 2024 and$940 per ounce sold in 2024, within the tightened guidance range, and an increase from$830 per ounce sold in Q4 2023 and$850 per ounce sold in 2023. The increase in both periods was primarily due to higher royalties (driven by higher gold prices) and labour costs. -
All-in sustaining costs(1) ("AISC"):
$1,226 per ounce sold in Q4 2024 and$1,285 per ounce sold in 2024, within the tightened guidance range for the year, and marginally higher than$1,207 per ounce sold in Q4 2023 and$1,220 per ounce sold in 2023. Increases in both periods primarily reflect higher total cash costs per ounce sold as discussed above, and the year-over-year comparison was also impacted by higher sustaining capital expenditures. -
Total capital expenditures:
$174.5 million in Q4 2024, and$620.3 million in 2024, including$97.6 million and$324.7 million of construction project capital invested at ourSkouries Project , respectively. Growth capital(1) at the operating mines of$146.1 million in 2024 was primarily focused at Kisladag, including waste stripping to support mine life extension, construction of the second phase of the North Heap Leach Pad ("NHLP"), and construction of the North Adsorption-Desorption-Recovery ("ADR") facilities. Sustaining capital(1) at operating mines totaled$130.3 million in 2024, including$81.9 million at Lamaque primarily related to underground development, equipment rebuilds, and expansion of the tailings management facility.
Financial
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Revenue:
$435.7 million in Q4 2024, an increase of 42% from revenue of$306.9 million in Q4 2023, and$1,322.6 million in 2024, an increase of 31% from revenue of$1,008.5 million in 2023, both due to higher average realized gold prices and higher volumes sold. -
Net cash generated from operating activities of continuing operations:
$257.3 million in Q4 2024, an increase from$159.6 million in Q4 2023, and$645.7 million in 2024, an increase from$382.9 million in 2023. Increases in both periods were due to higher revenues, partially offset by higher production costs and higher taxes paid. -
Cash flow from operating activities, before changes in working capital(2):
$228.5 million in Q4 2024, an increase from$138.0 million in Q4 2023 and$635.5 million in 2024, an increase from$411.2 million in 2023. Increases in both periods were primarily due to higher net cash generated from operating activities of continuing operations. -
Cash and cash equivalents:
$856.8 million as atDecember 31, 2024 , up from$540.5 million as atDecember 31, 2023 . -
Net earnings attributable to shareholders from continuing operations:
$108.2 million in Q4 2024, an increase from$91.8 million in Q4 2023, and$300.9 million in 2024, an increase from net earnings of$106.2 million in 2023. Increases in both periods were primarily due to higher revenue, partially offset by higher production costs and income tax expense. -
Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA")(2):
$246.7 million in Q4 2024, an increase from$147.2 million in Q4 2023, and$691.6 million in 2024, an increase from$463.3 million in 2023. These increases were primarily driven by higher net earnings in both periods. Quarter over quarter higher adjusted EBITDA was partially offset by the removal of$10.2 million of unrealized gains on derivative instruments in Q4 2024, whereas year over year, higher adjusted EBITDA was increased with the removal of$51.8 million of unrealized losses on derivative instruments in 2024. -
Adjusted net earnings from continuing operations(2):
$127.8 million or$0.62 per share in Q4 2024, an increase from$49.3 million or$0.24 per share in Q4 2023, and$320.7 million or$1.57 per share in 2024, an increase from$110.7 million or$0.57 per share in 2023. Adjusted net earnings in 2024 removes a$14.6 million loss on foreign exchange due to the translation of deferred tax balances, net of a gain on deferred income taxes due to the Turkiye inflationary tax basis, a$51.8 million unrealized loss on derivative instruments, and a$50.1 million after-tax gain related to deferred consideration from the sale of the Tocantinzinho property to G Mining Ventures in 2021, among other things. Adjusted net earnings in Q4 2024 removes a$26.5 million loss on foreign exchange due to the translation of deferred tax balances, a$5.1 million loss on the non-cash revaluation of the derivative related to redemption options in the debt, and a$10.2 million unrealized gain on derivative instruments. -
Free cash flow(2):
$74.6 million in Q4 2024, and$6.8 million in 2024. Free cash flow excluding capital expenditures at Skouries(2) was$176.2 million in Q4 2024 and$342.0 million in 2024, primarily due to higher revenues. -
Project Term Facility: Drawdowns on the Skouries Term Facility were €288.3 million in 2024, with cumulative drawdowns as of
December 31, 2024 totaling €441.6 million.
“With the strong finish to the year, as anticipated, we delivered solid operational and financial performance in 2024,” said
“In 2024, we continued to focus on unlocking the full potential of our operating assets through continuous improvement. Highlights included record gold production at the
“At Skouries, we continued to advance the project through the year. However, as we announced on
“I want to express my gratitude to our global team for their dedication and contributions this year. As we look ahead, we remain fully focused on driving long-term value as we continue to demonstrate our ability to grow our production profile, optimize our operations and deliver sustainable value to our shareholders, while maintaining our high standards of safety and environmental stewardship.”
Skouries Highlights
Capital Estimate and Schedule
On
First production of the copper-gold concentrate is expected in Q1 2026, with 2026 gold production projected to be between 135,000 and 155,000 ounces and copper production of between 45 and 60 million pounds. Commercial production is expected in mid-2026.
Between the Term Facility related to the Skouries project and the strength of the balance sheet, the project remains fully funded.
Capital spend towards the second phase of construction totalled
Construction Activities
A progress update video link can be found here: https://youtu.be/yj92oFQgmzw
As at
Filtered Tailings Facility
Work continues to advance on the filtered tailings building, which is on the critical path. Piling has been completed for the filtered tailings building and concrete work is progressing to enable assembly and installation of the structural steel. All filter press components inclusive of fabricated frames have been delivered to the site. Structural steel pre-assembly continues to advance.
Progress continues on the foundation construction of the primary crusher with retaining walls and stabilized excavations completed. Construction of the crusher building structure has commenced. The fixed location construction crane has been mobilized for the crusher build.
Process Plant
Work in the process plant continues and re-lining of the flotation tanks was completed in Q3 2024 as planned and structural and mechanical work is advancing. Off-site pipe spool fabrication is progressing and delivery of high-density polyethylene piping to the site is ongoing. Electrical cable tray and mechanical installations have commenced and the contractor continues to ramp up to support increasing levels of activity. Work continues on the support infrastructure including the process control room building, process plant sub-station, water pump station, lime plant, flotation blowers building, compressor building and flotation reagent areas. Structural steel installation is complete at the water pump house and nearing completion for the lime plant building and flotation blowers building.
Thickeners
Construction of the three thickeners progressed on plan during Q4 2024. Concrete works for the first two thickeners have reached approximately 85% and 65% respectively, and construction of the third thickener has commenced.
Integrated Extractive Waste Management Facility (the "IEWMF")
During Q4 2024, construction continued to progress at the coffer dam site with excavation of the spillway and foundation preparation. The coffer dam is expected to be completed at the end of Q1 2025. At the KL embankment the foundation placement preparation is expected to start in Q2 2025, once the coffer dam is in place. Fill placement for water management pond 2 is advancing with excavations for water management pond 1 continuing as planned along with the development of the low-grade ore stockpile.
Approximately 90% of the equipment and operator licenses have been received to date and development mining is ramping up. Access to the test stopes advanced ahead of plan at the upper level. The total metres of underground development for 2024 totaled 571 metres, compared to the expected 2,200 total metres, with the delay attributable to receiving all licenses and permits later than planned. The two test stopes are expected to be completed in 2025.
Engineering, Procurement, and Operational Readiness
Engineering
Engineering works were substantially complete at
Procurement
All major procurement is complete and the focus is on managing and expediting deliveries to support construction.
Operational Readiness
Operational readiness ("OR") has been progressing with the addition of new staff for developing and executing key tasks in mining and processing. In-depth sessions have been conducted to ensure that detailed plans are in place to manage progress in all operational areas, including finalizing a fully integrated OR plan. Progress is being made by the OR asset management team, particularly in identifying critical spares. The Management Operating System (MOS) for the open pit mining function is being implemented. Workforce training is advancing and a training needs analysis is underway for the mining and processing departments. Furthermore, content creation and onboarding of internal and external service providers continues.
Workforce
In addition to the OR team, as at
2024 Year in Review: Enabled for Growth
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Health and Safety: The Company’s lost-time injury frequency rate per million person-hours worked ("LTIFR") was 1.02 in Q4 2024, an increase from the LTIFR of 0.42 in Q4 2023 and overall was 0.99 in 2024, an increase from the LTIFR of 0.65 in 2023. The Company continues to take proactive steps to improve workplace safety and to ensure a safe working environment for employees and contractors.
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Courageous Safety Leadership: In
November 2024 , the Company successfully launched a new health and safety initiative, Courageous Safety Leadership (CSL), that will help shape the global health and safety culture atEldorado Gold . CSL is designed to challenge participants to explore the impact of one’s own beliefs, attitudes, and behaviors in creating a positive culture of health and safety both at work and at home. -
Sustainability: In
May 2024 , the Company completed the first round of external verification against theMining Association of Canada’s ‘Towards Sustainable Mining’ protocols across Eldorado’s global sites with the completion of verifications at Kisladag and Efemcukuru. Notably, the Company scored “AAA” – the highest rating possible for all the operating tailings facilities. -
Increased Mineral Reserves: In
December 2024 , the updated Mineral Reserve and Mineral Resource statement was published showing that in addition to replacing depletion, the Company increased Mineral Reserves by 2%, with a 45% increase at theLamaque Complex and a 23% increase at Efemcukuru, providing a solid foundation and underpinning the Company’s production profile over the next decade and beyond. -
Ormaque Reserve Declaration: In
December 2024 , the inaugural Mineral Reserve at Ormaque was announced. Since 2017, the Company has successfully replaced Mineral Reserves annually at theLamaque Complex . This achievement and the reserve at Ormaque positions the Company for long-term success with two underground mines and substantial potential for converting Inferred Mineral Resources, along with exploration opportunities. Additionally, a bulk sample of Ormaque material was processed at theSigma Mill inDecember 2024 . Preliminary results from the bulk sample are in-line with expectations and support the current Ormaque Mineral Reserves and block model. -
Record Gold Production in
Quebec :The Lamaque Complex inQuebec delivered another year of record gold production of 196,538 ounces in 2024, an 11% increase over 2023, driven by higher grade ore and mill throughput. -
Continuing to Enhance Capacity at Kisladag: In
October 2024 , processing of loaded carbon commenced at the new north Adsorption-Desorption and Recovery plant. In addition, the planned phased expansion of the North Heap Leach pad facilities continued. -
Efemcukuru Met Guidance for the 10th Consecutive Year: Since 2014, Efemcukuru has met annual guidance expectations.
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Olympias: In
August 2024 , a new, unified, and mutually beneficial three-year Collective Bargaining Agreement was completed with the unionized workforce at Olympias. This new agreement, in conjunction with productivity improvements in the underground operations, lays the necessary foundation for support to increase mill capacity from the current capacity of 500 ktpa to 650 ktpa, positioning Olympias for long-term profitability. -
Progressed with Strategic Investments: In
July 2024 , Eldorado signed option agreements with Brixton Metals for itsAtlin Goldfields Project inNorthern British Columbia , and with TRU Precious Metals for itsGolden Rose Project inCentral Newfoundland . Both these option agreements provide Eldorado increased exposure to early-stage exploration opportunities. -
Extension of Senior Secured Credit Facility: In
June 2024 , the Company announced it had extended and increased its senior secured credit facility to$350 million , with a$100 million accordion feature and to a four-year term. While the focus remains on delivering theSkouries Project , this facility provided additional financial flexibility to continue to strengthen and grow the business with value-creating opportunities for all Eldorado’s stakeholders.
Notable Awards, Recognitions, and Milestones Across the Business:
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The team at Eldorado Gold Québec won the
Mining Association of Canada’s ‘Towards Sustainable Mining’ Community Engagement Excellence Award in 2024, the site’s first-ever TSM Award and a first for Eldorado. The award was received in recognition of the Lamaque team’s social and long-term closure planning. -
In
Canada , theLamaque Complex celebrated the 5th anniversary of commercial production.The Lamaque Complex has since produced nearly one million ounces of gold since declaring commercial production. -
In
Canada , ten of Eldorado Gold Québec supervisors were recently recognized for achieving between 50,000 and 200,000 hours without a lost-time accident with their teams. -
In
Greece , Environmental Manager at Hellas Gold, Emmy Gazea, was recognized as one of the 100 Global Inspirational Women in Mining by Women in MiningUK . -
Hellas Gold had the honour of hosting Deputy Minister of Environment and Energy – Alexandra Sdoukou and Deputy Minister of the Interior –Konstantinos Gioulekas at Skouries, both noting the crucial role mining investments can play in the Greek economy as a whole, and particularly inNorthern Greece . -
Hellas Gold was recognized among the “Leading Employers inGreece 2024” by ICAP CRIF. -
Hellas Gold won the Silver Award at the 2nd Annual Euromines Safety Awards recognizing innovative virtual and augmented reality training programs deployed at the state-of-the-art training center at Madem Lakkos. -
In Turkiye, members of our mine rescue teams at Tuprag participated in the 3rd
Mine Rescue Competition organized by theTurkish Miners Association , tying for 1st place in the ‘Best Mine Rescue Team’ award. -
Recognized as one of 30 companies in the Globe & Mail’s ‘Road to Net Zero’ in the Globe’s Report on
Business Magazine . -
Eldorado placed 3rd overall in the Materials sector that includes Mining in the Globe & Mail's 2024 Board Games. Board Games ranks Canada’s corporate boards in the S&P/TSX Composite Index to assess the quality of their governance practice and disclosure. Since 2020, Eldorado has improved its index-wide ranking from 104th to 36th.
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Simon Hille , EVP Technical Services and Operations, raised overC$55,000 forCovenant House Vancouver by participating in the Annual Executive Sleep Out inVancouver . This was the third time Simon participated in the event to raise funds and awareness for youths experiencing homelessness, and Eldorado's 6th consecutive year. Since 2018, Eldorado, including employee matching campaigns, has raised approximatelyC$245,000 forCovenant House Vancouver .
2025 Exploration Guidance
Eldorado's exploration activities in 2025 are focused on the regions in which the Company operates and are expected to include in-mine resource conversion and expansion drilling, drill testing a range of near-mine and early-stage targets, as well as generating new targets and projects through generative initiatives. Across the portfolio, approximately 220,000 metres of drilling are planned. This includes capitalized sustaining drilling of approximately 94,000 metres of resource conversion and extension drilling at the Lamaque Operations (Triangle and Ormaque), Efemcukuru and Olympias, capitalized growth drilling of approximately 63,000 metres of resource conversion and extension drilling at the Lamaque Operations (Ormaque) and Efemcukuru (Kokarpinar). Additionally, over 90,000 metres of drilling are planned to test early-stage targets across the portfolio and are expensed.
Ormaque Deposit: The 2025 exploration program at Ormaque is expected to include approximately 48,700 metres of underground resource conversion drilling within existing Inferred Mineral Resources. This drilling will continue to test the upper portion of the deposit for further conversion from Inferred to Indicated Mineral Resource. In addition, approximately 18,000 metres of surface drilling testing step-outs to the east of and below the known deposit is planned.
Sigma-Lamaque early-stage targets: Approximately 13,000 metres of underground exploration drilling is planned from platforms along the Sigma-Triangle decline, testing multiple conceptual targets and step-outs from previous high-grade drill intercepts in the Sigma-Lamaque-Ormaque area. In addition, approximately 22,000 metres of surface drilling is planned to test targets in the same area but away from the decline. The drilling will target high-grade vein systems similar in geological setting and mineralization style to those historically mined at both Sigma and Lamaque, including testing new conceptual targets that have been developed in recent years and following up zones of interest tested during 2024.
Val d’Or district exploration: Eldorado is advancing multiple early to advanced-stage exploration targets in the Val-d’Or district that are expected to provide opportunities for resource growth for the
Bourlamaque early-stage targets: Currently no drilling is planned, however the Exploration team has worked up several target areas that require incremental workup (modelling and/or field activities) ahead of prioritization for drill testing. Once this work is completed, drill metres will be proposed or re-assigned from elsewhere in the portfolio. Ongoing work and subsequent drilling will target high-grade vein systems similar in geological setting and mineralization style to those historically mined at the Beaufor mine and the mines in the Herbin area.
Uniacke-Perestroika: The Uniake-Perestroika properties, located approximately 45 kilometres northeast of the
Abitibi Exploration
Eldorado's early-stage exploration in
TURKIYE
2025 exploration in Turkiye is expected to be focused on resource expansion drilling at Efemcukuru and advancing several early-stage projects in highly prospective priority regions throughout Turkiye.
Efemcukuru
During 2025, approximately 6,500 metres of resource expansion drilling is planned at the Kokarpinar South vein system. Approximately 9,000 metres of drilling is also planned to test targets in the West Vein area. Geologic mapping and geophysical surveys are also planned as part of assessing the wider exploration potential on existing licenses, in addition to defining areas for follow-up resource drilling.
Early-Stage Exploration
The Company continues to explore regions of Turkiye that offer strong exploration potential for resource exploration and development. Current programs are focused in the Artvin (Hod Maden) district and along the
2025 Exploration activities in
Olympias
Approximately 8,800 metres of surface drilling is planned to test for extensions to known mineralization at the
Stratoni Skarn
Surface drilling is planned, following up some 2024 results, to test for copper-gold skarn potential along the Stratoni Corridor at the Stratoni Skarn target. A 10,000 metre program is expected to commence in the first half of the year.
Skouries
Underground drilling has commenced at Skouries, with the objectives of converting and expanding resources. Currently approximately 5,000 metres of drilling is planned.
Summarized Annual Financial Results
| 2024 | 2023 | 2022 | ||||||
| Revenue |
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| Gold produced (oz) | 520,293 | 485,139 | 453,916 | |||||
| Gold sold (oz) | 517,926 | 483,978 | 452,953 | |||||
| Average realized gold price ($/oz sold) (2) |
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| Production costs | 564.2 | 478.9 | 459.6 | |||||
| Total cash costs ($/oz sold) (2,3) | 940 | 850 | 878 | |||||
| All-in sustaining costs ($/oz sold) (2,3) | 1,285 | 1,220 | 1,276 | |||||
| Net earnings (loss) for the period (1) | 289.1 | 104.6 | (353.8 | ) | ||||
| Net earnings (loss) per share – basic ($/share) (1) | 1.42 | 0.54 | (1.93 | ) | ||||
| Net earnings (loss) per share – diluted ($/share) (1) | 1.41 | 0.54 | (1.93 | ) | ||||
| Net earnings (loss) for the period continuing operations (1,4) | 300.9 | 106.2 | (49.2 | ) | ||||
| Net earnings (loss) per share continuing operations – basic ($/share) (1,4) | 1.48 | 0.55 | (0.27 | ) | ||||
| Net earnings (loss) per share continuing operations – diluted ($/share) (1,4) | 1.46 | 0.54 | (0.27 | ) | ||||
| Adjusted net earnings continuing operations – basic (1,2,4) | 320.7 | 110.7 | 10.1 | |||||
| Adjusted net earnings per share continuing operations - basic ($/share) (1,2,4) | 1.57 | 0.57 | 0.05 | |||||
| Net cash generated from operating activities (4) | 645.7 | 382.9 | 211.2 | |||||
| Cash flow from operating activities before changes in working capital (2,4) | 635.5 | 411.2 | 239.5 | |||||
| Free cash flow (2,4) | 6.8 | (47.2 | ) | (104.5 | ) | |||
| Free cash flow excluding Skouries (2,4) | 342.0 | 112.6 | (69.4 | ) | ||||
| Cash and cash equivalents | 856.8 | 540.5 | 279.7 | |||||
| Total assets | 5,835.6 | 4,987.6 | 4,457.9 | |||||
| Debt | 915.4 | 636.1 | 494.4 | |||||
| (1) | Attributable to shareholders of the Company. |
| (2) | These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in Eldorado's |
| (3) | Revenues from silver, lead and zinc sales are offset against total cash costs. |
| (4) | Amounts presented are from continuing operations only and exclude the |
Summarized Quarterly Financial Results
| 2024 | Q1 | Q2 | Q3 | Q4 | 2024 | |||||||||
| Revenue |
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| Gold produced (oz) (6) | 117,111 | 122,319 | 125,195 | 155,668 | 520,293 | |||||||||
| Gold sold (oz) | 116,008 | 121,226 | 123,828 | 156,864 | 517,926 | |||||||||
| Average realized gold price ($/oz sold) (2) |
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| Production costs | 123.0 | 127.8 | 141.2 | 172.1 | 564.2 | |||||||||
| Total cash cost ($/oz sold) (2,3) | 922 | 940 | 953 | 944 | 940 | |||||||||
| All-in sustaining cost ($/oz sold) (2,3) | 1,262 | 1,331 | 1,335 | 1,226 | 1,285 | |||||||||
| Net earnings (4) | 33.6 | 55.5 | 95.0 | 105.1 | 289.1 | |||||||||
| Net earnings per share – basic ($/share) (4) | 0.17 | 0.27 | 0.46 | 0.51 | 1.42 | |||||||||
| Net earnings per share – diluted ($/share) (4) | 0.16 | 0.27 | 0.46 | 0.51 | 1.41 | |||||||||
| Net earnings for the period continuing operations (1,4) | 35.2 | 56.4 | 101.1 | 108.2 | 300.9 | |||||||||
| Net earnings per share continuing operations – basic ($/share) (1,4) | 0.17 | 0.28 | 0.49 | 0.53 | 1.48 | |||||||||
| Net earnings per share continuing operations – diluted ($/share) (1,4) | 0.17 | 0.27 | 0.49 | 0.52 | 1.46 | |||||||||
| Adjusted net earnings continuing operations (1,2,4) | 55.2 | 66.6 | 71.0 | 127.8 | 320.7 | |||||||||
| Adjusted net earnings per share continuing operations - basic ($/share) (1,2,4) |
0.27 | 0.33 | 0.35 | 0.62 | 1.57 | |||||||||
| Net cash generated from operating activities (1) | 95.3 | 112.2 | 180.9 | 257.3 | 645.7 | |||||||||
| Cash flow from operating activities before changes in working capital (1,2) | 108.3 | 132.2 | 166.5 | 228.5 | 635.5 | |||||||||
| Free cash flow (1,2) | (30.9 | ) | (32.0 | ) | (4.8 | ) | 74.6 | 6.8 | ||||||
| Free cash flow excluding Skouries (1,2) | 33.7 | 33.9 | 98.3 | 176.2 | 342.0 | |||||||||
| Cash and cash equivalents | 514.7 | 595.1 | 676.6 | 856.8 | 856.8 | |||||||||
| Total assets | 5,065.5 | 5,280.6 | 5,565.1 | 5,835.6 | 5,835.6 | |||||||||
| Debt | 643.8 | 748.0 | 849.2 | 915.4 | 915.4 | |||||||||
| 2023 | Q1 | Q2 | Q3 | Q4 | 2023 | |||||||||
| Revenue (6) |
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| Gold produced (oz) (5) | 111,509 | 109,435 | 121,030 | 143,166 | 485,139 | |||||||||
| Gold sold (oz) | 109,817 | 110,134 | 119,200 | 144,827 | 483,978 | |||||||||
| Average realized gold price ($/oz sold) (2,3) |
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|||||||||
| Production costs (5,6) | 109.7 | 116.1 | 115.5 | 137.6 | 478.9 | |||||||||
| Total cash cost ($/oz sold) (2,3,6) | 857 | 928 | 794 | 830 | 850 | |||||||||
| All-in sustaining cost ($/oz sold) (2,3,6) | 1,207 | 1,296 | 1,177 | 1,207 | 1,220 | |||||||||
| Net (loss) earnings (4,5,6) | 19.3 | 0.9 | (8.0 | ) | 92.4 | 104.6 | ||||||||
| Net (loss) earnings per share – basic ($/share) (4,5,6) | 0.10 | — | (0.04 | ) | 0.46 | 0.54 | ||||||||
| Net (loss) earnings per share – diluted ($/share) (4,5,6) | 0.10 | — | (0.04 | ) | 0.45 | 0.54 | ||||||||
| Net (loss) earnings for the period continuing operations (1,4,5,6) | 19.4 | 1.5 | (6.6 | ) | 91.8 | 106.2 | ||||||||
| Net (loss) earnings per share continuing operations – basic ($/share) (1,4,5,6) |
0.11 | 0.01 | (0.03 | ) | 0.45 | 0.55 | ||||||||
| Net (loss) earnings per share continuing operations – diluted ($/share) (1,4,5,6) |
0.10 | 0.01 | (0.03 | ) | 0.45 | 0.54 | ||||||||
| Adjusted net earnings continuing operations (1,2,4,5,6) | 16.7 | 9.7 | 35.0 | 49.3 | 110.7 | |||||||||
| Adjusted net earnings per share continuing operations – basic ($/share) (1,2,4,5,6) |
0.09 | 0.05 | 0.17 | 0.24 | 0.57 | |||||||||
| Net cash flow from operating activities (1) | 41.0 | 74.6 | 107.7 | 159.6 | 382.9 | |||||||||
| Cash flow from operating activities before changes in working capital (1,2,6) | 93.2 | 82.4 | 97.5 | 138.0 | 411.2 | |||||||||
| Free cash flow (1,2) | (34.4 | ) | (22.4 | ) | (19.7 | ) | 29.3 | (47.2 | ) | |||||
| Free cash flow excluding Skouries (1,2) | (19.2 | ) | 13.0 | 36.8 | 82.0 | 112.6 | ||||||||
| Cash and cash equivalents | 262.3 | 456.6 | 476.6 | 540.5 | 540.5 | |||||||||
| Total assets | 4,501.0 | 4,742.1 | 4,812.2 | 4,987.6 | 4,987.6 | |||||||||
| Debt | 493.4 | 546.0 | 596.5 | 636.1 | 636.1 | |||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
| (2) | These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in Eldorado's |
| (3) | By-product revenues are off-set against total cash costs. |
| (4) | Attributable to shareholders of the Company. |
| (5) | A concentrate weight-scale calibration correction at Olympias has resulted in an adjustment to ending inventory as at |
| (6) | Q1-Q3 2023 revenues and production costs have been adjusted to reclassify freight-related concentrate sales pricing adjustments from selling expenses to revenues. The reclassification was |
Gold sales in 2024 totaled 517,926 ounces, an increase of 7% from 483,978 ounces in 2023. The higher sales volume in 2024 compared with the prior year primarily reflected higher production at Kisladag and Lamaque, with increases of 18,668 and 18,175 ounces sold, respectively, as well as slightly higher production and timely concentrate sales at Olympias with an increase of 3,181 ounces. These increases were partially offset by a decrease of 6,076 ounces sold at Efemcukuru due largely to lower production as a result of lower average gold grade. Gold sales were 156,864 ounces in Q4 2024, an increase of 8% from 144,827 ounces in Q4 2023, primarily due to increased production at Kisladag and Lamaque in the quarter.
The average realized gold price(3) was
Total revenue was
Production costs of
Production costs include royalty expense, which increased to
Total cash costs(3) averaged
AISC per ounce sold(3) increased slightly to
We reported net earnings attributable to shareholders from continuing operations of
Adjusted net earnings from continuing operations(4) were
Higher sales volumes in 2024, combined with higher average realized prices, resulted in EBITDA(4) of
Operations Update
Gold Operations
| 3 months ended |
12 months ended |
|||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Total | ||||||||
| Ounces produced | 155,668 | 143,166 | 520,293 | 485,139 | ||||
| Ounces sold | 156,864 | 144,827 | 517,926 | 483,978 | ||||
| Production costs |
|
|
|
|
||||
| Total cash costs ($/oz sold) (1,2) |
|
|
|
|
||||
| All-in sustaining costs ($/oz sold) (1,2) |
|
|
|
|
||||
| Sustaining capital expenditures (2) |
|
|
|
|
||||
| Kisladag | ||||||||
| Ounces produced | 56,483 | 46,291 | 174,080 | 154,849 | ||||
| Ounces sold | 56,056 | 46,051 | 173,124 | 154,456 | ||||
| Production costs |
|
|
|
|
||||
| Total cash costs ($/oz sold) (1,2) |
|
|
|
|
||||
| All-in sustaining costs ($/oz sold) (1,2) |
|
|
|
|
||||
| Sustaining capital expenditures (2) |
|
|
|
|
||||
| Lamaque | ||||||||
| Ounces produced | 63,742 | 56,619 | 196,538 | 177,069 | ||||
| Ounces sold | 61,894 | 57,040 | 194,670 | 176,495 | ||||
| Production costs |
|
|
|
|
||||
| Total cash costs ($/oz sold) (1,2) |
|
|
|
|
||||
| All-in sustaining costs ($/oz sold) (1,2) |
|
|
|
|
||||
| Sustaining capital expenditures (2) |
|
|
|
|
||||
| Efemcukuru | ||||||||
| Ounces produced | 19,451 | 22,374 | 80,143 | 86,088 | ||||
| Ounces sold | 19,185 | 22,497 | 80,002 | 86,078 | ||||
| Production costs |
|
|
|
|
||||
| Total cash costs ($/oz sold) (1,2) |
|
|
|
|
||||
| All-in sustaining costs ($/oz sold) (1,2) |
|
|
|
|
||||
| Sustaining capital expenditures (2) |
|
|
|
|
||||
| Olympias | ||||||||
| Ounces produced | 15,992 | 17,882 | 69,532 | 67,133 | ||||
| Ounces sold | 19,729 | 19,239 | 70,130 | 66,949 | ||||
| Production costs |
|
|
|
|
||||
| Total cash costs ($/oz sold) (1,2) |
|
|
|
|
||||
| All-in sustaining costs ($/oz sold) (1,2) |
|
|
|
|
||||
| Sustaining capital expenditures (2) |
|
|
|
|
||||
| (1) | Revenues from silver, lead and zinc sales are off-set against total cash costs. |
| (2) | These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in Eldorado's |
Kisladag
Kisladag produced 174,080 ounces of gold in 2024, a 12% increase from 154,849 ounces in 2023 benefiting from both a higher average grade and higher stacking rates from earlier in the year. Gold production of 56,483 ounces in the quarter increased 22% from 46,291 ounces in Q4 2023, as a result of drawdown from previously stacked ounces. For the year, the average grade increased to 0.81 grams per tonne, from an average grade of 0.78 grams per tonne in 2023 while throughput remained consistent with the prior year.
Production in the fourth quarter benefited from the North ADR facility commencing operations, which enables optimization of carbon loading, recovery and regeneration. In addition, the North ADR facility has a higher capacity for carbon management compared to the South ADR facility, The commencement of the North ADR operations was combined with steady performance in stacking and leaching, which in turn was aided by irrigation optimization activities that have been implemented to address the longer than planned leach cycles.
It is expected, 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, a planned 6-day HPGR roll change was completed during
Additionally, as previously discussed, an engineering study has commenced with drilling continuing through the fourth quarter in addition to geometallurgical characterization testwork. The study is expected to be completed in mid-2025.
Revenue increased to
Production costs increased to
Depreciation expense increased to
AISC per ounce sold increased to
Sustaining capital expenditure was
Lamaque
Lamaque produced 196,538 ounces of gold in 2024, an 11% increase from 177,069 ounces in 2023 as a result of higher mining rates and ore throughput during the year. Gold production of 63,742 ounces in the quarter was higher compared to 56,619 ounces in Q4 2023 due to higher throughput rates, higher grade, and the processing of additional ore from the Ormaque bulk sample. The average grade of 8.05 grams per tonne in the quarter was higher compared to Q4 2023 due to the high-grade Ormaque bulk sample, while the average grade of 6.74 grams per tonne in 2024 was comparable to that of the prior year.
Revenue increased to
Production costs increased to
AISC per ounce sold increased to
Sustaining capital expenditures were
Efemcukuru
Efemcukuru produced 80,143 payable ounces of gold in 2024, a 7% decrease from 86,088 payable ounces in 2023, reflecting lower grades and recoveries in the year, while throughput also decreased slightly. Gold production of 19,451 payable ounces in the quarter was 13% lower than 22,374 payable ounces produced in Q4 2023, for the same reasons.
Revenue increased to
Production costs increased to
AISC per ounce sold increased to
Sustaining capital expenditure was
Olympias
Olympias produced 69,532 ounces of gold in 2024, a 4% increase from 67,133 ounces in 2023, primarily reflecting a higher average gold grade during the year. Throughput in 2024 was slightly lower than in 2023 due to plant equipment downtime in Q4 2024 and work stoppages experienced in Q2 2024, but this was almost completely offset by more efficient production. Gold production of 15,992 ounces in Q4 2024 decreased from 17,882 ounces in Q4 2023 as a result of slightly lower throughput and lower gold grades in the quarter. Lower throughput was a result of planned equipment downtime and unplanned maintenance related to the gold concentrate filter presses which negatively impacted the mill throughput. Lead and silver production increased in the period compared to Q4 2023, primarily reflecting higher grades.
Revenue increased to
Production costs increased slightly to
Sustaining capital expenditure decreased to
For further information on the Company’s operating results for the year-end and fourth quarter of 2024, please see the Company’s Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.com under the Company’s profile.
Conference Call
A conference call to discuss the details of the Company’s Fourth Quarter and Year-End 2024 Results will be held by senior management on
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.
| 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 | |||
About
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye,
Contact
Investor Relations
647 271 2827 or 1 888 353 8166
[email protected]
Media
236 885 6251 or 1 888 353 8166
[email protected]
Non-IFRS and Other Financial Measures and Ratios
Certain non-IFRS financial measures and ratios are included in this press release, including total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and growth capital, average realized gold price per ounce sold, adjusted net earnings/(loss) attributable to shareholders, adjusted net earnings/(loss) per share attributable to shareholders, earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), free cash flow, free cash flow excluding Skouries, and cash flow from operating activities before changes in working capital.
Please see the
Total Cash Cost, Total Cash Costs per Ounce Sold
Our reconciliation of total cash costs and total cash costs per ounce sold to production costs, the most directly comparable IFRS measure, is presented below.
| Q4 2024 | Q4 2023 | 2024 | 2023 | 2022 | |||||||||||
| Production costs | $172.1 | $137.6 | $564.2 | $478.9 | $459.6 | ||||||||||
production costs (1) |
— | — | — | — | (0.1 | ) | |||||||||
| Production costs – excluding |
172.1 | 137.6 | 564.2 | 478.9 | 459.4 | ||||||||||
| By-product credits (2) | (27.8 | ) | (21.9 | ) | (92.2 | ) | (83.4 | ) | (77.3 | ) | |||||
| Concentrate deductions (3) | 3.9 | 4.5 | 15.1 | 15.7 | 15.5 | ||||||||||
| Total cash costs | $148.2 | $120.2 | $487.1 | $411.3 | $397.6 | ||||||||||
| Gold ounces sold | 156,864 | 144,827 | 517,926 | 483,978 | 452,953 | ||||||||||
| Total cash cost per ounce sold | $944 | $830 | $940 | $850 | $878 | ||||||||||
| (1) | Base metals production, presented for 2022. Operations at |
| (2) | Revenue from silver, lead and zinc sales. |
| (3) | Included in revenue. |
For the three months ended
| Direct mining costs | By-product credits | Refining and selling costs | Inventory change (1) | Royalty expense | Total cash costs | Gold oz sold | Total cash cost/oz sold | |||||||||||||||||
| Kisladag |
|
( |
) |
|
|
|
|
56,056 |
|
|||||||||||||||
| Lamaque | 37.6 | (0.6 | ) | 0.2 | (1.1 | ) | 1.9 | 38.1 | 61,894 | 615 | ||||||||||||||
| Efemcukuru | 19.3 | (1.7 | ) | 3.7 | 0.1 | 5.0 | 26.4 | 19,185 | 1,376 | |||||||||||||||
| Olympias | 37.7 | (24.2 | ) | 4.8 | 3.8 | 6.7 | 28.9 | 19,729 | 1,463 | |||||||||||||||
| Total consolidated | $135.5 | ( |
) | $9.1 | $5.1 | $26.4 | $148.1 | 156,864 | $944 | |||||||||||||||
| (1) | Inventory change adjustments result from timing differences between when inventory is produced and when it is sold. |
For theyear ended
| Direct mining costs | By-product credits | Refining and selling costs | Inventory change (1) | Royalty expense | Total cash costs | Gold oz sold | Total cash cost/oz sold | |||||||||||||||||
| Kisladag |
|
( |
) |
|
( |
) |
|
|
173,124 |
|
||||||||||||||
| Lamaque | 138.5 | (1.9 | ) | 0.5 | (4.3 | ) | 5.7 | 138.4 | 194,670 | 711 | ||||||||||||||
| Efemcukuru | 70.3 | (6.4 | ) | 15.1 | (0.5 | ) | 20.0 | 98.5 | 80,002 | 1,231 | ||||||||||||||
| Olympias | 134.2 | (80.0 | ) | 18.7 | (2.4 | ) | 20.9 | 91.4 | 70,130 | 1,304 | ||||||||||||||
| Total consolidated | $489.1 | ( |
) | $35.2 | ( |
) | $79.4 | $487.1 | 517,926 | $940 | ||||||||||||||
| (1) | Inventory change adjustments result from timing differences between when inventory is produced and when it is sold. |
For the three months ended
| Direct mining costs | By-product credits | Refining and selling costs | Inventory change (1) | Royalty expense | Total cash costs | Gold oz sold | Total cash cost/oz sold | |||||||||||||||||
| Kisladag |
|
( |
) |
|
( |
) |
|
|
46,051 |
|
||||||||||||||
| Lamaque | 32.7 | (0.5 | ) | 0.1 | 0.8 | 1.5 | 34.5 | 57,040 | 606 | |||||||||||||||
| Efemcukuru | 16.0 | (1.1 | ) | 3.7 | (0.3 | ) | 3.5 | 21.9 | 22,497 | 973 | ||||||||||||||
| Olympias | 35.5 | (19.4 | ) | 6.3 | 1.2 | 4.9 | 28.4 | 19,239 | 1,478 | |||||||||||||||
| Total consolidated | $121.6 | ( |
) | $10.3 | ( |
) | $16.5 | $120.2 | 144,827 | $830 | ||||||||||||||
| (1) | Inventory change adjustments result from timing differences between when inventory is produced and when it is sold. |
For theyear ended
| Direct mining costs | By-product credits | Refining and selling costs | Inventory change (1) | Royalty expense | Total cash costs | Gold oz sold | Total cash cost/oz sold | |||||||||||||||||
| Kisladag |
|
( |
) |
|
( |
) |
|
|
154,456 |
|
||||||||||||||
| Lamaque | 116.3 | (1.7 | ) | 0.4 | (1.5 | ) | 4.3 | 117.8 | 176,495 | 667 | ||||||||||||||
| Efemcukuru | 59.1 | (4.4 | ) | 14.0 | (0.1 | ) | 13.4 | 82.1 | 86,078 | 954 | ||||||||||||||
| Olympias | 126.3 | (74.1 | ) | 23.0 | 0.7 | 15.8 | 91.7 | 66,949 | 1,369 | |||||||||||||||
| Total consolidated | $429.7 | ( |
) | $38.1 | ( |
) | $51.8 | $411.2 | 483,978 | $850 | ||||||||||||||
| (1) | Inventory change adjustments result from timing differences between when inventory is produced and when it is sold. |
All-in Sustaining Costs, All-in Sustaining Costs per Ounce Sold
Our reconciliation of AISC and AISC per ounce sold to total cash costs is presented below. The reconciliations of total cash costs to production costs, the most directly comparable IFRS measure, are presented below.
| Q4 2024 | Q4 2023 | 2024 | 2023 | 2022 | ||||||
| Total cash costs | $148.1 | $120.2 | $487.1 | $411.2 | $397.6 | |||||
| Corporate and allocated G&A | 9.8 | 14.1 | 45.1 | 46.7 | 45.6 | |||||
| Exploration and evaluation costs | 1.1 | 0.3 | 3.9 | 1.2 | 1.1 | |||||
| Reclamation costs and amortization | 2.2 | 2.2 | 5.0 | 9.3 | 7.1 | |||||
| Sustaining capital expenditure | 31.0 | 37.9 | 124.3 | 121.8 | 126.5 | |||||
| AISC | $192.3 | $174.7 | $665.4 | $590.3 | $577.9 | |||||
| Gold ounces sold | 156,864 | 144,827 | 517,926 | 483,978 | 452,953 | |||||
| AISC per ounce sold | $1,226 | $1,207 | $1,285 | $1,220 | $1,276 | |||||
Reconciliations of adjustments within AISC to the most directly comparable IFRS measures are presented below.
Reconciliation of general and administrative expenses included in All-in Sustaining Costs:
| Q4 2024 | Q4 2023 | 2024 | 2023 | 2022 | |||||||||||
| General and administrative expenses (from consolidated statement of operations) |
|
|
|
|
|
||||||||||
| Add: | |||||||||||||||
| Share based payments expense | 2.1 | 4.6 | 11.9 | 10.2 | 10.7 | ||||||||||
| Employee benefit pension plan expense from corporate and operating gold mines | 0.4 | 0.7 | 3.6 | 4.2 | 6.0 | ||||||||||
| Less: | |||||||||||||||
| General and administrative expenses related to non-gold mines and in-country offices | — | (0.2 | ) | (1.0 | ) | (0.9 | ) | (0.6 | ) | ||||||
| Depreciation in G&A | (0.9 | ) | (0.8 | ) | (3.5 | ) | (3.2 | ) | (2.2 | ) | |||||
| Business development | (0.5 | ) | (0.3 | ) | (1.4 | ) | (2.7 | ) | (2.2 | ) | |||||
| Development projects | (0.3 | ) | (0.4 | ) | (1.1 | ) | (0.7 | ) | (3.4 | ) | |||||
| Adjusted corporate general and administrative expenses | $9.9 | $14.2 | $44.8 | $46.7 | $45.4 | ||||||||||
| Regional general and administrative costs allocated to gold mines | — | — | 0.5 | 0.2 | 0.2 | ||||||||||
| Corporate and allocated general and administrative expenses per AISC | $9.9 | $14.2 | $45.2 | $46.9 | $45.6 | ||||||||||
Reconciliation of exploration and evaluation costs included in All-in Sustaining Costs:
| Q4 2024 | Q4 2023 | 2024 | 2023 | 2022 | |||||||||||
| Exploration and evaluation expense (1) (from consolidated statement of operations) |
|
|
|
|
|
||||||||||
| Add: | |||||||||||||||
| Capitalized evaluation cost related to operating gold mines | 1.1 | 0.3 | 3.9 | 1.2 | 1.1 | ||||||||||
| Less: | |||||||||||||||
| Exploration and evaluation expenses related to non-gold mines and other sites (1) | (7.7 | ) | (5.7 | ) | (23.8 | ) | (22.4 | ) | (19.6 | ) | |||||
| Exploration costs per AISC | $1.1 | $0.3 | $3.9 | $1.2 | $1.1 | ||||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs:
| Q4 2024 | Q4 2023 | 2024 | 2023 | 2022 | |||||||||||
| Asset retirement obligation accretion (1) (from notes to the consolidated financial statements) |
|
|
|
|
|
||||||||||
| Add: | |||||||||||||||
| Depreciation related to asset retirement obligation assets | 1.2 | 1.3 | 1.0 | 5.8 | 5.4 | ||||||||||
| Less: | |||||||||||||||
| Asset retirement obligation accretion related to non-gold mines and other sites | (0.2 | ) | (0.2 | ) | (0.9 | ) | (0.7 | ) | (0.3 | ) | |||||
| Reclamation costs and amortization per AISC | $2.2 | $2.2 | $5.0 | $9.3 | $7.1 | ||||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
Sustaining and Growth Capital
Our reconciliation of growth capital and sustaining capital expenditure at operating gold mines to additions to property, plant and equipment, the most directly comparable IFRS measure, is presented below.
| Q4 2024 | Q4 2023 | 2024 | 2023 | 2022 | |||||||||||
| Additions to property, plant and equipment (1) (from notes to the consolidated financial statements) |
|
|
|
|
|
||||||||||
| Growth and development project capital investment - gold mines | (32.0 | ) | (41.3 | ) | (146.1 | ) | (122.3 | ) | (111.3 | ) | |||||
| Growth and development project capital investment - other (2) | (108.3 | ) | (58.6 | ) | (343.2 | ) | (168.6 | ) | (66.0 | ) | |||||
| Sustaining capitalized depreciation | (2.2 | ) | — | (2.2 | ) | — | — | ||||||||
| Sustaining capital expenditure equipment leases (3) | 0.2 | 0.5 | (0.6 | ) | 1.6 | (2.0 | ) | ||||||||
| Capitalized exploration related to gold mines | (1.1 | ) | — | (3.9 | ) | (0.1 | ) | (0.1 | ) | ||||||
| Sustaining capital expenditure at operating gold mines | $31.0 | $37.9 | $124.3 | $121.8 | $126.5 | ||||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
| (2) | Includes growth capital expenditures and capital expenditures relating to Skouries, |
| (3) | Non-cash sustaining lease additions, net of sustaining lease principal and interest payments. |
Our reconciliation by asset of AISC and AISC per ounce sold to total cash costs is presented below.
For the three months ended
| Total cash costs | Corporate & allocated G&A | Exploration costs | Reclamation costs and amortization | Sustaining capital | Total AISC |
Gold oz sold | Total AISC/ oz sold |
||||||||
| Kisladag |
|
$— | $— |
|
|
|
56,056 |
|
|||||||
| Lamaque | 38.1 | — | 0.4 | 0.1 | 19.2 | 57.8 | 61,894 | 933 | |||||||
| Efemcukuru | 26.4 | — | — | 0.2 | 5.1 | 31.7 | 19,185 | 1,650 | |||||||
| Olympias | 28.9 | — | 0.7 | 0.4 | 2.9 | 32.9 | 19,729 | 1,669 | |||||||
| Corporate (1) | — | 9.8 | — | — | — | 9.8 | — | 62 | |||||||
| Total consolidated | $148.1 | $9.8 | $1.1 | $2.2 | $31.0 | $192.3 | 156,864 | $1,226 | |||||||
| (1) | Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. |
For the year ended
| Total cash costs | Corporate & allocated G&A | Exploration costs | Reclamation costs and amortization | Sustaining capital | Total AISC |
Gold oz sold | Total AISC/ oz sold |
|||||||||
| Kisladag |
|
$— | $— |
|
|
|
173,124 |
|
||||||||
| Lamaque | 138.4 | — | 1.6 | 0.6 | 80.3 | 220.8 | 194,670 | 1,134 | ||||||||
| Efemcukuru | 98.5 | 0.5 | 1.1 | (3.0 | ) | 15.9 | 112.9 | 80,002 | 1,411 | |||||||
| Olympias | 91.4 | — | 1.2 | 1.5 | 15.4 | 109.5 | 70,130 | 1,562 | ||||||||
| Corporate (1) | — | 44.6 | — | — | — | 44.6 | — | 86 | ||||||||
| Total consolidated | $487.1 | $45.1 | $3.9 | $5.0 | $124.3 | $665.4 | 517,926 | $1,285 | ||||||||
| (1) | Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. |
For the three months ended
| Total cash costs | Corporate & allocated G&A | Exploration costs | Reclamation costs and amortization | Sustaining capital | Total AISC |
Gold oz sold | Total AISC/ oz sold |
||||||||
| Kisladag |
|
$— | $— |
|
|
|
46,051 |
|
|||||||
| Lamaque | 34.5 | — | 0.3 | 0.1 | 20.7 | 55.7 | 57,040 | 977 | |||||||
| Efemcukuru | 21.9 | — | — | 0.7 | 4.4 | 27.0 | 22,497 | 1,201 | |||||||
| Olympias | 28.4 | — | — | 0.4 | 7.2 | 36.0 | 19,239 | 1,872 | |||||||
| Corporate (1) | — | 14.1 | — | — | — | 14.1 | — | 97 | |||||||
| Total consolidated | $120.2 | $14.1 | $0.3 | $2.2 | $37.9 | $174.7 | 144,827 | $1,207 | |||||||
| (1) | Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. |
For theyear ended
| Total cash costs | Corporate & allocated G&A | Exploration costs | Reclamation costs and amortization | Sustaining capital | Total AISC |
Gold oz sold | Total AISC/ oz sold |
||||||||
| Kisladag |
|
$— | $— |
|
|
|
154,456 |
|
|||||||
| Lamaque | 117.8 | — | 1.2 | 0.6 | 72.7 | 192.3 | 176,495 | 1,089 | |||||||
| Efemcukuru | 82.1 | 0.2 | — | 3.1 | 14.0 | 99.3 | 86,078 | 1,154 | |||||||
| Olympias | 91.7 | — | — | 2.4 | 19.0 | 113.0 | 66,949 | 1,688 | |||||||
| Corporate (1) | — | 46.6 | — | — | — | 46.6 | — | 96 | |||||||
| Total consolidated | $411.2 | $46.7 | $1.2 | $9.3 | $121.8 | $590.3 | 483,978 | $1,220 | |||||||
| (1) | Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold. |
Average Realized Gold Price per Ounce Sold
Our reconciliation of average realized gold price per ounce sold to revenue, the most directly comparable IFRS measure, is presented below.
For the three months ended
| Revenue | Add concentrate deductions (1) | Less non-gold revenue | Gold revenue (2) | Gold oz sold | Average realized gold price per ounce sold | |||||||
| Kisladag |
|
$— | ( |
) |
|
56,056 |
|
|||||
| Lamaque | 165.2 | — | (0.6 | ) | 164.6 | 61,894 | 2,659 | |||||
| Efemcukuru | 51.0 | 1.2 | (1.7 | ) | 50.5 | 19,185 | 2,631 | |||||
| Olympias | 69.3 | 2.7 | (24.2 | ) | 47.8 | 19,729 | 2,422 | |||||
| Total consolidated | $435.7 | $3.9 | ( |
) | $411.8 | 156,864 | $2,625 | |||||
| (1) | Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales. |
| (2) | Includes the impact of provisional pricing adjustments on concentrate sales. |
For the year ended
| Revenue | Add concentrate deductions (1) | Less non-gold revenue | Gold revenue (2) | Gold oz sold | Average realized gold price per ounce sold | |||||||
| Kisladag |
|
$— | ( |
) |
|
173,124 |
|
|||||
| Lamaque | 473.0 | — | (1.9 | ) | 471.1 | 194,670 | 2,420 | |||||
| Efemcukuru | 199.9 | 5.0 | (6.4 | ) | 198.4 | 80,002 | 2,480 | |||||
| Olympias | 226.2 | 10.1 | (80.0 | ) | 156.3 | 70,130 | 2,228 | |||||
| Total consolidated | $1,322.6 | $15.1 | ( |
) | $1,245.5 | 517,926 | $2,405 | |||||
| (1) | Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales. |
| (2) | Includes the impact of provisional pricing adjustments on concentrate sales. |
For the three months ended
| Revenue | Add concentrate deductions (1) | Less non-gold revenue | Gold revenue (2) | Gold oz sold | Average realized gold price per ounce sold | |||||||
| Kisladag |
|
$— | ( |
) |
|
46,051 |
|
|||||
| Lamaque | 114.9 | — | (0.5 | ) | 114.4 | 57,040 | 2,006 | |||||
| Efemcukuru | 46.7 | 1.7 | (1.1 | ) | 47.2 | 22,497 | 2,098 | |||||
| Olympias | 52.4 | 2.9 | (19.4 | ) | 35.8 | 19,239 | 1,863 | |||||
| Total consolidated | $306.9 | $4.5 | ( |
) | $289.5 | 144,827 | $1,999 | |||||
| (1) | Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales. |
| (2) | Includes the impact of provisional pricing adjustments on concentrate sales. |
For the year ended
| Revenue | Add concentrate deductions (1) | Less non-gold revenue | Gold revenue (2) | Gold oz sold | Average realized gold price per ounce sold | |||||||
| Kisladag |
|
$— | ( |
) |
|
154,456 |
|
|||||
| Lamaque | 346.3 | — | (1.7 | ) | 344.6 | 176,495 | 1,953 | |||||
| Efemcukuru | 170.5 | 6.4 | (4.4 | ) | 172.5 | 86,078 | 2,004 | |||||
| Olympias | 186.8 | 9.2 | (74.1 | ) | 122.0 | 66,949 | 1,822 | |||||
| Total consolidated | $1,008.5 | $15.7 | ( |
) | $940.8 | 483,978 | $1,944 | |||||
| (1) | Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales. |
| (2) | Includes the impact of provisional pricing adjustments on concentrate sales. |
For the year ended
| Revenue | Add concentrate deductions (1) | Less non-gold revenue | Gold revenue (2) | Gold oz sold | Average realized gold price per ounce sold | |||||||
| Kisladag |
|
$— | ( |
) |
|
134,213 |
|
|||||
| Lamaque | 313.0 | — | (1.4 | ) | 311.5 | 173,409 | 1,797 | |||||
| Efemcukuru | 155.3 | 5.4 | (3.3 | ) | 157.5 | 88,784 | 1,774 | |||||
| Olympias | 159.9 | 10.1 | (69.9 | ) | 100.1 | 56,547 | 1,771 | |||||
|
|
0.5 | — | (0.5 | ) | — | N/A | N/A | |||||
| Total consolidated | $872.0 | $15.5 | ( |
) | $809.6 | 452,953 | $1,787 | |||||
| (1) | Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales. |
| (2) | Includes the impact of provisional pricing adjustments on concentrate sales. |
Adjusted Net Earnings Attributable to Shareholders
Our reconciliation of adjusted net earnings (loss) and adjusted net earnings (loss) per share to net earnings (loss) from continuing operations attributable to shareholders of the Company, the most directly comparable IFRS measure, is presented below.
| Continuing Operations (1) | Q4 2024 | Q4 2023 | 2024 | 2023 | 2022 | ||||||||||
| Net earnings (loss) attributable to shareholders of the Company(1) | $108.2 | $91.8 | $300.9 | $106.2 | ( |
) | |||||||||
| Gain on sale of mining licenses | (1.9 | ) | — | (1.9 | ) | — | — | ||||||||
| Current tax expense due to Turkiye earthquake relief tax law change (2) | — | — | — | 4.3 | — | ||||||||||
| Loss (gain) on foreign exchange translation of deferred tax balances net of inflation accounting (3) | 26.5 | (63.1 | ) | 14.6 | (30.0 | ) | 35.9 | ||||||||
| Decrease (increase) in fair value of redemption option derivative | 5.1 | (4.0 | ) | (1.9 | ) | (2.0 | ) | 4.4 | |||||||
| Unrealized (gain) loss on derivative instruments | (10.2 | ) | 24.6 | 51.8 | 9.6 | — | |||||||||
| Loss (gain) on deferred tax due to changes in tax rates (4) | — | — | — | 22.6 | (1.0 | ) | |||||||||
| Gain on deferred consideration, net of tax (5) | — | — | (50.1 | ) | — | — | |||||||||
| Non-recurring current tax and interest accrual (6) | — | — | 7.2 | — | — | ||||||||||
| Write-down of assets, net of tax (7) | — | — | — | — | 20.0 | ||||||||||
| Total adjusted net earnings(1,2) | $127.8 | $49.3 | $320.7 | $110.7 | $10.1 | ||||||||||
| Weighted average shares outstanding (thousands) | 204,619 | 202,340 | 203,983 | 194,448 | 183,446 | ||||||||||
| Adjusted net earnings per share ($/share)(1) | $0.62 | $0.24 | $1.57 | $0.57 | $0.05 | ||||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
| (2) | To help fund earthquake relief efforts in Turkiye, a one-time tax law change was introduced in Q1 2023 to reverse a portion of the tax credits and deductions previously granted in 2022. |
| (3) | Q4 2024 includes |
| (4) | The deferred tax expense adjustment in 2023 is due to the income tax rate increase in Turkiye enacted in Q3 2023. Rate increase from 20% to 25% for general rate, from 19% to 24% for certain manufacturing activities (including mining) and from 19% to 20% for export income and is applicable retroactively to |
| (5) | In Q3 2024, a |
| (6) | In Q3 2024, a provision of |
| (7) | Non-recurring write-downs in 2022 include a |
EBITDA, Adjusted EBITDA
Our reconciliation of EBITDA and Adjusted EBITDA to earnings (loss) from continuing operations before income tax, the most directly comparable IFRS measure, is presented below.
| Q4 2024 | Q4 2023 | 2024 | 2023 | |||||||||
| Earnings before income tax(1) | $176.9 | $45.7 | $435.4 | $163.4 | ||||||||
| Depreciation, depletion and amortization (1,2) | 74.4 | 72.5 | 255.0 | 264.3 | ||||||||
| Interest income | (6.6 | ) | (5.9 | ) | (23.9 | ) | (17.6 | ) | ||||
| Finance costs (1) | 12.5 | 5.8 | 23.0 | 32.8 | ||||||||
| EBITDA | $257.2 | $118.1 | $689.5 | $442.9 | ||||||||
| Share-based payments | 2.1 | 4.6 | 11.9 | 10.2 | ||||||||
| Loss (gain) on disposal of assets (1) | (2.4 | ) | (0.1 | ) | (1.5 | ) | 0.6 | |||||
| Unrealized (gain) loss on derivative instruments | (10.2 | ) | 24.6 | 51.8 | 9.6 | |||||||
| Gain on recognition of deferred consideration (3) | — | — | (60.0 | ) | — | |||||||
| Adjusted EBITDA | $246.7 | $147.2 | $691.6 | $463.3 | ||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
| (2) | Includes depreciation within general and administrative expenses. |
| (3) | A |
Free Cash Flow and Free Cash Flow Excluding Skouries
Our reconciliations of free cash flow and free cash flow excluding Skouries to net cash generated from (used in) operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.
| Q4 2024 | Q4 2023 | 2024 | 2023 | 2022 | |||||||||||
| Cash generated from operating activities (1) | $257.3 | $159.6 | $645.7 | $382.9 | $211.2 | ||||||||||
| Less: Cash used in investing activities (1) | (165.9 | ) | (130.3 | ) | (630.6 | ) | (395.7 | ) | (370.9 | ) | |||||
| Add back: (Decrease) increase in term deposits | (2.7 | ) | — | (3.8 | ) | (35.0 | ) | 35.0 | |||||||
| Add back: Purchase of marketable securities | 0.3 | — | 11.4 | 0.6 | 20.2 | ||||||||||
| Less: Proceeds from sale of marketable securities | (10.3 | ) | — | (10.3 | ) | — | — | ||||||||
| Less: Proceeds from sale of mining licenses | (4.1 | ) | — | (5.6 | ) | — | — | ||||||||
| Free cash flow | $74.6 | $29.3 | $6.8 | ( |
) | ( |
) | ||||||||
| Add back: Skouries cash capital expenditures (2) | 94.4 | 49.7 | 304.8 | 149.0 | 35.1 | ||||||||||
| Add back: Capitalized interest paid (3) | 7.2 | 3.0 | 30.5 | 10.8 | — | ||||||||||
| Free Cash Flow excluding Skouries | $176.2 | $82.0 | $342.0 | $112.6 | ( |
) | |||||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
| (2) | Inclusive of construction project capital and accelerated operating capital spend. |
| (3) | Includes interest from the Term Facility of |
Cash Flow from Operating Activities before Changes in Working Capital
Our reconciliation of cash flow from operating activities before changes in working capital to net cash generated from operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.
| Q4 2024 | Q4 2023 | 2024 | 2023 | 2022 | ||||||||
| Net cash generated from operating activities (1) | $257.3 | $159.6 | $645.7 | $382.9 | $211.2 | |||||||
| Less: Changes in non-cash working capital | 28.8 | 21.6 | 10.2 | (28.3 | ) | (28.3 | ) | |||||
| Cash flow from operating activities before changes in working capital | $228.5 | $138.0 | $635.5 | $411.2 | $239.5 | |||||||
| (1) | Amounts presented are from continuing operations only and exclude the |
Cautionary Note About Forward Looking Statements and Information
Certain of the statements made and information provided in this news 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”, “budgets” , “continue”, “commitment”, “confident”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “outlook”, “plans”, “potential”, “projected”, “prospective”, or “schedule” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “can”, “could”, “likely”, “may”, “might”, “will” or “would” be taken, occur or be achieved.
Forward-looking statements or information contained in this news release include, but are not limited to, statements or information with respect to: our beliefs for reserve growth; our jurisdictional and overall strategy; in respect of 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 to be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost, results of our construction and development activities, improvements, and exploration; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; Mineral Reserves and Mineral 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 recent disruptions to shipping operations in the
More specifically, with respect to the
In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release.
Even though we believe 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.
Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other important factors that may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. Generally, these risks, uncertainties and other factors include, among others, the following: 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, and 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); the Company's ability to satisfy covenants under its agreements, including its project funding agreements; government regulation; the Sarbanes-Oxley Act; commodity price risk; mineral tenure; ability to secure the required permits, licenses and authorizations in a timely manner; 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; the ongoing potential for material impairment and/or write-downs of assets; 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, and those risk factors discussed in our most recent Annual Information Form & Form 40-F.
With respect to the
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
This news release contains information that may constitute future-orientated financial information or financial outlook information (collectively, “FOFI”) about Eldorado’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Eldorado’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Eldorado has included FOFI in order to provide readers with a more complete perspective on Eldorado’s future operations and management’s current expectations relating to Eldorado’s future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of this news release. Unless required by applicable laws, Eldorado does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise. Financial information and condensed statements contained herein or attached hereto may not be suitable for readers that are unfamiliar with the Company and are not a substitute for reading the Company’s financial statements and related MD&A available on our website and on SEDAR+ and EDGAR under our Company name. The reader is directed to carefully review such documents for a full understanding of the financial information summarized herein.
Except as otherwise noted, scientific and technical information contained in this news release was reviewed and approved by
|
|||||||||
| Note | |||||||||
| ASSETS | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | 7 | $ | 856,797 | $ | 540,473 | ||||
| Accounts receivable and other | 8 | 190,676 | 121,082 | ||||||
| Inventories | 9 | 278,995 | 235,890 | ||||||
| Current other assets | 10 | 138,932 | 2,832 | ||||||
| Current derivative assets | 28 | 52 | 2,502 | ||||||
| Assets held for sale | 6 | 16,686 | 27,627 | ||||||
| 1,482,138 | 930,406 | ||||||||
| Restricted cash | 2,177 | 2,085 | |||||||
| Deferred tax assets | 19,487 | 14,748 | |||||||
| Other assets | 10 | 120,418 | 185,209 | ||||||
| Non-current derivative assets | 28 | — | 7,036 | ||||||
| Property, plant and equipment | 12 | 4,118,782 | 3,755,559 | ||||||
|
|
13 | 92,591 | 92,591 | ||||||
| $ | 5,835,593 | $ | 4,987,634 | ||||||
| LIABILITIES & EQUITY | |||||||||
| Current liabilities | |||||||||
| Accounts payable and accrued liabilities | 15 | $ | 366,690 | $ | 254,030 | ||||
| Current portion of lease liabilities | 4,693 | 5,020 | |||||||
| Current portion of asset retirement obligations | 17 | 5,071 | 4,019 | ||||||
| Current derivative liabilities | 28 | 25,587 | 279 | ||||||
| Liabilities associated with assets held for sale | 6 | 10,133 | 10,867 | ||||||
| 412,174 | 274,215 | ||||||||
| Debt | 16 | 915,425 | 636,059 | ||||||
| Lease liabilities | 10,030 | 12,092 | |||||||
| Employee benefit plan obligations | 10,910 | 10,261 | |||||||
| Asset retirement obligations | 17 | 127,925 | 125,090 | ||||||
| Non-current derivative liabilities | 28 | 35,743 | 18,843 | ||||||
| Deferred income tax liabilities | 434,939 | 399,109 | |||||||
| 1,947,146 | 1,475,669 | ||||||||
| Equity | |||||||||
| Share capital | 21 | 3,433,778 | 3,413,365 | ||||||
stock |
(12,970 | ) | (19,263 | ) | |||||
| Contributed surplus | 2,612,762 | 2,617,216 | |||||||
| Accumulated other comprehensive income (loss) | 56,183 | (4,751 | ) | ||||||
| Deficit | (2,193,163 | ) | (2,488,420 | ) | |||||
| Total equity attributable to shareholders of the Company | 3,896,590 | 3,518,147 | |||||||
| Attributable to non-controlling interests | (8,143 | ) | (6,182 | ) | |||||
| 3,888,447 | 3,511,965 | ||||||||
| $ | 5,835,593 | $ | 4,987,634 | ||||||
| Commitments and contractual obligations (Note 25) Contingencies (Note 26) Subsequent events (Note 10(i), Note 16(b)) |
||||||
| Approved on behalf of the Board of Directors | ||||||
| (signed) |
|
Director | (signed) |
|
Director | |
| Date of approval: |
||||||
| Please see the Consolidated Financial Statements dated |
||||||
|
|||||||||
| Note | Year ended | Year ended | |||||||
| Revenue | |||||||||
| Metal sales | 30 | $ | 1,322,581 | $ | 1,008,501 | ||||
| Cost of sales | |||||||||
| Production costs | 31 | 564,158 | 478,947 | ||||||
| Depreciation and amortization | 251,450 | 261,087 | |||||||
| 815,608 | 740,034 | ||||||||
| Earnings from mine operations | 506,973 | 268,467 | |||||||
| Exploration and evaluation expenses | 23,788 | 22,422 | |||||||
| Mine standby costs | 32 | 11,269 | 16,106 | ||||||
| General and administrative expenses | 36,240 | 39,788 | |||||||
| Employee benefit plan expense | 3,584 | 4,228 | |||||||
| Share-based payments expense | 22 | 11,872 | 10,195 | ||||||
| Write-down of assets | 6,135 | 9,719 | |||||||
| Foreign exchange gain | (5,308 | ) | (16,000 | ) | |||||
| Earnings from operations | 419,393 | 182,009 | |||||||
| Other income | 18 | 39,050 | 14,195 | ||||||
| Finance costs | 19 | (23,049 | ) | (32,839 | ) | ||||
| Earnings from continuing operations before income tax | 435,394 | 163,365 | |||||||
| Income tax expense | 20 | 134,758 | 57,575 | ||||||
| Net earnings from continuing operations | 300,636 | 105,790 | |||||||
| Net loss from discontinued operations, net of tax | 6 | (13,676 | ) | (4,407 | ) | ||||
| Net earnings for the year | $ | 286,960 | $ | 101,383 | |||||
| Net earnings (loss) attributable to: | |||||||||
| Shareholders of the Company | 289,121 | 104,630 | |||||||
| Non-controlling interests | (2,161 | ) | (3,247 | ) | |||||
| Net earnings for the year | $ | 286,960 | $ | 101,383 | |||||
| Net earnings (loss) attributable to shareholders of the Company: | |||||||||
| Continuing operations | 300,909 | 106,183 | |||||||
| Discontinued operations | (11,788 | ) | (1,553 | ) | |||||
| $ | 289,121 | $ | 104,630 | ||||||
| Net loss attributable to non-controlling interests: | |||||||||
| Continuing operations | (273 | ) | (393 | ) | |||||
| Discontinued operations | (1,888 | ) | (2,854 | ) | |||||
| $ | (2,161 | ) | $ | (3,247 | ) | ||||
| Weighted average number of shares outstanding: | |||||||||
| Basic | 33 | 203,983,457 | 194,448,367 | ||||||
| Diluted | 33 | 205,541,542 | 195,328,506 | ||||||
| Net earnings per share attributable to shareholders of the Company: | |||||||||
| Basic earnings per share | $ | 1.42 | $ | 0.54 | |||||
| Diluted earnings per share | $ | 1.41 | $ | 0.54 | |||||
| Net earnings per share attributable to shareholders of the Company - Continuing operations: | |||||||||
| Basic earnings per share | $ | 1.48 | $ | 0.55 | |||||
| Diluted earnings per share | $ | 1.46 | $ | 0.54 | |||||
| Please see the Consolidated Financial Statements dated |
|||||||||
|
|||||||||
| Year ended | Year ended | ||||||||
| Net earnings for the year | $ | 286,960 | $ | 101,383 | |||||
| Other comprehensive income (loss): | |||||||||
| Items that will not be reclassified to earnings or (loss): | |||||||||
| Change in fair value of investments in marketable securities | 77,695 | 44,437 | |||||||
| Income tax expense on change in fair value of investments in marketable securities | (10,463 | ) | (3,449 | ) | |||||
| Actuarial losses on employee benefit plans | (206 | ) | (4,476 | ) | |||||
| Income tax recovery on actuarial losses on employee benefit plans | 44 | 1,021 | |||||||
| Total other comprehensive income for the period | 67,070 | 37,533 | |||||||
| Total comprehensive income for the year | $ | 354,030 | $ | 138,916 | |||||
| Attributable to: | |||||||||
| Shareholders of the Company | 356,191 | 142,163 | |||||||
| Non-controlling interests | (2,161 | ) | (3,247 | ) | |||||
| $ | 354,030 | $ | 138,916 | ||||||
| Please see the Consolidated Financial Statements dated |
|||||||||
|
|||||||||
| Note | Year ended | Year ended | |||||||
| Cash flows generated from (used in): | |||||||||
| Operating activities | |||||||||
| Net earnings for the year from continuing operations | $ | 300,636 | $ | 105,790 | |||||
| Adjustments for: | |||||||||
| Depreciation and amortization | 254,991 | 264,325 | |||||||
| Finance costs | 19 | 23,049 | 32,839 | ||||||
| Interest income | 18 | (23,949 | ) | (17,640 | ) | ||||
| Unrealized foreign exchange loss (gain) | 174 | (15,167 | ) | ||||||
| Income tax expense | 20 | 134,758 | 57,575 | ||||||
| (Gain) loss on disposal of assets | (1,624 | ) | 605 | ||||||
| Unrealized loss on derivative contracts | 18 | 51,751 | 9,584 | ||||||
| Realized gain on derivative contracts | 18 | (150 | ) | (431 | ) | ||||
| Write-down of assets | 6,135 | 9,719 | |||||||
| Share-based payments expense | 22 | 11,872 | 10,195 | ||||||
| Non-cash gain on deferred consideration | 8 | (60,000 | ) | — | |||||
| Employee benefit plan expense | 3,584 | 4,228 | |||||||
| 701,227 | 461,622 | ||||||||
| Property reclamation payments | (3,688 | ) | (3,591 | ) | |||||
| Employee benefit plan payments | (3,003 | ) | (5,084 | ) | |||||
| Settlement of derivative contracts | 18 | 150 | 431 | ||||||
| Income taxes paid | (83,162 | ) | (59,839 | ) | |||||
| Interest received | 23,949 | 17,640 | |||||||
| Changes in non-cash operating working capital | 23 | 10,189 | (28,282 | ) | |||||
| Net cash generated from operating activities of continuing operations | 645,662 | 382,897 | |||||||
| Net cash (used in) generated from operating activities of discontinued operations | (416 | ) | 414 | ||||||
| Investing activities | |||||||||
| Additions to property, plant and equipment | (594,142 | ) | (401,870 | ) | |||||
| Capitalized interest paid | (30,461 | ) | (10,782 | ) | |||||
| Proceeds from the sale of property, plant and equipment | 562 | 1,647 | |||||||
| Value added taxes related to mineral property expenditures | (9,756 | ) | (17,906 | ) | |||||
| Proceeds from the sale of mining licenses | 5,600 | — | |||||||
| Purchase of marketable securities and investment in debt securities | (11,416 | ) | (633 | ) | |||||
| Proceeds from the sale of investments in marketable and debt securities | 10,277 | — | |||||||
| Deposit on property, plant and equipment | (5,098 | ) | — | ||||||
| Decrease in other investments | 3,826 | 33,864 | |||||||
| Net cash used in investing activities of continuing operations | (630,608 | ) | (395,680 | ) | |||||
| Financing activities | |||||||||
| Issuance of common shares for cash, net of share issuance costs | 14,112 | 168,664 | |||||||
| Contributions from non-controlling interests | 201 | 265 | |||||||
| Proceeds from Term Facility - commercial loans and RRF loans | 16 | 310,918 | 166,738 | ||||||
| Proceeds from Term Facility - VAT facility | 16 | 56,022 | 14,588 | ||||||
| Repayments of Term Facility - VAT facility | 16 | (47,304 | ) | (11,328 | ) | ||||
| Term Facility loan financing costs | — | (22,084 | ) | ||||||
| Term Facility commitment fees | (3,806 | ) | (5,066 | ) | |||||
| Senior Secured Credit Facility refinancing costs | (2,210 | ) | — | ||||||
| Interest paid | (19,905 | ) | (29,490 | ) | |||||
| Principal portion of lease liabilities | (4,796 | ) | (3,968 | ) | |||||
| Purchase of treasury stock | (1,962 | ) | (4,442 | ) | |||||
| Net cash generated from financing activities of continuing operations | 301,270 | 273,877 | |||||||
| Net increase in cash and cash equivalents | 315,908 | 261,508 | |||||||
| Cash and cash equivalents - beginning of year | 540,473 | 279,735 | |||||||
| Change in cash in disposal group held for sale | 416 | (770 | ) | ||||||
| Cash and cash equivalents - end of year | $ | 856,797 | $ | 540,473 | |||||
| Please see the Consolidated Financial Statements dated |
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|
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| Note | Year ended | Year ended | |||||||
| Share capital | |||||||||
| Balance beginning of year | $ | 3,413,365 | $ | 3,241,644 | |||||
| Shares issued upon exercise of share options | 14,112 | 7,390 | |||||||
| Shares issued upon exercise of performance share units | 499 | — | |||||||
| Transfer of contributed surplus on exercise of options | 5,802 | 3,112 | |||||||
| Shares issued in private placements, net of share issuance costs | — | 59,873 | |||||||
| Shares issued to the public, net of share issuance costs | — | 101,346 | |||||||
| Balance end of year | 21 | $ | 3,433,778 | $ | 3,413,365 | ||||
stock |
|||||||||
| Balance beginning of year | $ | (19,263 | ) | $ | (20,454 | ) | |||
| Purchase of treasury stock | (1,962 | ) | (4,442 | ) | |||||
| Shares redeemed upon exercise of restricted share units | 8,255 | 5,633 | |||||||
| Balance end of year | $ | (12,970 | ) | $ | (19,263 | ) | |||
| Contributed surplus | |||||||||
| Balance beginning of year | $ | 2,617,216 | $ | 2,618,212 | |||||
| Share-based payment arrangements | 10,102 | 7,749 | |||||||
| Shares redeemed upon exercise of restricted share units | (8,255 | ) | (5,633 | ) | |||||
| Shares redeemed upon exercise of performance share units | (499 | ) | — | ||||||
| Transfer to share capital on exercise of options | (5,802 | ) | (3,112 | ) | |||||
| Balance end of year | $ | 2,612,762 | $ | 2,617,216 | |||||
| Accumulated other comprehensive income (loss) | |||||||||
| Balance beginning of year | $ | (4,751 | ) | $ | (42,284 | ) | |||
| Other comprehensive income for the year attributable to shareholders of the Company | 67,070 | 37,533 | |||||||
| Reclassification of fair value gains on sale of equity investments, net of tax | (6,136 | ) | — | ||||||
| Balance end of year | $ | 56,183 | $ | (4,751 | ) | ||||
| Deficit | |||||||||
| Balance beginning of year | $ | (2,488,420 | ) | $ | (2,593,050 | ) | |||
| Net earnings attributable to shareholders of the Company | 289,121 | 104,630 | |||||||
| Reclassification of fair value gains on sale of equity investments, net of tax | 6,136 | — | |||||||
| Balance end of year | $ | (2,193,163 | ) | $ | (2,488,420 | ) | |||
| Total equity attributable to shareholders of the Company | $ | 3,896,590 | $ | 3,518,147 | |||||
| Non-controlling interests | |||||||||
| Balance beginning of year | $ | (6,182 | ) | $ | (3,200 | ) | |||
| Loss attributable to non-controlling interests | (2,161 | ) | (3,247 | ) | |||||
| Contributions from non-controlling interests | 200 | 265 | |||||||
| Balance end of year | $ | (8,143 | ) | $ | (6,182 | ) | |||
| Total equity | $ | 3,888,447 | $ | 3,511,965 | |||||
| Please see the Consolidated Financial Statements dated |
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1 These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in Eldorado's
2 These financial measures or ratios are non-IFRS financial measures and ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in Eldorado's
3These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.
4These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.
Source: