Eldorado Gold Reports Solid First Quarter 2026 Financial and Operational Results; Skouries Steadily Advancing Towards First Concentrate Production
(All amounts expressed in
First Quarter 2026 Highlights
Operations
- Gold production: 100,358 ounces.
- Gold sales: 100,619 ounces at an average realized gold price per ounce sold(1) of
$4,891 . - Production costs:
$188.2 million - Total cash costs(1):
$1,470 per ounce sold - All-in sustaining costs ("AISC")(1):
$1,942 per ounce sold - Total capital expenditures:
$318 .0 million, including$135.6 million of project capital invested at Skouries with activity focused on major earthworks and infrastructure construction, as well as$48.5 million of accelerated operational capital. Growth capital(1) at the operating mines totalled$89.4 million and sustaining capital(1) at operating mines totalled$32.9 million . - Production and cost outlook: The Company is maintaining its 2026 annual production guidance of 490,000 to 590,000 ounces of gold. Production continues to be weighted to the second half of the year. Excluding Skouries total cash costs(1) for the full year are expected to be between
$1,220 to$1,420 per ounce sold and an average AISC(1) of$1,670 to$1,870 per ounce sold.
_______________
(1)These financial measures or ratios are non-IFRS financial measures or 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 news release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in the Company's
Financial
- Revenue:
$532.4 million in Q1 2026. - Net cash generated from operating activities of continuing operations:
$141.4 million in Q1 2026. - Cash flow from operating activities before changes in working capital(1):
$187.1 million in Q1 2026. - Cash and cash equivalents:
$629.7 million as atMarch 31, 2026 . Cash decreased by$239.6 million in Q1 2026 compared to Q4 2025, primarily due to growth capital investment, share buybacks, repayments of the VAT Facility, dividend payments, and income taxes paid. These cash outflows are offset partly by cash generated from operating activities, VAT refunds and the sale of investments in marketable securities. - Net earnings attributable to shareholders:
$136.4 million or$0.69 basic earnings per share.
- Adjusted net earnings attributable to shareholders(2):
$188.2 million net earnings, or$0.95 earnings per share in Q1 2026. Adjustments of non-recurring items include an$18.3 million loss on foreign exchange translation of deferred tax balances, a$20.0 million unrealized loss on derivative instruments, and a$7.7 million expense relating to acquisition costs.
- Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA")(1):
$335.7 million . - Free cash flow(2): Negative
$129 .1 million, primarily due to higher cash used in investing activities, partially offset by higher cash generated from operating activities. Free cash flow excluding capital expenditures at Skouries(2) was$62.9 million .
Corporate
- Appointment of
Sally Eyre to the Board of Directors, effectiveJanuary 1, 2026 . George Burns , Chief Executive Officer will retire in Q3 2026 on the ramp up toward commercial production at Skouries.Christian Milau , President, will assume the role of Chief Executive Officer at that time.Mr. Burns will remain a member of the Board following his retirement, andMr. Milau will join the Board upon assuming the role of Chief Executive Officer.- Promotion of
Simon Hille to Executive Vice President and Chief Operating Officer, effectiveMarch 24, 2026 . - Appointment of
Gordana Vicentijevic as Senior Vice President, Projects effectiveMay 4, 2026 . - Initiation of a dividend program and first quarterly dividend payment on
March 13, 2026 . - On
April 30, 2026 , the Company declared a second quarter dividend of$0.075 per common share, payable onJune 16, 2026 , to shareholders of record at close of business onJune 2, 2026 .
Subsequent Events
- Completed the acquisition of Foran Mining Corporation ("Foran") on
April 14, 2026 , consideration included: - 64,668,321 shares issued, and
C$5.7M cash payment (C$0.01 /share)- Promotion of
Sylvain Lehoux to Senior Vice President, Operations,Canada , effectiveApril 14, 2026 . - Appointment of
Dan Myerson to the Board of Directors, effectiveApril 14, 2026 , and appointed as Deputy Chair, effectiveApril 30, 2026 .
Commentary
“As expected, first quarter gold production was aligned with our second half-weighted annual guidance, with 100,358 ounces produced,” said
During the quarter, construction at Skouries continued to advance and remains on track for first concentrate production in Q3 and commercial production in Q4. As execution activities have progressed and the project advances toward construction completion on schedule we have updated the forecast-to-complete and, as a result we have revised the estimate of total project capital to approximately
We also received the Ormaque operating authorization, enhancing production flexibility at the
Subsequent to quarter end, we completed the acquisition of Foran, adding
_______________
(2)These financial measures or ratios are non-IFRS financial measures or 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 news release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in the Company's
Skouries Highlights
First production of the copper-gold concentrate is expected in Q3 2026 and commercial production is expected in Q4 2026, with 2026 gold production projected to be between 60,000 and 100,000 ounces and copper production projected to be between 20 and 40 million pounds.
Concentrate Off-Take Agreements
Concentrate commercial terms remain agreed and final offtake contract negotiations are in progress. With robust market conditions for copper gold concentrates continuing in 2026, we remain confident of achieving significantly stronger terms than those assumed in the 2022 feasibility study assumptions.
Capital Estimate and Schedule
As execution activities have progressed and the project advances toward construction completion on schedule, the Company has updated its forecast-to-complete and, as a result has revised its estimate of total project capital for phase 2 to approximately
The project remains fully funded through operating cash flow, cash and debt financing. The Term Facility totalling €680.4 million (
Project capital totalled
The accelerated operational capital cost estimate for Skouries has increased to approximately
The Company is well positioned for start‑up, with over 2.8 million tonnes of ore stockpiled which provides the entire planned mill tonnage for 2026. Open pit and underground ore mining will continue for the balance of 2026 and will be blended to maximize cash flow with lower value ore being stockpiled for future years.
_______________
(3)Gold equivalent ounces: Calculated by converting copper pounds produced into gold equivalent using budgeted commodity prices for the relevant period: 2026-2027:
Construction Activities
As at
The primary crusher is mechanically complete and all associated equipment is set in position, with work underway on the final piping and electrical installation. Conveyors from the primary crusher through the coarse ore stockpile to the process plant have been installed and belt installations are underway.
The stockpile dome foundation is complete, and assembly of the dome structure is virtually complete. All three reclaim feeders and associated chute work have been installed and work is underway to complete the final mechanical, piping and electrical connections in the stockpile reclaim tunnel. Electrical cable installation and terminations are in progress in the prefabricated electrical distribution room.
Process Plant
Work in the process plant remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore introduction. Q1 2026 inspections identified the need to replace the two damaged cyclone feed pumps variable speed drives. Temporary replacement equipment has been ordered and is expected to be installed in Q2 2026 with permanent equipment in Q3 2026. High and medium voltage electrical distribution from multiple substations within the process plant network are advancing, and the process control building structure is complete with electrical work underway across all plant areas. Electrical rooms are being progressively handed over to commissioning.
During the period, the compressor systems, blower systems and the process and fire water pumping systems achieved construction completion and have been handed over to the commissioning team. The reagent areas are advancing in line with the commissioning plan through various stages of mechanical, piping and electrical installations.
Thickeners
Two of the three tailings thickeners are mechanically complete, with electrical cabling and instrumentation installation underway. The third tailings thickener is not required for start-up.
Water testing is complete and piping installations have advanced as the pipe rack installations are completed. Work is advancing on the associated infrastructure, including the pumphouse building with piping and electrical work nearly complete, and mechanical and electrical installations in the flocculant building progressing. Electrical installations and cable pulling in the thickeners’ secondary substation building are well advanced.
Filtered Tailings Facility
Work continues to progress on the filtered tailings plant which remains on the critical path, with electrical installations and commissioning as the final steps. Work is also advancing on the tailings handling infrastructure.
Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors completed. The compressor building steel structure is complete, and all six compressors and air receivers are mechanically complete. Pipe installation continues to progress and cable tray installations are substantially complete. Electrical and instrumentation work is complete on filter presses 1 and 2 and progressing through the remaining four filter presses.
The filter plant tank farm construction has progressed with all five tanks now complete and structural steel for pipe racks and platforms advancing to support piping installations. The clarifier water tank construction is fully welded and currently being painted following the successful hydrotest. The clarifier is assembled and the bridge assembly is being preassembled for installation.
The prefabricated electrical distribution room has been installed, with cable tray and electrical installation advancing.
Powerline and Substations
The 150kV powerline, and primary substation are advancing in accordance with the project schedule to support start-up in Q3 2026. Final approval from the electrical regulatory authority, which is required prior to commissioning, is expected following completion of the required inspection and energization protocols in late Q2 or early Q3.
Powerline construction is advancing with the transmission tower assembly complete and pilot wire pulling now underway along the transmission line. Work in the primary substation has advanced through ongoing assembly of the substation structures and control building structural completion.
Commissioning Activities
Pre-commissioning of the power infrastructure for the plant has started with the substations that distribute power to the process plant, filter plant, and primary crusher. Commissioning continues in the fire, utility, and process water systems. Pre-commissioning for the SAG and Ball mill instrumentation, electrical and control systems has started. Pre-commissioning started in the flotation area with focus on air and instrumentation for the flotation cells. Wet commissioning has started for the process-water pumps and tailings thickeners.
Integrated Extractive Waste Management Facility (the "IEWMF")
Preparation works for the initial tailings placement area is progressing, with engineering fill continuing in the first part of Q2 2026.
Construction of the low-grade ore stockpile continued advancing with the planned sequence focused on the lower section.
Excavation of the southern diversion trench is ongoing and ramping up in the more favorable dry season.
Accelerated Operations and Readiness
Open Pit Mining
The open pit mine continued to ramp up during Q1 2026 and remains ahead of plan in building ore stockpiles for the process plant start-up. The open pit team delivered 877 kt of ore to stockpiles during Q1 2026. At the end of Q1 2026 the stockpiles contained approximately 2.3 million tonnes of open pit and underground ore. The stockpile metal content is approximately 84,000 ounces of gold and 24 million pounds of copper. Grade control drilling of the open pit phase 1 has been completed
The underground mine delivered 140 kt of ore to the ore stockpiles during Q1 2026. Underground access development rates continued to accelerate. A total of 1,333 meters of underground development was completed in Q1 2026. The monthly advance during
The second test stope was completed with ore fragmentation, stope cavity monitoring and extraction exceeding expectations. Development of both the east and west declines continues, and development to access the next four test stopes started in Q2 2026.
Based on the successful completion of the first two test stopes, the Company has the opportunity to expand the stope design to support greater productivity, with the planned four larger test stopes designed at approximately 100 kt per stope
Processing
Three of the four processing operations and maintenance teams have successfully completed their theoretical training and are now completing job familiarization training at both Skouries and Olympias sites. The fourth team will commence theory training in Q2 2026.
Several key readiness activities are advancing according to plan. Procurement of maintenance spares is advancing on plan for completion in Q2, consignment stock agreements are in place with the main OEM’s and the tailings placement design has been completed.
Twelve highly experienced process plant ramp-up experts have been contracted to support the operations team during the first three months of operations.
Workforce
As at
Skouries Multimedia
- A progress update video can be found here: https://youtu.be/rQh4xI9eAQ8
- To view a time lapse of the filtered tailing plant installation, please visit: https://youtu.be/Q0kX40qpUHg
- Photos of the construction progress at Skouries can be viewed and downloaded via this link: https://eldoradogold.getbynder.com/web/75fd38cea59305ba/q1-2026-skouries-project-update/
The mine is expected to have a long life and is supported by a robust resource base, with highly prospective exploration upside across the broader district, including the nearby
Located in one of the world’s most attractive mining jurisdictions, the project benefits from excellent infrastructure and is designated by the
Following the close of the acquisition the Company is currently working to fully integrate McIlvenna Bay. Updated production and cost guidance, including timing related to potential expansion studies and an evaluation of the potential addition of a silver-lead circuit, will be provided in conjunction with the Company’s Q2 2026 Operational and Financial Update.
3 months ended | ||||||
2026 | 2025 | |||||
Revenue | $ | 532.4 | $ | 355.2 | ||
Gold produced (oz) | 100,358 | 115,893 | ||||
Gold sold (oz) | 100,619 | 116,263 | ||||
Average realized gold price ($/oz sold) (2) | $ | 4,891 | $ | 2,933 | ||
Production costs | 188.2 | 148.3 | ||||
Total cash costs ($/oz sold) (2,3) | 1,470 | 1,153 | ||||
All-in sustaining costs ($/oz sold) (2,3) | 1,942 | 1,559 | ||||
Net earnings for the period (1) | 136.4 | 72.4 | ||||
Net earnings per share – basic ($/share) (1) | 0.69 | 0.35 | ||||
Net earnings per share – diluted ($/share) (1) | 0.68 | 0.35 | ||||
Net earnings for the period continuing operations (1,4) | 136.4 | 72.0 | ||||
Net earnings per share continuing operations – basic ($/share) (1,4) | 0.69 | 0.35 | ||||
Net earnings per share continuing operations – diluted ($/share) (1,4) | 0.68 | 0.35 | ||||
Adjusted net earnings (1,2,4) | 188.2 | 56.4 | ||||
Adjusted net earnings per share - basic ($/share) (1,2,4) | 0.95 | 0.28 | ||||
Net cash generated from operating activities (4) | 141.4 | 130.4 | ||||
Cash flow from operating activities before changes in working capital (2,4) | 187.1 | 136.5 | ||||
Free cash flow (2,4) | (129.1 | ) | (29.4 | ) | ||
Free cash flow excluding Skouries (2,4) | 62.9 | 67.9 | ||||
Cash and cash equivalents (4) | 629.7 | 978.1 | ||||
Total assets | 6,700.0 | 5,951.8 | ||||
Debt | 1,230.8 | 932.8 | ||||
(1) Attributable to shareholders of the Company. | ||||||
Gold production in Q1 2026 totalled 100,358 ounces of gold, a 13% decrease from Q1 2025 production of 115,893 ounces. This primarily reflected decreases at Kisladag due to the planned lower tonnes and ore grade stacked, and decreases at Efemcukuru due to lower ore grade, partially offset by an increase at Olympias and Lamaque due to higher grade and recoveries.
Gold sales in Q1 2026 totalled 100,619 ounces, a 13% decrease from 116,263 ounces sold in Q1 2025 due to the impact of lower production in Q1 2026.
The average realized gold price(4) was
Production costs increased to
Total cash costs(5) in Q1 2026 averaged
The Company reported net earnings attributable to shareholders from continuing operations of
Adjusted net earnings(5) was
_______________
(4)These 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.
(5) These 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.
Quarterly Operations Update
Gold Operations
3 months ended | ||||
2026 | 2025 | |||
Total | ||||
Gold produced (oz) | 100,358 | 115,893 | ||
Gold sold (oz) | 100,619 | 116,263 | ||
Production costs | $ | 188.2 | $ | 148.3 |
Total cash costs ($/oz sold) (1,2) | $ | 1,470 | $ | 1,153 |
All-in sustaining costs ($/oz sold) (1,2) | $ | 1,942 | $ | 1,559 |
Sustaining capital expenditures (2) | $ | 32.9 | $ | 32.9 |
Kisladag | ||||
Gold produced (oz) | 28,339 | 44,319 | ||
Gold sold (oz) | 28,311 | 44,338 | ||
Production costs | $ | 56.7 | $ | 47.5 |
Total cash costs ($/oz sold) (1,2) | $ | 1,896 | $ | 1,039 |
All-in sustaining costs ($/oz sold) (1,2) | $ | 2,060 | $ | 1,138 |
Sustaining capital expenditures (2) | $ | 3.5 | $ | 2.3 |
Lamaque | ||||
Gold produced (oz) | 42,306 | 40,438 | ||
Gold sold (oz) | 44,607 | 42,205 | ||
Production costs | $ | 41.8 | $ | 35.7 |
Total cash costs ($/oz sold) (1,2) | $ | 904 | $ | 836 |
All-in sustaining costs ($/oz sold) (1,2) | $ | 1,370 | $ | 1,392 |
Sustaining capital expenditures (2) | $ | 20.2 | $ | 22.7 |
Efemcukuru | ||||
Gold produced (oz) | 15,394 | 19,307 | ||
Gold sold (oz) | 15,173 | 17,790 | ||
Production costs | $ | 37.6 | $ | 24.7 |
Total cash costs ($/oz sold) (1,2) | $ | 2,208 | $ | 1,357 |
All-in sustaining costs ($/oz sold) (1,2) | $ | 2,528 | $ | 1,550 |
Sustaining capital expenditures (2) | $ | 4.6 | $ | 3.0 |
Olympias | ||||
Gold produced (oz) | 14,319 | 11,829 | ||
Gold sold (oz) | 12,528 | 11,930 | ||
Production costs | $ | 52.1 | $ | 40.3 |
Total cash costs ($/oz sold) (1,2) | $ | 1,628 | $ | 2,398 |
All-in sustaining costs ($/oz sold) (1,2) | $ | 2,031 | $ | 2,842 |
Sustaining capital expenditures (2) | $ | 4.6 | $ | 4.9 |
(1) Includes costs allocated to by-products. | ||||
Kisladag
Kisladag produced 28,339 ounces of gold in Q1 2026, a 36% decrease from 44,319 ounces in Q1 2025. The decrease was due to the planned lower tonnes and ore grade stacked in the first quarter, in addition to the accelerated waste removal from phase 6 and the western area which is underway. The average grade of tonnes placed decreased to 0.44 grams per tonne in Q1 2026 from 0.79 grams per tonne in Q1 2025.
Revenue increased to
Production costs increased to
AISC per ounce sold increased to
Sustaining capital expenditures of
The geometallurgical study, characterizing future mining phases and evaluating the benefit of additional screening for the high pressure grinding rolls and whole ore agglomeration, is expected to be complete in Q2 2026.
The higher metal price environment has created a significant opportunity for the Kisladag open pit, to allow us to evaluate the opportunity to move from a
For 2026, production guidance at Kisladag is 105,000 to 130,000 ounces of gold. Production is expected to decrease in the second quarter as a result of an extended 14-day planned shutdown for roll replacement and installation of the secondary crushing screen.
Lamaque
Lamaque produced 42,306 ounces of gold in Q1 2026, a 5% increase from 40,438 ounces in Q1 2025 primarily driven by higher grade ore, which includes the positive impact of Ormaque ore following receipt of the operating authorization in March, partially offset by lower throughput. Average grade increased to 6.20 grams per tonne in Q1 2026 from 5.38 grams per tonne in Q1 2025.
Revenue increased to
Production costs increased to
AISC per ounce sold decreased to
Sustaining capital expenditures of
In 2026, production guidance at Lamaque is 185,000 to 200,000 ounces of gold. Production is expected to increase in the second quarter with higher grades expected as a result of mine sequencing and increased throughput.
Efemcukuru
Efemcukuru produced 15,394 payable ounces of gold in Q1 2026, a decrease from 19,307 payable ounces in Q1 2025 driven by lower gold grade of 3.92 grams per tonne in Q1 2026 from 5.52 grams per tonne in Q1 2025, partly offset by higher throughput during the quarter.
Revenue increased to
Production costs increased to
AISC per ounce sold increased to
Sustaining capital expenditures of
For 2026, production guidance at Efemcukuru is forecast to be 70,000 to 80,000 ounces of gold. Production in the second quarter is expected to be consistent with the first quarter.
Olympias
Olympias produced 14,319 payable ounces of gold in Q1 2026, a 21% increase from 11,829 ounces in Q1 2025. The increase is a reflection of stable ore blend and flotation performance which resulted in increased metal recoveries.
Revenue increased to
Production costs increased to
AISC per ounce sold decreased to
For 2026, production guidance at Olympias is forecast to be 70,000 to 80,000 ounces of gold. Production in the second quarter is expected to increase with higher grades expected as a result of mine sequencing.
For further information on the Company's operating results for the first quarter of 2026, please see the Company’s MD&A 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 First Quarter 2026 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/10207478/103910db6b6.
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: | Vancouver: | +1 412 317 0088 | ||
Time: | ( | Toll Free: | +1 855 669 9658 | |
Dial in: | +1 647 846 2782 | Access code: | 4133862 | |
Toll free: | +1 833 752 3325 | |||
About
Eldorado is a gold and base metals producer with mining, development and exploration operations in
Contacts
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 news release, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), adjusted net earnings/(loss) attributable to shareholders, adjusted net earnings/(loss) per share attributable to shareholders, 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, free cash flow, free cash flow excluding Skouries, and cash flow from operating activities before changes in working capital.
Please see the
We believe that our use of total cash costs per ounce sold and all-in sustaining costs per ounce sold will assist analysts, investors and other stakeholders of the Company in understanding the costs associated with producing gold, assessing our operating performance, and our ability to generate free cash flow from gold operations. Due to the capital-intensive nature of the industry and the long useful lives over which these assets are depreciated, there can be a significant timing difference between net earnings calculated in accordance with IFRS and the amount of free cash flow that is generated by a mine, and therefore we believe these measures are useful non-IFRS operating metrics and supplement our IFRS disclosures. These measures are not representative of all of our cash expenditures as they do not include income tax payments, interest costs or dividend payments. These measures do not include depreciation or amortization. Certain additional disclosures for these and other financial measures and ratios have been incorporated by reference and can be found in the section 'Non-IFRS and Other Financial Measures and Ratios' in the
EBITDA, Adjusted EBITDA
Our reconciliation of EBITDA and Adjusted EBITDA to earnings from continuing operations before income tax, the most directly comparable IFRS measure, is presented below.
Q1 2026 | Q1 2025 | |||||
Earnings before income tax (1) | $ | 246.7 | $ | 42.3 | ||
Depreciation and amortization (2) | 54.4 | 60.6 | ||||
Interest income | (7.7 | ) | (8.3 | ) | ||
Finance costs | 14.0 | 12.2 | ||||
EBITDA | $ | 307.5 | $ | 106.9 | ||
Unrealized loss on derivative instruments | 20.0 | 63.4 | ||||
Acquisition costs | 7.7 | — | ||||
Loss (gain) on disposal of assets | 0.4 | (7.3 | ) | |||
Share of loss from associate | 0.1 | — | ||||
Adjusted EBITDA | $ | 335.7 | $ | 163.0 | ||
(1) 2025 amounts presented are from continuing operations only and exclude the | ||||||
Adjusted Net Earnings Attributable to Shareholders
Our reconciliation of adjusted net earnings (loss) and adjusted net earnings (loss) per share to net earnings from continuing operations attributable to shareholders of the Company, the most directly comparable IFRS measure, is presented below.
Q1 2026 | Q1 2025 | |||||
Net earnings attributable to shareholders of the Company (1) | $ | 136.4 | $ | 72.0 | ||
Loss (gain) on foreign exchange translation of deferred tax balances | 18.3 | (3.5 | ) | |||
Decrease (increase) in fair value of redemption option derivative | 5.8 | (0.6 | ) | |||
Unrealized loss on derivative instruments | 20.0 | 63.4 | ||||
Acquisition costs | 7.7 | — | ||||
Tax recovery on recognition of deferred tax asset | — | (73.5 | ) | |||
(Gain) discount on sale of marketable securities | (0.1 | ) | 5.1 | |||
Share of loss from associate | 0.1 | — | ||||
Gain on sale of mining licenses | — | (6.5 | ) | |||
Total adjusted net earnings | $ | 188.2 | $ | 56.4 | ||
Weighted average shares outstanding (thousands) | 197,731 | 204,762 | ||||
Adjusted net earnings per share ($/share) | $ | 0.95 | $ | 0.28 | ||
(1) 2025 amounts presented are from continuing operations only and exclude the | ||||||
Reconciliation of Total Cash Costs, Total Cash Cost per Ounce Sold, AISC, and AISC per Ounce Sold to Production Costs
Our reconciliation of total cash costs, total cash costs per ounce sold, AISC, and AISC per Ounce Sold to production costs, the most directly comparable IFRS measure, is presented below.
For the three months ended
Kisladag | Lamaque | Efemcukuru | Olympias | Corporate(3) | Total | ||||||||||||
Direct operating costs | $ | 39.3 | $ | 38.1 | $ | 20.7 | $ | 39.1 | $ | — | $ | 137.2 | |||||
Transportation and selling costs | 0.2 | 0.1 | 2.8 | 2.5 | — | $ | 5.6 | ||||||||||
Inventory change (1) | (3.1 | ) | 1.0 | (0.2 | ) | (2.4 | ) | — | $ | (4.6 | ) | ||||||
Royalty expense | 20.4 | 2.6 | 14.3 | 12.9 | — | $ | 50.1 | ||||||||||
Production costs | $ | 56.7 | $ | 41.8 | $ | 37.6 | $ | 52.1 | $ | — | $ | 188.2 | |||||
Costs allocated to by-products | (3.1 | ) | (1.4 | ) | (4.1 | ) | (32.0 | ) | — | $ | (40.6 | ) | |||||
Treatment and refining costs (2) | — | — | — | 0.3 | — | $ | 0.3 | ||||||||||
Total cash costs | $ | 53.7 | $ | 40.3 | $ | 33.5 | $ | 20.4 | $ | — | $ | 147.9 | |||||
Corporate & allocated G&A | — | — | — | — | 12.1 | $ | 12.1 | ||||||||||
Exploration costs | — | 0.4 | — | — | — | $ | 0.4 | ||||||||||
Reclamation costs and amortization | 1.2 | 0.2 | 0.3 | 0.4 | — | $ | 2.1 | ||||||||||
Sustaining capital | 3.5 | 20.2 | 4.6 | 4.6 | — | $ | 32.9 | ||||||||||
All-in sustaining costs | $ | 58.3 | $ | 61.1 | $ | 38.4 | $ | 25.4 | $ | 12.1 | $ | 195.4 | |||||
Gold oz sold | 28,311 | 44,607 | 15,173 | 12,528 | — | 100,619 | |||||||||||
Total cash costs/oz | $ | 1,896 | $ | 904 | $ | 2,208 | $ | 1,628 | $ | — | $ | 1,470 | |||||
AISC/oz | $ | 2,060 | $ | 1,370 | $ | 2,528 | $ | 2,031 | $ | 121 | $ | 1,942 | |||||
(1) Inventory change adjustments result from timing differences between when inventory is produced and when it is sold. | |||||||||||||||||
For the three months ended
Kisladag | Lamaque | Efemcukuru | Olympias | Corporate (3) | Total | ||||||||||||
Direct operating costs | $ | 41.9 | $ | 31.4 | $ | 17.9 | $ | 34.5 | $ | — | $ | 125.6 | |||||
Transportation and selling costs | 0.2 | 0.1 | 2.7 | 1.8 | — | $ | 4.8 | ||||||||||
Inventory change (1) | (5.1 | ) | 2.9 | (1.5 | ) | (0.6 | ) | — | $ | (4.3 | ) | ||||||
Royalty expense | 10.6 | 1.4 | 5.6 | 4.6 | — | $ | 22.2 | ||||||||||
Production costs | $ | 47.5 | $ | 35.7 | $ | 24.7 | $ | 40.3 | $ | — | $ | 148.3 | |||||
Costs allocated to by-products | (1.5 | ) | (0.4 | ) | (1.5 | ) | (12.8 | ) | — | $ | (16.3 | ) | |||||
Treatment and refining costs (2) | — | — | 1.0 | 1.1 | — | $ | 2.1 | ||||||||||
Total cash costs | $ | 46.1 | $ | 35.3 | $ | 24.1 | $ | 28.6 | $ | — | $ | 134.1 | |||||
Corporate & allocated G&A | 0.3 | — | 0.3 | — | 10.5 | $ | 11.2 | ||||||||||
Exploration costs | — | 0.7 | — | — | — | $ | 0.7 | ||||||||||
Reclamation costs and amortization | 1.8 | 0.1 | 0.2 | 0.4 | — | $ | 2.4 | ||||||||||
Sustaining capital | 2.3 | 22.7 | 3.0 | 4.9 | — | $ | 32.9 | ||||||||||
All-in sustaining costs | $ | 50.5 | $ | 58.8 | $ | 27.6 | $ | 33.9 | $ | 10.5 | $ | 181.2 | |||||
Gold oz sold | 44,338 | 42,205 | 17,790 | 11,930 | — | 116,263 | |||||||||||
Total cash costs/oz | $ | 1,039 | $ | 836 | $ | 1,357 | $ | 2,398 | $ | — | $ | 1,153 | |||||
AISC/oz | $ | 1,138 | $ | 1,392 | $ | 1,550 | $ | 2,842 | $ | 91 | $ | 1,559 | |||||
(1) Inventory change adjustments result from timing differences between when inventory is produced and when it is sold. | |||||||||||||||||
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:
Q1 2026 | Q1 2025 | |||||
General and administrative expenses (from consolidated statement of operations) | $ | 11.2 | $ | 8.1 | ||
Add: | ||||||
Share-based payments expense | 3.6 | 4.4 | ||||
Less: | ||||||
Depreciation in general and administrative expenses | (0.5 | ) | (0.4 | ) | ||
Business development | (1.6 | ) | (0.3 | ) | ||
Development projects | (0.5 | ) | (0.5 | ) | ||
Corporate and allocated general and administrative expenses per AISC | $ | 12.1 | $ | 11.2 | ||
Reconciliation of exploration and evaluations costs included in All-in Sustaining Costs:
Q1 2026 | Q1 2025 | |||||
Exploration and evaluation expense (from consolidated statement of operations) (1) | $ | 9.3 | $ | 7.0 | ||
Add: | ||||||
Capitalized exploration cost related to operating gold mines | 0.4 | 0.7 | ||||
Less: | ||||||
Exploration and evaluation expenses related to non-gold mines and other sites | (9.3 | ) | (7.0 | ) | ||
Exploration costs per AISC | $ | 0.4 | $ | 0.7 | ||
(1) 2025 amounts presented are from continuing operations only and exclude the | ||||||
Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs:
Q1 2026 | Q1 2025 | |||||
Asset retirement obligation accretion (from notes to the consolidated financial statements) (1) | $ | 1.5 | $ | 1.5 | ||
Add: | ||||||
Depreciation related to asset retirement obligation assets | 0.9 | 1.1 | ||||
Less: | ||||||
Asset retirement obligation accretion related to non-gold mines and other sites | (0.2 | ) | (0.2 | ) | ||
Reclamation costs and amortization per AISC | $ | 2.1 | $ | 2.4 | ||
(1) 2025 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.
Q1 2026 | Q1 2025 | |||||
Additions to property, plant and equipment | $ | 318.0 | $ | 173.2 | ||
Growth and development project capital investment - gold mines | (92.4 | ) | (38.7 | ) | ||
Growth and development project capital investment - other | (190.2 | ) | (99.7 | ) | ||
Sustaining capitalized exploration | (0.4 | ) | (0.7 | ) | ||
Sustaining capitalized depreciation | (2.7 | ) | — | |||
Sustaining equipment leases | 0.5 | (1.3 | ) | |||
Sustaining capital expenditure at operating gold mines | $ | 32.9 | $ | 32.9 | ||
(1) 2025 amounts presented are from continuing operations only and exclude the | ||||||
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 | Less non-gold revenue | Gold revenue(2) | Gold oz sold | Average realized gold price per ounce sold | |||||||
Kisladag | $ | 145.7 | $ | — | $ | (3.1 | ) | $ | 142.6 | 28,311 | $ | 5,038 |
Lamaque | 219.6 | — | (1.4 | ) | 218.2 | 44,607 | 4,891 | |||||
Efemcukuru | 78.6 | — | (4.1 | ) | 74.5 | 15,173 | 4,909 | |||||
Olympias | 88.5 | 0.3 | (32.0 | ) | 56.8 | 12,528 | 4,535 | |||||
Total consolidated | $ | 532.4 | $ | 0.3 | $ | (40.6 | ) | $ | 492.1 | 100,619 | $ | 4,891 |
(1) Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales. | ||||||||||||
For the three months ended
Revenue | Add concentrate | Less non-gold revenue | Gold revenue (2) | Gold oz sold | Average realized gold price per ounce sold | |||||||
Kisladag | $ | 129.2 | $ | — | $ | (1.5 | ) | $ | 127.8 | 44,338 | $ | 2,882 |
Lamaque | 122.0 | — | (0.4 | ) | 121.6 | 42,205 | 2,881 | |||||
Efemcukuru | 57.5 | 1.0 | (1.5 | ) | 56.9 | 17,790 | 3,197 | |||||
Olympias | 46.5 | 1.1 | (12.8 | ) | 34.8 | 11,930 | 2,918 | |||||
Total consolidated | $ | 355.2 | $ | 2.1 | $ | (16.3 | ) | $ | 341.0 | 116,263 | $ | 2,933 |
(1) Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales. | ||||||||||||
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 operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.
Q1 2026 | Q1 2025 | |||||
Net cash generated from operating activities (1) | $ | 141.4 | $ | 130.4 | ||
Less: Cash used in investing activities | (230.3 | ) | (4.7 | ) | ||
Less: Proceeds from sale of marketable securities | (40.2 | ) | (155.1 | ) | ||
Free cash flow | $ | (129.1 | ) | $ | (29.4 | ) |
Add back: Skouries cash capital expenditures | 183.6 | 88.2 | ||||
Add back: Capitalized interest paid (2) | 8.4 | 9.1 | ||||
Free cash flow excluding Skouries | $ | 62.9 | $ | 67.9 | ||
(1) 2025 amounts presented are from continuing operations only and exclude the | ||||||
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.
Q1 2026 | Q1 2025 | |||
Net cash generated from operating activities (1) | $ | 141.4 | $ | 130.4 |
Add back: Changes in non-cash working capital | 45.7 | 6.1 | ||
Cash flow from operating activities before changes in working capital | $ | 187.1 | $ | 136.5 |
(1) 2025 amounts presented are from continuing operations only and exclude the | ||||
Forward-Looking Statements and Information
Certain of the statements made and information provided in this news release are forward-looking statements or forward-looking 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”, “continues”, “commitment”, “estimates”, “expects”, “forecasts”, “foresees”, “future”, “goal”, “guidance”, “intends”, “opportunity”, “outlook”, “plans”, “potential”, “projects”, “prospective”, “scheduled”, “strives”, or “targets” 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 and forward-looking information contained in this news release includes, but is not limited to, statements or information with respect to: the Company’s 2026 annual production guidance (both for the company and by material property) and relative production through the year; cost guidance (including expected total cash costs and average AISC); expected changes to Eldorado's management team and Board and the timing in relation thereto; with respect to Skouries: our expectation of first concentrate production in Q3 and commercial production in Q4 2026; expected stronger terms in offtake contract negotiations; projected gold production and copper production; expected project capital and accelerated operational capital and the timing thereof; expected progress on construction activities and commissioning activities; expected timing and development of test stopes; and expected completion of theoretical training; with respect to Kisladag, expected completion of the geometallurgical study in Q2 2026, opportunities for the open pit and expected benefits of the mine optimizing plan; our expectation to increase waste stripping; and our expectation of decreased production in Q2; with respect to Lamaque, expectations for increased production in Q2; with respect to Efemcukuru, our expectation that production in Q2 to be consistent with Q1; with respect to Olympias, our expectation of increased production in Q2; and expected sequential completion in Q3 and expected ramp-up in Q4 for the mill expansion project; the date of the conference call on
Forward-looking statements and forward-looking information by their nature are based on a number of assumptions that management considers reasonable. However, if such assumptions prove to be inaccurate, then 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, copper, and other commodities; receipt of all required permits on the timelines we expect; the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; the successful integration of the assets and operations from the Foran acquisition, and the realization of benefits derived therefrom; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; availability of labour resources, including for construction, development and improvements activities; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; our ability to effectively use invested capital and unlock the potential expansion opportunities across the 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 of shipping for important or critical items for construction, development and improvements activities or 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; and the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in.
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 and 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.
Furthermore, should one or more of the risks, uncertainties and other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements or information. Generally, these risks, uncertainties and other factors include, among others: commodity price risk; development risks at Skouries, McIlvenna Bay, and other construction and development projects; including the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality and our ability to construct key infrastructure within the required timelines, and unexpected inclement weather and climate events that may delay timelines; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; integration risks relating to the Foran acquisition, including the possibility that anticipated benefits from the Foran acquisition are not realized on the timeline expected or at all; delays and risks relating to surface construction, commissioning activities, ramp-up, and commercial production at McIlvenna Bay; our ability to secure supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables; inflation risk; community relations and social license; risks related to title and surface rights; environmental, health and safety matters; our ability to completely understand geotechnical structures, geotechnical and hydrogeological conditions or failures, and our ability to mitigate such conditions or failures at a reasonable cost, or at all; regulatory requirements as they relate to mine plan approvals; compliance with the Extractive Sector Transparency Measures Act (
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
Qualified Persons and Disclosure of Mineral Resources
Except as otherwise noted,
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.
Condensed Consolidated Interim Statements of Financial Position
As at
(Unaudited – in thousands of
Note |
|
| |||||||
ASSETS | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 629,724 | $ | 869,356 | |||||
Accounts receivable and other | 4 | 231,552 | 279,212 | ||||||
Inventories | 5 | 327,191 | 297,165 | ||||||
Current derivative assets | 17 | 1,588 | 2,051 | ||||||
1,190,055 | 1,447,784 | ||||||||
Deferred tax assets | 37,076 | 37,076 | |||||||
Other assets | 6 | 104,968 | 144,479 | ||||||
Investment in associate | 7 | 109,287 | 109,423 | ||||||
Non-current derivative assets | 17 | 6,262 | 10,380 | ||||||
Property, plant and equipment | 5,159,789 | 4,885,564 | |||||||
92,591 | 92,591 | ||||||||
$ | 6,700,028 | $ | 6,727,297 | ||||||
LIABILITIES & EQUITY | |||||||||
Current liabilities | |||||||||
Accounts payable and accrued liabilities | $ | 566,182 | $ | 630,310 | |||||
Current portion of lease liabilities | 5,568 | 6,024 | |||||||
Current portion of debt | 8 | 46,939 | 47,968 | ||||||
Current portion of asset retirement obligation | 7,237 | 7,886 | |||||||
Current derivative liabilities | 17 | 106,617 | 96,879 | ||||||
732,543 | 789,067 | ||||||||
Debt | 8 | 1,183,839 | 1,227,084 | ||||||
Lease liabilities | 7,732 | 8,575 | |||||||
Employee benefit plan obligations | 13,961 | 13,747 | |||||||
Asset retirement obligations | 136,094 | 135,071 | |||||||
Non-current derivative liabilities | 17 | 21,699 | 16,254 | ||||||
Deferred income tax liabilities | 282,823 | 254,420 | |||||||
2,378,691 | 2,444,218 | ||||||||
Equity | |||||||||
Share capital | 13 | 3,303,820 | 3,341,760 | ||||||
Shares held in trust for restricted share units | 13 | (16,364 | ) | (16,035 | ) | ||||
Contributed surplus | 2,492,674 | 2,537,197 | |||||||
Accumulated other comprehensive loss | (30,463 | ) | (11,553 | ) | |||||
Deficit | (1,431,302 | ) | (1,572,080 | ) | |||||
Total equity attributable to shareholders of the Company | 4,318,365 | 4,279,289 | |||||||
Attributable to non-controlling interests | 2,972 | 3,790 | |||||||
4,321,337 | 4,283,079 | ||||||||
$ | 6,700,028 | $ | 6,727,297 | ||||||
Commitments and contractual obligations (Note 16)
Events after the reporting date (Note 21, Note 13(b))
Approved on behalf of the Board of Directors
(signed)
Date of approval:
Please see the condensed consolidated interim financial statements dated
Condensed Consolidated Interim Statements of Operations
For the three months ended
(Unaudited – in thousands of
Note | Three months ended | Three months ended | |||||||
Revenue | |||||||||
Metal sales | 9 | $ | 532,428 | $ | 355,245 | ||||
Cost of sales | |||||||||
Production costs | 188,213 | 148,311 | |||||||
Depreciation and amortization | 53,994 | 60,169 | |||||||
242,207 | 208,480 | ||||||||
Earnings from mine operations | 290,221 | 146,765 | |||||||
Exploration and evaluation expenses | 9,309 | 6,990 | |||||||
Mine standby costs | 4,714 | 4,131 | |||||||
General and administrative expenses | 11,164 | 8,080 | |||||||
Share-based payments expense | 14 | 3,607 | 4,362 | ||||||
Write-down of assets | 489 | 2,689 | |||||||
Foreign exchange (gain) loss | (20,367 | ) | 6,284 | ||||||
Acquisition costs | 21 | 7,694 | — | ||||||
Earnings from operations | 273,611 | 114,229 | |||||||
Other expense | 10 | (12,903 | ) | (59,727 | ) | ||||
Finance costs | 11 | (13,963 | ) | (12,244 | ) | ||||
Earnings from continuing operations before income tax | 246,745 | 42,258 | |||||||
Income tax expense (recovery) | 12 | 111,007 | (32,608 | ) | |||||
Net earnings from continuing operations | 135,738 | 74,866 | |||||||
Net loss from discontinued operations, net of tax | — | (1,333 | ) | ||||||
Net earnings for the period | $ | 135,738 | $ | 73,533 | |||||
Net earnings (loss) attributable to: | |||||||||
Shareholders of the Company | 136,379 | 72,402 | |||||||
Non-controlling interests | (641 | ) | 1,131 | ||||||
Net earnings for the period | $ | 135,738 | $ | 73,533 | |||||
Net earnings attributable to shareholders of the Company: | |||||||||
Continuing operations | 136,379 | 71,983 | |||||||
Discontinued operations | — | 419 | |||||||
$ | 136,379 | $ | 72,402 | ||||||
Net (loss) earnings attributable to non-controlling interest: | |||||||||
Continuing operations | (641 | ) | 2,883 | ||||||
Discontinued operations | — | (1,752 | ) | ||||||
$ | (641 | ) | $ | 1,131 | |||||
Weighted average number of shares outstanding | |||||||||
Basic | 13 | 197,730,794 | 204,762,059 | ||||||
Diluted | 13 | 200,873,516 | 206,501,722 | ||||||
Net earnings per share attributable to shareholders of the Company: | |||||||||
Basic earnings per share | $ | 0.69 | $ | 0.35 | |||||
Diluted earnings per share | $ | 0.68 | $ | 0.35 | |||||
Net earnings per share attributable to shareholders of the Company - Continuing operations: | |||||||||
Basic earnings per share | $ | 0.69 | $ | 0.35 | |||||
Diluted earnings per share | $ | 0.68 | $ | 0.35 | |||||
Please see the condensed consolidated interim financial statements dated
Condensed Consolidated Interim Statements of Comprehensive Income
For the three months ended
(Unaudited – in thousands of
Three months ended | Three months ended | ||||||
Net earnings for the period | $ | 135,738 | $ | 73,533 | |||
Other comprehensive income (loss): | |||||||
Items that will not be reclassified to earnings or loss: | |||||||
Change in fair value of investments in marketable securities | 280 | 22,519 | |||||
Income tax expense on change in fair value of investments in marketable securities | (45 | ) | (3,021 | ) | |||
Actuarial gains on employee benefit plans | 197 | 185 | |||||
Income tax expense on actuarial gains on employee benefit plans | (47 | ) | (44 | ) | |||
Total other comprehensive income for the period | 385 | 19,639 | |||||
Total comprehensive income for the period | $ | 136,123 | $ | 93,172 | |||
Total comprehensive income attributable to: | |||||||
Shareholders of the Company | 136,764 | 92,041 | |||||
Non-controlling interests | (641 | ) | 1,131 | ||||
$ | 136,123 | $ | 93,172 | ||||
Please see the condensed consolidated interim financial statements dated
Condensed Consolidated Interim Statements of Cash Flows
For the three months ended
(Unaudited – in thousands of
Note | Three months ended | Three months ended | |||||||
Cash flows generated from (used in): | |||||||||
Operating activities | |||||||||
Net earnings from continuing operations | $ | 135,738 | $ | 74,866 | |||||
Adjustments for: | |||||||||
Depreciation and amortization | 54,448 | 60,617 | |||||||
Finance costs | 11 | 13,963 | 12,244 | ||||||
Interest income | 10 | (7,694 | ) | (8,257 | ) | ||||
Share of loss from associate | 10 | 136 | — | ||||||
Unrealized foreign exchange (gain) loss | (20,072 | ) | 6,563 | ||||||
Income tax expense (recovery) | 12 | 111,007 | (32,608 | ) | |||||
Loss (gain) on disposal of assets | 392 | (7,288 | ) | ||||||
Unrealized loss on derivative instruments | 10 | 20,037 | 63,390 | ||||||
Write-down of assets | 489 | 2,689 | |||||||
Share-based payment expense | 14 | 3,607 | 4,362 | ||||||
Employee benefit plan expense | 1,084 | 1,014 | |||||||
313,135 | 177,592 | ||||||||
Property reclamation payments | (1,178 | ) | (795 | ) | |||||
Employee benefit plan payments | (463 | ) | (420 | ) | |||||
Income taxes paid | (132,115 | ) | (48,115 | ) | |||||
Interest received | 7,694 | 8,257 | |||||||
Changes in non-cash operating working capital | 15 | (45,680 | ) | (6,108 | ) | ||||
Net cash generated from operating activities of continuing operations | 141,393 | 130,411 | |||||||
Net cash generated from operating activities of discontinued operations | — | 191 | |||||||
Investing activities | |||||||||
Additions to property, plant and equipment | (311,307 | ) | (158,495 | ) | |||||
Capitalized interest paid | (8,438 | ) | (9,116 | ) | |||||
Value added taxes related to mineral property expenditures | 53,923 | 13,306 | |||||||
Sale of investments in marketable securities, net of purchases | 40,193 | 155,078 | |||||||
Increase in deposits and other investments | (4,666 | ) | (5,518 | ) | |||||
Net cash used in investing activities of continuing operations | (230,295 | ) | (4,745 | ) | |||||
Financing activities | |||||||||
Issuance of common shares for cash, net of share issuance costs | 2,034 | 2,313 | |||||||
Net distributions to non-controlling interests | (177 | ) | — | ||||||
Proceeds from VAT Facility | 8 | — | 15,756 | ||||||
Repayments of VAT Facility | 8 | (35,757 | ) | (18,390 | ) | ||||
Dividends paid | 13(b) | (14,896 | ) | — | |||||
Interest paid | (9,922 | ) | (8,462 | ) | |||||
Principal portion of lease liabilities | (1,215 | ) | (1,346 | ) | |||||
Purchase of shares for cancellation | 13 | (83,895 | ) | — | |||||
Purchase of shares held in trust for restricted share units | 13 | (4,492 | ) | (1,810 | ) | ||||
Net cash used in financing activities of continuing operations | (148,320 | ) | (11,939 | ) | |||||
Effect of exchange rates on cash and cash equivalents | (2,410 | ) | 7,618 | ||||||
Net (decrease) increase in cash and cash equivalents | (239,632 | ) | 121,536 | ||||||
Cash and cash equivalents - beginning of period | 869,356 | 856,797 | |||||||
Change in cash in disposal group held for sale | — | (191 | ) | ||||||
Cash and cash equivalents - end of period | $ | 629,724 | $ | 978,142 | |||||
Please see the condensed consolidated interim financial statements dated
Condensed Consolidated Interim Statements of Changes in Equity
For the three months ended
(Unaudited – in thousands of
Note | Three months ended | Three months ended | |||||||
Share capital | |||||||||
Balance beginning of period | $ | 3,341,760 | $ | 3,433,778 | |||||
Shares issued upon exercise of share options | 2,041 | 2,313 | |||||||
Shares issued upon exercise of performance share units | — | 5,282 | |||||||
Transfer of contributed surplus on exercise of options | 704 | 877 | |||||||
Shares repurchased and cancelled, net of tax | (40,685 | ) | — | ||||||
Balance end of period | 13 | $ | 3,303,820 | $ | 3,442,250 | ||||
Shares held in trust for restricted share units | |||||||||
Balance beginning of period | $ | (16,035 | ) | $ | (12,970 | ) | |||
Shares purchased and held in trust for restricted share units | (4,492 | ) | (1,810 | ) | |||||
Shares released for settlement of restricted share units | 4,163 | 1,815 | |||||||
Balance end of period | 13 | $ | (16,364 | ) | $ | (12,965 | ) | ||
Contributed surplus | |||||||||
Balance beginning of period | $ | 2,537,197 | $ | 2,612,762 | |||||
Shares repurchased and cancelled | (42,907 | ) | — | ||||||
Share-based payments arrangements | 3,251 | 2,817 | |||||||
Shares redeemed upon exercise of restricted share units | (4,163 | ) | (1,815 | ) | |||||
Shares redeemed upon exercise of performance share units | — | (5,282 | ) | ||||||
Transfer to share capital on exercise of options | (704 | ) | (877 | ) | |||||
Balance end of period | $ | 2,492,674 | $ | 2,607,605 | |||||
Accumulated other comprehensive (loss) income | |||||||||
Balance beginning of period | $ | (11,553 | ) | $ | 56,183 | ||||
Other comprehensive earnings for the period attributable to shareholders of the Company | 385 | 19,639 | |||||||
Reclassification on derecognition of investments in marketable securities | (19,295 | ) | (103,503 | ) | |||||
Balance end of period | $ | (30,463 | ) | $ | (27,681 | ) | |||
Deficit | |||||||||
Balance beginning of period | $ | (1,572,080 | ) | $ | (2,193,163 | ) | |||
Dividends paid | 13(b) | (14,896 | ) | — | |||||
Net earnings attributable to shareholders of the Company | 136,379 | 72,402 | |||||||
Reclassification on derecognition of investments in marketable securities | 19,295 | 103,503 | |||||||
Balance end of period | $ | (1,431,302 | ) | $ | (2,017,258 | ) | |||
Total equity attributable to shareholders of the Company | $ | 4,318,365 | $ | 3,991,951 | |||||
Non-controlling interests | |||||||||
Balance beginning of period | $ | 3,790 | $ | (8,143 | ) | ||||
Earnings attributable to non-controlling interests | (641 | ) | 1,131 | ||||||
Net distributions to non-controlling interests | (177 | ) | — | ||||||
Balance end of period | $ | 2,972 | $ | (7,012 | ) | ||||
Total equity | $ | 4,321,337 | $ | 3,984,939 | |||||
Please see the condensed consolidated interim financial statements dated
Source: