Eldorado Gold Corporation, (“Eldorado” or “the Company”) today
reports that the Company will refile on SEDAR at www.sedar.com
under the Company’s profile its Audited Consolidated Financial
Statements for the years ending December 31, 2018 and 2017
corresponding Management’s Discussion and Analysis to correct
certain typographical errors outlined at the end of this release.
In addition, the Company is reissuing its updated press release
entitled “Eldorado Gold Reports 2018 Year-End and Fourth Quarter
Financial and Operational Results” as follows in order to correct
the typographical errors included in the prior version as described
at the end of this release.
Year End Financial and Operating Results
Overview (1)
- 2018 Production was ahead
of plan: Annual gold production of 349,147 ounces of gold
(2017: 292,971 ounces) including 35,350 ounces of pre-commercial
production from Lamaque.◦ Exceeded original 2018 guidance of
290,000 – 330,000 ounces of gold.
- 2019 guidance increased
~27% year on year: 2019 guidance is
390,000 – 420,000 ounces of gold (per January 30, 2019
press release).
- Progress at
Lamaque: A total of 35,350 pre-commercial ounces
were produced during the year, including the first gold pour from
ore processed in the Sigma Mill in December 2018. $189.9
million in capital, including capitalized exploration was spent at
Lamaque in 2018, offset by $39.7 million in pre-commercial
revenues. The Company expects to be in commercial operation at
Lamaque in Q1 2019.
- Revenue growth:
Total revenue from continuing operations during the year was $459.0
million (2017: $391.4 million). Gold revenue from continuing
operations was $386.0 million (2017: $333.3 million) on sales of
304,256 ounces of gold at an average realized gold price of $1,269
per ounce (2017: 264,080 ounces at $1,262 per ounce).
- Increased cash flow
provided by continuing operations: Net cash provided by
operating activities of continuing operations was $66.3 million in
2018 (2017: $30.8 million).
- Cash operating costs
consistent with guidance: Cash operating costs were $625
per ounce sold for 2018 (2017: $509 per ounce) and were in-line
with expectations of $600-650 per ounce for 2018.
- Continued solid financial
liquidity: The Company closed the year with total
liquidity of approximately $543 million, including $293 million in
cash, cash equivalents and term deposits, and $250 million in an
undrawn line of credit.
- Net loss attributable to
shareholders: 2018 Net loss attributable to shareholders
of the Company from continuing operations was $361.9 million or
$2.28 per share, mainly attributable to impairment adjustments of
$447.8 for Olympias and Kisladag. Net loss attributable to
shareholders of the Company from continuing operations in 2017 was
$7.1 million or $0.07 per share. Adjusted net loss attributable to
shareholders of the Company in 2018 was $28.6 million, or $0.17 per
share (2017: Adjusted net earnings attributed to shareholders of
the Company of $15.2 million, or $0.10 per share).
- Startup of
Olympias: Olympias declared commercial production on
December 31, 2017. In 2018, a total of 322,659 tonnes of ore were
processed with an average grade of 7.75 g/t Au, resulting in 46,750
payable ounces of gold produced, at operating cash costs of $764
per ounce sold.
- Kisladag Heap
Leach: After the decision to suspend placement of ore on
the pad in Q2 2018, recoveries continued to improve, resulting in
production of 172,009 ounces for the year. In Q3 2018, as a result
of the completion of the feasibility study and the Board approval
to advance the Kisladag mill project, a review of the useful lives
of the Kisladag heap leach assets resulted in an impairment charge
of $117.6 million ($94.1 million net of deferred income tax)
recognized during the third quarter. In January 2019, the Company
announced the decision to suspend the mill project and resume
mining by the end of Q1 2019.
- Free cash flow from
resumption of mining and heap leaching at Kisladag: Will
provide the opportunity to consider initial debt retirement
starting later in 2019.
1 Throughout this press release we use cash
operating cost per ounce sold, all-in sustaining cost per ounce
sold, earnings from gold mining operations, adjusted net earnings
(loss), average realized price per ounce sold, earnings before
interest, taxes and depreciation and amortization from continuing
operations, adjusted earnings before interest, taxes and
depreciation and amortization from continuing operations, working
capital, non-cash operating costs, non-cash operating costs per
ounce sold and cash flow from operations before changes in non-cash
working capital as additional measures of Company performance.
These are non-IFRS measures. Please see for the December 31, 2018
MD&A for explanations and discussion of these non-IFRS
measures.
Fourth Quarter 2018 Highlights
- First gold poured at
Lamaque: A total of 16,046 ounces of gold were produced
during the quarter, including the first gold pour from ore
processed in the Sigma Mill in December.
- Steady cash operating
costs: Q4 cash operating costs of $626 per ounce and
all-in sustaining costs of $1,200 per ounce including $21 per
ounce in non-cash operating costs from inventory change, were in
line with Q4 2017 ($577 per ounce and $1,104 per ounce,
respectively, for 2017).
- Updated Reserves and
Resources: As of September 30, 2018, total Proven and
Probable Reserves of 389 million tonnes at 1.35 grams per tonne
gold containing 16.9 million ounces were reported.◦ Added new
reserves of 60,000 ounces of gold at Lamaque◦ Replaced
depletion of 80,000 ounces of gold at Efemcukuru◦ Added
572,000 ounces of gold to the Lamaque Inferred Resources which now
total 1.8 million ounces of gold.◦ Maiden Inferred Resource
at Bolcana in Romania of 381 million tonnes at 0.53 grams per tonne
gold and 0.18% copper containing 6.5 million ounces of gold and
686,000 tonnes of copper.
- Share consolidation: In December 2018, the
Company completed a 5:1 consolidation of its common
shares.
Eldorado’s President and CEO, George Burns,
stated: “As a result of the team’s hard work in 2018, we are well
positioned to grow annual gold production to over 500,000 ounces in
2020. We expect this will allow us to generate significant
free cash flow and provide us with the opportunity to consider debt
retirement later this year.
“The restart of mining and heap leaching at
Kisladag is a key part of our path forward. With improved
heap leach recoveries, we expect our revised plan will provide
increased free cash flow over the next three years.
“Eldorado’s growth is also supported by the
strong momentum at Lamaque. Less than two years after we
acquired the asset, we are set to begin commercial gold production
later this quarter. We expect total output at Lamaque,
including pre-commercial production, in excess of 100,000 ounces in
2019. We continue to focus on expansion possibilities through
resource conversion, exploration drilling and increasing mill feed
at this core asset.
“Looking ahead, I am confident about our
future. Eldorado is a focused gold producer with strong
assets and a team that is committed to driving long-term
shareholder value.”
|
Consolidated Financial and
Operational Highlights |
|
Summarized Annual Financial
Results |
(Continuing operations, except where
noted) |
|
2018 |
|
2017 |
|
Revenue |
$459.0 |
|
$391.4 |
|
Gold revenue |
$386.0 |
|
$333.3 |
|
Gold produced |
349,147 |
|
292,971 |
|
Gold sold (oz) 6 |
304,256 |
|
264,080 |
|
Average realized gold price ($/oz) |
$1,269 |
|
$1,262 |
|
Cash
operating costs ($/oz) 5 |
625 |
|
509 |
|
Total cash costs ($/oz) 5 |
650 |
|
534 |
|
All-in sustaining cost ($/oz) 5 |
994 |
|
922 |
|
Net
earnings from gold mining operations |
83.5 |
|
121.2 |
|
Net loss 1, 2 |
(361.9 |
) |
(9.9 |
) |
Net loss per share – basic ($/share) 1, 2 |
(2.28 |
) |
(0.07 |
) |
Adjusted net earnings (loss) 1, 2, 7 |
(28.6 |
) |
15.2 |
|
Adjusted net earnings (loss) per share ($/share) 1, 2 |
(0.17 |
) |
0.10 |
|
Cash flow from operating activities 3 |
61.3 |
|
66.5 |
|
Dividends paid |
— |
|
(10.6) |
|
Cash, cash equivalents and term deposits |
293.0 |
|
485.0 |
|
Total assets |
4,628.9 |
|
5,090.3 |
|
Total long-term financial liabilities 4 |
$710.2 |
|
$703.7 |
|
|
|
|
(1) Includes discontinued operations - China in
2017.(2) Attributable to shareholders of the
Company.(3) Before changes in non-cash working
capital.(4) Includes all long-term liabilities except
deferred income tax liabilities.(5) By-product revenues are
off-set against costs.(6) Excludes pre-commercial sales
from Lamaque and Olympias.
|
Summarized Quarterly
Financial Results |
|
(Continuing operations, except where
noted) |
2018 |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
2018 |
|
Revenue |
$131.9 |
|
$153.2 |
|
$81.1 |
|
$92.8 |
|
$459.0 |
|
Gold revenue |
$115.4 |
|
$121.3 |
|
$76.0 |
|
$73.3 |
|
$386.0 |
|
Gold produced (oz) |
86,634 |
|
99,105 |
|
84,783 |
|
75,887 |
|
349,147 |
|
Gold sold (oz) 5 |
86,587 |
|
94,224 |
|
64,589 |
|
58,856 |
|
304,256 |
|
Average realized gold price ($/oz) |
$1,333 |
|
$1,287 |
|
$1,177 |
|
$1,245 |
|
$1,269 |
|
Cash operating cost ($/oz) 4 |
571 |
|
587 |
|
754 |
|
626 |
|
625 |
|
Total cash cost ($/oz) 4 |
598 |
|
610 |
|
762 |
|
666 |
|
650 |
|
All-in sustaining cost ($/oz) 4 |
878 |
|
934 |
|
1,112 |
|
1,200 |
|
994 |
|
Net earnings from gold mining operations |
34.7 |
|
30.1 |
|
4.7 |
|
14.0 |
|
83.5 |
|
Net earnings (loss) 1, 2 |
8.7 |
|
(24.4 |
) |
(128.0 |
) |
(218.2 |
) |
(361.9 |
) |
Net earnings (loss) per share – basic ($/share) 1, 2 |
0.06 |
|
(0.15 |
) |
(0.81 |
) |
(1.38 |
) |
(2.28 |
) |
Adjusted net earnings (loss) 1, 2, 6 |
14.0 |
|
(1.8 |
) |
(21.9 |
) |
(18.9 |
) |
(28.6 |
) |
Adjusted net earnings (loss) per share ($/share) 1, 2 |
0.09 |
|
(0.01 |
) |
(0.14 |
) |
(0.11 |
) |
(0.17 |
) |
Cash flow
from operating activities 3 |
37.9 |
|
23.5 |
|
23.2 |
|
(23.3 |
) |
61.3 |
|
Cash, cash equivalents and term deposits |
$459.7 |
|
$429.8 |
|
$385.0 |
|
$293.0 |
|
$293.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
2017 |
|
Revenue |
$111.9 |
|
$82.7 |
|
$95.4 |
|
$101.4 |
|
$391.4 |
|
Gold revenue |
$90.5 |
|
$72.2 |
|
$84.4 |
|
$86.2 |
|
$333.3 |
|
Gold produced (oz) |
75,172 |
|
63,692 |
|
70,053 |
|
83,887 |
|
292,971 |
|
Gold sold (oz) 5 |
74,068 |
|
57,206 |
|
65,439 |
|
67,367 |
|
264,080 |
|
Average realized gold price ($/oz) |
$1,222 |
|
$1,262 |
|
$1,290 |
|
$1,280 |
|
$1,262 |
|
Cash operating cost ($/oz) 4 |
466 |
|
484 |
|
508 |
|
577 |
|
509 |
|
Total cash cost ($/oz) 4 |
483 |
|
502 |
|
547 |
|
602 |
|
534 |
|
All-in sustaining cost ($/oz) 4 |
791 |
|
846 |
|
925 |
|
1,104 |
|
922 |
|
Net earnings from gold mining operations |
37.0 |
|
28.1 |
|
30.1 |
|
26.0 |
|
121.2 |
|
Net earnings (loss) 1, 2 |
3.8 |
|
11.2 |
|
(4.2 |
) |
(20.7 |
) |
(9.9 |
) |
Net earnings (loss) per share – basic ($/share) 1, 2 |
0.03 |
|
0.08 |
|
(0.03 |
) |
(0.15 |
) |
(0.07 |
) |
Adjusted net earnings (loss) 1, 2 |
8.0 |
|
6.3 |
|
1.3 |
|
(0.4 |
) |
15.2 |
|
Adjusted net earnings (loss) per share ($/share) 1, 2 |
0.06 |
|
0.04 |
|
0.01 |
|
(0.02 |
) |
0.10 |
|
Cash flow from operating activities 3 |
28.2 |
|
16.9 |
|
16.3 |
|
5.1 |
|
66.5 |
|
Cash, cash equivalents and term deposits |
$873.9 |
|
$752.1 |
|
$546.1 |
|
$485.0 |
|
$485.0 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes discontinued operations - China in
2017.(2) Attributable to shareholders of the
Company.(3) Before changes in non-cash working
capital.(4) By-product revenues are off-set against
costs.(5) Excludes pre-commercial sales from Lamaque and
Olympias.
REVIEW OF FINANCIAL PERFORMANCE
Total revenue of $459.0 million, represented a
17% increase over 2017 revenue of $391.4 million due to increased
gold production. The realized gold price in 2018 was $1,269 per
ounce, marginally higher than the realized gold price of $1,262 per
ounce in 2017.
Operating cash costs per ounce sold in 2018
averaged $625, an increase from $509 in 2017, mainly reflecting the
impact of the first year of operations at Olympias in 2018 where
operating cash costs per ounce sold were $764 for the year.
Operating cash costs in 2018 were also impacted by a higher
non-cash inventory change at Kisladag during the year. Operating
cash costs per ounce sold at Kisladag were $662 in 2018, compared
to $500 in 2017, the increase due primarily to the non-cash
inventory change impact of $309 per ounce sold as a result of lower
inventory on the pad in 2018.
Exploration and evaluation expenditures
decreased from $38.3 million in 2017 to $33.8 million in 2018. The
decrease for both the year and fourth quarter reflected the
exploration focus on brownfields resource expansion at the
Company's mining operations and development projects during 2018.
General and administrative expenses of $46.8 million in 2018
decreased 14% from $54.6 million in 2017.
Deferred tax recovery was $86.5 million for 2018
due to the impairment adjustments recorded for Kisladag and
Olympias, together with a 1% decrease in the Greece corporate
income tax rate. The corporate income tax rate in Greece was 29% in
2018 and will gradually decrease 1% each year to 25% by 2022.
Net Loss to Shareholders In
2018 the net loss to shareholders from continuing operations was
$361.9 million, ($2.28 per share) compared to net loss from
continuing operations of $7.1 million and a net loss from
discontinuing operations of $2.8 million in 2017, reflective of the
impairment charge of $330.2 million ($247.7 million net of deferred
tax) at Olympias in Q4 2018, and the impairment charge related to
Kisladag leach pad assets of $117.6 million ($94.1 million net of
tax) in Q3 2018.
In Q4 2018, the Company recorded an impairment
adjustment for Olympias of $330.2 million ($247.7 million net of
deferred tax). The Company believes this is reflective of the
continued jurisdictional risk with obtaining permits in Greece, and
the recent softening of the global concentrate market. As a result,
the net loss attributable to shareholders during the quarter was
$218.2 million ($1.38 per share) as compared to a net loss
attributable to shareholders for the quarter ended
December 31, 2017 of $20.7 million ($0.15 per share)
In 2018, the adjusted net loss from continuing
operations was $28.6 million, compared to adjusted net earnings of
$15.2 million in 2017, a reflection of higher production and gold
price in Q4 2017.
The adjusted net loss from continuing operations
in Q4 2018 was $18.9 million as compared to Q4 2017 adjusted
net loss of $0.4 million. Adjusted net earnings for Q4 2018
were slightly lower year over year due to reduced sales volumes,
and marginally lower gold prices, together with increased
production costs due to first year of Olympias production.
|
Operations Update and
Outlook |
Gold
Operations |
Gold
Operations |
3 months endedDecember 31, |
|
12 months endedDecember 31, |
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2019
Outlook |
|
Total |
|
|
|
|
|
|
|
|
|
|
Ounces produced 1 |
75,887 |
|
83,887 |
|
349,147 |
|
292,971 |
|
390,000 – 420,000 |
|
Cash operating costs ($/oz) |
$626 |
|
$577 |
|
$625 |
|
$509 |
|
$550 – 600 |
|
All in sustaining costs ($/oz)3 |
1,200 |
|
1,104 |
|
994 |
|
922 |
|
900 – 1,000 |
|
Sustaining capex |
$17.2 |
|
$24.5 |
|
$54.4 |
|
$56.8 |
|
$80 –105 |
|
Kisladag |
|
|
|
|
|
|
|
|
|
|
Ounces produced |
28,196 |
|
44,357 |
|
172,009 |
|
171,358 |
|
145,000 – 165,000 |
|
Cash operating costs ($/oz) |
$547 |
|
$604 |
|
$662 |
|
$500 |
|
$570 – 620 |
|
All in sustaining costs ($/oz)3 |
770 |
|
n/a |
|
812 |
|
n/a |
|
n/a |
|
Sustaining capex |
$4.2 |
|
$11.4 |
|
$17.8 |
|
$27.9 |
|
$10 –15 |
|
Efemcukuru |
|
|
|
|
|
|
|
|
|
|
Ounces produced |
23,544 |
|
25,295 |
|
95,038 |
|
96,080 |
|
90,000 – 100,000 |
|
Cash operating costs ($/oz) |
$535 |
|
$525 |
|
$511 |
|
$524 |
|
$550 – 600 |
|
All in sustaining costs ($/oz)3 |
1,041 |
|
n/a |
|
834 |
|
n/a |
|
n/a |
|
Sustaining capex |
$9.1 |
|
$13.1 |
|
$24.4 |
|
$28.9 |
|
$15 – 20 |
|
Olympias |
|
|
|
|
|
|
|
|
|
|
Ounces produced1 |
8,101 |
|
7,174 |
|
46,750 |
|
18,472 |
|
50,000 - 55,000 |
|
Cash operating costs ($/oz) |
$1,237 |
|
n/a |
|
$764 |
|
n/a |
|
$550 – 650 |
|
All in sustaining costs ($/oz)3 |
2,038 |
|
n/a |
|
1,297 |
|
n/a |
|
n/a |
|
Sustaining capex |
$3.9 |
|
n/a |
|
12.2 |
|
n/a |
|
$20 – 25 |
|
Lamaque |
|
|
|
|
|
|
|
|
|
|
Ounces produced 2 |
16,046 |
|
7,061 |
|
35,350 |
|
7,061 |
|
100,000 - 110,000 |
|
Cash operating costs ($/oz) |
n/a |
|
n/a |
|
n/a |
|
n/a |
|
$550 – 600 |
|
All in sustaining costs ($/oz)3 |
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
Sustaining capex |
n/a |
|
n/a |
|
n/a |
|
n/a |
|
$35 – 45 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes pre-commercial production in 2017 and
2018(2) Includes pre-commercial production at
Lamaque.(3) The Company commenced reporting AISC by site
in 2018.
Gold production in 2018 was 349,147 ounces up
19% year on year (2017: 292,971 ounces) due to increased production
at Kisladag, commercial production at Olympias and pre-commercial
production at Lamaque. Production at Efemcukuru remained in-line
with 2017. Gold production in Q4 2018 was 75,887 ounces, down
10% quarter on quarter (Q4 2017: 83,887) due to lower production at
Kisladag partially offset by increased production at Lamaque.
For further information on the Company’s
operating results for the year-end and fourth quarter of 2018,
please see the Company’s Management’s Discussion and Analysis filed
on SEDAR at www.sedar.com under the Company’s profile.
Conference Call
A conference call to discuss the details of the
Company’s Fourth Quarter and Year End 2018 Results and Technical
Reports will be held by senior management on Friday, February 22,
2019 at 8:30 AM PT (11:30 AM ET). The call will be webcast
and can be accessed at Eldorado Gold’s website:
www.eldoradogold.com and via this link:
http://services.choruscall.ca/links/eldoradogold20190222.html
|
|
|
|
|
Conference Call
Details |
|
Replay
(available) |
Date: |
February
22, 2019 |
|
Toronto: |
+ 604 638
9010 |
Time: |
8:30 am PT (11:30 am ET) |
|
Toll free: |
1800 319 6413 |
Dial in: |
1+ 604 638 5340 |
|
Pass code: |
2800 |
Toll free: |
1800 319 4610 |
|
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|
|
|
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|
About Eldorado GoldEldorado is
a gold and base metals producer with mining, development and
exploration operations in Turkey, Canada, Greece, Romania, Serbia,
and Brazil. The Company has a highly skilled and dedicated
workforce, safe and responsible operations, a portfolio of
high-quality assets, and long-term partnerships with local
communities. Eldorado's common shares trade on the Toronto
Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE:
EGO).
Contacts
Investor RelationsPeter Lekich,
Manager Investor Relations604.687.4018 or
1.888.353.8166 peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications & Government Relations604.687.4018 or
1.888.353.8166 louiseb@eldoradogold.com
Cautionary Note about Forward-looking
Statements and InformationCertain of the statements made
and information provided in this press release are forward-looking
statements or information within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities laws. Often, these forward-looking statements
and forward-looking information can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
“continue”, “projected”, "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negatives thereof or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved.
Forward-looking statements or information
contained in this release include, but are not limited to,
statements or information with respect to: our guidance and
outlook, including expected production, cost guidance and
recoveries of gold, including higher heap leach recoveries at
Kisladag, favourable economics for our heap leaching plan and the
ability to extend heap leach mine life at Kisladag through further
metallurgical tests on deeper material, planned capital and
exploration expenditures; our expectation as to our future
financial and operating performance, including expectations around
generating significant free cash flow and debt retirement, expected
metallurgical recoveries, gold price and global concentrate
outlook; and our strategy, plans and goals, including our proposed
exploration, development, construction, permitting and operating
plans and priorities and related timelines and schedules and
results of litigation and arbitration proceedings.
Forward-looking statements and forward-looking
information by their nature are based on assumptions and involve
known and unknown risks, market uncertainties and other factors,
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information.
We have made certain assumptions about the
forward-looking statements and information, including assumptions
about the geopolitical, economic, permitting and legal climate that
we operate in; the future price of gold and other commodities; the
global concentrate market; exchange rates; anticipated costs and
expenses; production, mineral reserves and resources and
metallurgical recoveries, the impact of acquisitions, dispositions,
suspensions or delays on our business and the ability to achieve
our goals. In particular, except where otherwise stated, we
have assumed a continuation of existing business operations on
substantially the same basis as exists at the time of this
release.
Even though our management believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that the forward-looking statement or information will prove to be
accurate. Many assumptions may be difficult to predict and are
beyond our control.
Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or
information. These risks, uncertainties and other factors
include, among others, the following: results of further testwork,
recoveries of gold and other metals; geopolitical and economic
climate (global and local), risks related to mineral tenure and
permits; gold and other commodity price volatility; continued
softening of the global concentrate market; risks regarding
potential and pending litigation and arbitration proceedings
relating to the Company’s, business, properties and operations;
expected impact on reserves and the carrying value; the updating of
the reserve and resource models and life of mine plans; mining
operational and development risk; financing risks, foreign country
operational risks; risks of sovereign investment; regulatory risks
and liabilities including, environmental regulatory restrictions
and liability; discrepancies between actual and estimated
production, mineral reserves and resources and metallurgical
testing and recoveries; additional funding requirements; currency
fluctuations; community and non-governmental organization actions;
speculative nature of gold exploration; dilution; share price
volatility; competition; loss of key employees; and defective title
to mineral claims or properties, as well as those risk factors
discussed in the sections titled “Forward-Looking Statements” and
"Risk factors in our business" in the Company's most recent
Annual Information Form & Form 40-F. The reader is directed to
carefully review the detailed risk discussion in our most recent
Annual Information Form filed on SEDAR under our Company name,
which discussion is incorporated by reference in this release, for
a fuller understanding of the risks and uncertainties that affect
the Company’s business and operations.
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.
Financial Information and condensed statements
contained herein or attached hereto may not be suitable for readers
that are unfamiliar with the Company and is not a substitute for
reading the Company’s financial statements and related MD&A
available on our website and on SEDAR under our Company name.
The reader is directed to carefully review such document for a full
understanding of the financial information summarized herein.
Except as otherwise noted, scientific and
technical information contained in this press release was reviewed
and approved by Paul Skayman, FAusIMM, Chief Operating Officer for
Eldorado Gold Corporation, and a "qualified person" under NI
43-101.
Mineral resources which are not mineral reserves
do not have demonstrated economic viability. With respect to
“indicated mineral resource” and “inferred mineral resource”, there
is a great amount of uncertainty as to their existence and a great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of a “measured mineral resource”,
“indicated mineral resource” or “inferred mineral resource” will
ever be upgraded to a higher category.
Cautionary Note to US Investors Concerning
Estimates of Measured, Indicated and Inferred ResourcesThe terms
“mineral resource”, “measured mineral resource”, “indicated mineral
resource”, “inferred mineral resource” used herein are Canadian
mining terms used in accordance with NI 43-101 under the guidelines
set out in the Canadian Institute of Mining and Metallurgy and
Petroleum (the “CIM”) Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as may be amended from time
to time. These definitions differ from the definitions in the
United States Securities & Exchange Commission (“SEC”) Industry
Guide 7. In the United States, a mineral reserve is defined as a
part of a mineral deposit which could be economically and legally
extracted or produced at the time the mineral reserve determination
is made.While the terms “mineral resource”, “measured mineral
resource,” “indicated mineral resource”, and “inferred mineral
resource” are recognized and required by Canadian regulations, they
are not defined terms under standards in the United States and
normally are not permitted to be used in reports and registration
statements filed with the SEC. As such, information contained
herein concerning descriptions of mineralization and resources
under Canadian standards may not be comparable to similar
information made public by U.S. companies in SEC filings.
Accordingly, information herein containing
descriptions of our mineral deposits may not be comparable to
similar information made public by US companies subject to the
reporting and disclosure requirements under US federal securities
laws and the rules and regulations thereunder.
Corrections:
• Consolidated Financial Statements:
- The Date of Approval date on Consolidated Statements of
Financial Position, change to February 21, 2019, was February 21,
2018
• Management’s Discussion and Analysis:
- On page 9 on the table Summarized Quarterly Financial Results,
2018 the following changes:- Adjusted net earnings (loss) per share
for Q4: change to (0.11), was (0.05)- Adjusted net earnings (loss)
per share for 2018: change to (0.17), was (0.18)
- On page 9 on the table Summarized Quarterly Financial Results,
2017 the following changes:- Adjusted net earnings (loss) per share
for Q4: change to (0.02), was (0.05)
- On page 10 in the bullet Net loss attributable to shareholders
the following changes:- Insertion of “net of deferred taxes” after
“…$328.4 million for Olympias and Kisladag.”
- On page 14, under Net Earnings from Gold Mining Operations in
the second paragraph:- Q4 2018 net earnings from gold mining
operations: change to $14.0 million, was $11.8 million- Q4 2017 net
earnings from gold mining operations: change to $26.0 million, was
$27.2 million- The percentage decrease: change to 46%, was 56%
- On page 28, Under the table: Reconciliation of Net
Earnings/(loss) attributable to shareholders of the Company to
Adjusted Net Earnings/(loss) attributable to Shareholders of the
Company:- Q4 2017 Net Earnings/(loss): change to ($20.7), was
($20.8)- Q4 2018 Unrealized gain (loss) on foreign exchange
translation of deferred tax balances: change to (7.9), was (0.5)-
Q4 2017 Unrealized gain (loss) on foreign exchange translation of
deferred tax balances: change to 12.2, was 7.2- Q4 2018 Impairment
of property, plant and equipment, net of tax: change to 234.4, was
236.3- Q4 2018 Other non-recurring items: change to (2.3), was nil-
Q4 2017 Other non-recurring items: change to 4.7, was 2.3- Q4 2018
Total adjusted net earnings/(loss): change to ($18.9), was ($7.2)-
Q4 2017 Total adjusted net earnings/(loss): change to ($0.4), was
($7.9)- Q4 2018 Adjusted net earnings/(loss) per share ($/share):
change to (0.11), was (0.05)- Q4 2017 Adjusted net earnings/(loss)
per share ($/share): change to (0.02), was (0.05)
- On page 28, Under the table: Reconciliation of Net Earnings
(loss) from Mine Operations to Net Earnings (loss) from Gold Mining
Operations:- Q4 2017 Net earnings (loss) from Vila Nova mine,
change to (0.2) was (0.4)- Q4 2018 Other, change to (2.9), was
(0.7)- Q4 2017 Other, change to 0.2, was (0.8)- 2017 Other, change
to (1.0), was (1.5)- Q4 2018 Net Earnings (loss) from gold mining
operations, change to $14.0, was $11.8- Q4 2017 Net Earnings (loss)
from gold mining operations, change to $26.0, was $27.2- 2017 Net
Earnings (loss) from gold mining operations, change to $121.2, was
$121.7
- On Page 30, Table Quarterly Results- Q4 2018 Impairment charge
on property, plant and equipment, net of tax: change to 234.4, was
236.3
• Press Release:
- On page 1 under the bullet “Net loss attributable to
shareholders”….- In the third sentence: Adjusted net loss
attributable to shareholders of the Company in 2018 was…, change to
$28.6, was $26.3
- On page 4 on the table Summarized Quarterly Financial Results,
2018 the following changes:- Adjusted net earnings (loss) per share
for Q4: change to (0.11), was (0.05)- Adjusted net earnings (loss)
per share for 2018: change to (0.17), was (0.18)
- On page 4 on the table Summarized Quarterly Financial Results,
2017 the following changes:- Adjusted net earnings (loss) per share
for Q4: change to (0.02), was (0.05)
|
Eldorado Gold Corporation |
Consolidated Statements of Financial Position |
As at
December 31, 2018 and December 31, 2017 |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
Note |
|
|
December 31, 2018 |
|
|
|
December 31, 2017 |
|
ASSETS |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and cash
equivalents |
7 |
|
$ |
286,312 |
|
|
$ |
479,501 |
|
Term deposits |
|
|
6,646 |
|
|
5,508 |
|
Restricted cash |
8 |
|
296 |
|
|
310 |
|
Marketable
securities |
|
|
2,572 |
|
|
5,010 |
|
Accounts receivable and
other |
9 |
|
80,987 |
|
|
78,344 |
|
Inventories |
10 |
|
137,885 |
|
|
168,844 |
|
|
|
|
514,698 |
|
|
737,517 |
|
Restricted cash |
8 |
|
13,449 |
|
|
12,617 |
|
Other assets |
11 |
|
10,592 |
|
|
10,285 |
|
Defined benefit pension
plan |
18 |
|
9,120 |
|
|
9,919 |
|
Property, plant and
equipment |
13 |
|
3,988,476 |
|
|
4,227,397 |
|
Goodwill |
14 |
|
92,591 |
|
|
92,591 |
|
|
|
|
$ |
4,628,926 |
|
|
$ |
5,090,326 |
|
LIABILITIES
& EQUITY |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accounts payable and
accrued liabilities |
15 |
|
$ |
140,878 |
|
|
$ |
110,541 |
|
Current portion of
asset retirement obligations |
17 |
|
824 |
|
|
3,489 |
|
|
|
|
141,702 |
|
|
114,030 |
|
Debt |
16 |
|
595,977 |
|
|
593,783 |
|
Lease liability |
|
|
6,538 |
|
|
110 |
|
Defined benefit pension
plan |
18 |
|
14,375 |
|
|
13,599 |
|
Asset retirement
obligations |
17 |
|
93,319 |
|
|
96,195 |
|
Deferred income tax
liabilities |
19 |
|
429,929 |
|
|
549,127 |
|
|
|
|
1,281,840 |
|
|
1,366,844 |
|
Equity |
|
|
|
|
|
Share capital |
20 |
|
3,007,924 |
|
|
3,007,924 |
|
Treasury stock |
|
|
(10,104 |
) |
|
(11,056 |
) |
Contributed
surplus |
|
|
2,620,799 |
|
|
2,616,593 |
|
Accumulated other
comprehensive loss |
|
|
(24,494 |
) |
|
(21,350 |
) |
Deficit |
|
|
(2,310,453 |
) |
|
(1,948,569 |
) |
Total equity
attributable to shareholders of the Company |
|
|
3,283,672 |
|
|
3,643,542 |
|
Attributable to
non-controlling interests |
|
|
63,414 |
|
|
79,940 |
|
|
|
|
3,347,086 |
|
|
3,723,482 |
|
|
|
|
$ |
4,628,930 |
|
|
$ |
5,090,330 |
|
|
|
|
|
|
|
|
|
|
|
Guarantees, Commitments and Contractual Obligations (Notes 17,
24)Contingencies (Note 25)
Approved on behalf of the Board of
Directors
(Signed) John Webster |
|
Director |
(Signed) George Burns |
|
Director |
Date of approval:February 21, 2019
Please see the Consolidated Financial Statements
dated December 31, 2018 for notes to the accounts.
|
Eldorado Gold Corporation |
Consolidated Statements of Operations |
For the
years ended December 31, 2018 and December 31, 2017 |
(In
thousands of U.S. dollars except share and per share amounts) |
|
|
|
|
|
|
|
Note |
|
|
Year
endedDecember 31,2018 |
|
|
|
Year
endedDecember 31,2017 |
|
Revenue |
|
|
|
|
|
Metal
sales |
28 |
|
$ |
459,016 |
|
|
$ |
391,406 |
|
|
|
|
|
|
|
Cost of
sales |
|
|
|
|
|
Production costs |
29 |
|
267,980 |
|
|
192,740 |
|
Inventory
write-down |
10 |
|
1,465 |
|
|
444 |
|
Depreciation and amortization |
|
|
105,732 |
|
|
72,130 |
|
|
|
|
375,177 |
|
|
265,314 |
|
|
|
|
|
|
|
Earnings from mine
operations |
|
|
83,839 |
|
|
126,092 |
|
|
|
|
|
|
|
Exploration and
evaluation expenses |
|
|
33,842 |
|
|
38,261 |
|
Mine standby costs |
|
|
16,510 |
|
|
4,886 |
|
Other operating
items |
|
|
— |
|
|
3,658 |
|
General and
administrative expenses |
|
|
46,806 |
|
|
54,574 |
|
Acquisition costs |
6 |
|
— |
|
|
4,270 |
|
Defined benefit pension
plan expense |
18 |
|
3,555 |
|
|
3,451 |
|
Share based
payments |
21 |
|
6,989 |
|
|
11,218 |
|
Impairment of property,
plant, and equipment |
13 |
|
447,808 |
|
|
— |
|
Other write-down of
assets |
|
|
1,528 |
|
|
46,697 |
|
Foreign exchange loss
(gain) |
|
|
3,574 |
|
|
(2,382 |
) |
Loss from
operations |
|
|
(476,773 |
) |
|
(38,541 |
) |
|
|
|
|
|
|
Gain (loss) on disposal
of assets |
|
|
130 |
|
|
(462 |
) |
Gain on derivatives and
other investments |
|
|
665 |
|
|
27,425 |
|
Other income |
|
|
16,151 |
|
|
17,575 |
|
Asset retirement
obligation accretion |
17 |
|
(2,038 |
) |
|
(2,006 |
) |
Interest and financing
costs |
|
|
(4,264 |
) |
|
(3,199 |
) |
|
|
|
|
|
|
Earnings (loss)
from continuing operations before income tax |
|
|
(466,129 |
) |
|
792 |
|
Income tax expense
(recovery) |
19 |
|
(86,498 |
) |
|
19,383 |
|
Loss from
continuing operations |
|
|
(379,631 |
) |
|
(18,591 |
) |
Loss from
discontinued operations |
|
|
— |
|
|
(2,797 |
) |
Net loss for
the year |
|
|
$ |
(379,631 |
) |
|
$ |
(21,388 |
) |
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
Shareholders of the
Company |
|
|
(361,884 |
) |
|
(9,935 |
) |
Non-controlling
interests |
|
|
(17,747 |
) |
|
(11,453 |
) |
Net loss for
the year |
|
|
$ |
(379,631 |
) |
|
$ |
(21,388 |
) |
|
|
|
|
|
|
Net loss
attributable to shareholders of the Company: |
|
|
|
|
|
Continuing
operations |
|
|
(361,884 |
) |
|
(7,138 |
) |
Discontinued
operations |
|
|
— |
|
|
(2,797 |
) |
Shareholders of the
Company |
|
|
$ |
(361,884 |
) |
|
$ |
(9,935 |
) |
|
|
|
|
|
|
Weighted average number
of shares outstanding (thousands) |
30 |
|
|
|
|
Basic |
|
|
158,509 |
|
|
150,531 |
|
Diluted |
|
|
158,509 |
|
|
150,531 |
|
|
|
|
|
|
|
Net loss per
share attributable to shareholders of the Company: |
|
|
|
|
|
Basic loss per
share |
|
|
$ |
(2.28 |
) |
|
$ |
(0.07 |
) |
Diluted loss per
share |
|
|
$ |
(2.28 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
|
|
Net loss per
share attributable to shareholders of the Company - continuing
operations: |
|
|
|
|
|
Basic loss per
share |
|
|
$ |
(2.28 |
) |
|
$ |
(0.05 |
) |
Diluted loss per
share |
|
|
$ |
(2.28 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
Please see the Consolidated Financial Statements
dated December 31, 2018 for notes to the accounts.
|
Eldorado Gold Corporation |
Consolidated Statements of Comprehensive Loss |
For the
years ended December 31, 2018 and December 31, 2017 |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
Note |
|
Year endedDecember 31,2018 |
|
|
Year endedDecember 31,2017 |
|
|
|
|
|
|
|
|
|
Loss for the
year |
|
|
|
(379,631 |
) |
|
|
(21,388 |
) |
Other
comprehensive loss: |
|
|
|
|
|
|
|
Items that will
not be reclassified to earnings or loss: |
|
|
|
|
|
|
|
Change in fair value of
investments in equity securities |
|
|
|
(2,306 |
) |
|
|
(160 |
) |
Actuarial
losses on defined benefit pension plans |
18 |
|
|
(1,197 |
) |
|
|
(3,121 |
) |
Income
tax recovery on losses on defined benefit pension plans |
|
|
|
359 |
|
|
|
— |
|
|
|
|
|
(3,144 |
) |
|
|
(3,281 |
) |
Items that may be
reclassified subsequently to earnings or loss: |
|
|
|
|
|
|
|
Change in
fair value of investments in equity securities |
|
|
|
— |
|
|
|
16,038 |
|
Income
tax on change in fair value of investments in equity
securities |
|
|
|
— |
|
|
|
(2,595 |
) |
Reclassification of the gain on equity securities on acquisition of
Integra |
6 |
|
|
— |
|
|
|
(28,363 |
) |
Income
tax on the gain on equity securities on acquisition of Integra |
6 |
|
|
— |
|
|
|
4,023 |
|
|
|
|
|
— |
|
|
|
(10,897 |
) |
Total other
comprehensive loss for the year |
|
|
|
(3,144 |
) |
|
|
(14,178 |
) |
Total
comprehensive loss for the year |
|
|
|
(382,775 |
) |
|
|
(35,566 |
) |
|
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
|
|
Shareholders of the
Company |
|
|
|
(365,028 |
) |
|
|
(24,113 |
) |
Non-controlling
interests |
|
|
|
(17,747 |
) |
|
|
(11,453 |
) |
|
|
|
|
(382,775 |
) |
|
|
(35,566 |
) |
|
|
|
|
|
|
|
|
|
|
Please see the Consolidated Financial Statements
dated December 31, 2018 for notes to the accounts.
|
Eldorado Gold Corporation |
Consolidated Statements of Cash Flows |
For the
years ended December 31, 2018 and December 31, 2017 |
(In
thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
Note |
|
|
Year endedDecember 31,2018 |
|
|
|
Year endedDecember 31,2017 |
|
Cash flows generated
from (used in): |
|
|
|
|
|
Operating
activities |
|
|
|
|
|
Loss for the year from
continuing operations |
|
|
$ |
(379,631 |
) |
|
$ |
(18,591 |
) |
Items not affecting
cash: |
|
|
|
|
|
Asset retirement
obligation accretion |
|
|
2,038 |
|
|
2,006 |
|
Depreciation and
amortization |
|
|
105,732 |
|
|
72,130 |
|
Unrealized foreign
exchange gain |
|
|
704 |
|
|
(471 |
) |
Deferred income tax
recovery |
|
|
(118,839 |
) |
|
(19,849 |
) |
Loss (gain) on disposal
of assets |
|
|
(130 |
) |
|
462 |
|
Gain on derivatives and
other investments |
|
|
(665 |
) |
|
(27,425 |
) |
Impairment of property,
plant and equipment |
13 |
|
447,808 |
|
|
— |
|
Other write-down of
assets |
|
|
1,528 |
|
|
46,697 |
|
Share based
payments |
|
|
6,989 |
|
|
11,218 |
|
Defined benefit pension
plan expense |
|
|
3,555 |
|
|
3,451 |
|
|
|
|
69,089 |
|
|
69,628 |
|
Property reclamation
payments |
|
|
(5,536 |
) |
|
(3,097 |
) |
Severance payments |
|
|
(2,299 |
) |
|
— |
|
Changes in non-cash
working capital |
22 |
|
5,062 |
|
|
(35,755 |
) |
Net cash
provided by operating activities of continuing
operations |
|
|
66,316 |
|
|
30,776 |
|
Net cash used
by operating activities of discontinued operations |
|
|
— |
|
|
(2,797 |
) |
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
Net cash paid on
acquisition of subsidiary |
6 |
|
— |
|
|
(121,664 |
) |
Purchase of property,
plant and equipment |
|
|
(274,070 |
) |
|
(309,133 |
) |
Capitalised
interest |
13 |
|
(36,750 |
) |
|
(36,750 |
) |
Proceeds from the sale
of property, plant and equipment |
|
|
7,882 |
|
|
252 |
|
Proceeds on
pre-commercial production sales |
13 |
|
48,868 |
|
|
38,200 |
|
Value added taxes
related to mineral property expenditures, net |
|
|
(1,261 |
) |
|
22,804 |
|
Investment in term
deposits |
|
|
(1,138 |
) |
|
(216 |
) |
Increase in restricted
cash |
|
|
(928 |
) |
|
(9,817 |
) |
Net cash used
by investing activities of continuing operations |
|
|
(257,397 |
) |
|
(416,324 |
) |
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
Issuance of common
shares for cash |
|
|
— |
|
|
586 |
|
Dividend paid to
shareholders |
|
|
— |
|
|
(10,610 |
) |
Purchase of treasury
stock |
|
|
(2,108 |
) |
|
(5,301 |
) |
Net cash used
by financing activities of continuing operations |
|
|
(2,108 |
) |
|
(15,325 |
) |
|
|
|
|
|
|
Net decrease in
cash and cash equivalents |
|
|
(193,189 |
) |
|
(403,670 |
) |
Cash and cash
equivalents - beginning of year |
|
|
479,501 |
|
|
883,171 |
|
Cash and cash
equivalents - end of year |
|
|
$ |
286,312 |
|
|
$ |
479,501 |
|
|
|
|
|
|
|
|
|
|
|
Supplementary cash flow information (Note 22)
Please see the Consolidated Financial Statements
dated December 31, 2018 for notes to the accounts.
|
Eldorado Gold Corporation |
Consolidated Statements of Changes in Equity |
For the
years ended December 31, 2018 and December 31, 2017 |
(In thousands of U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
Note |
|
|
Year endedDecember 31,2018 |
|
|
|
Year endedDecember 31,2017 |
|
Share
capital |
|
|
|
|
|
Balance beginning of
year |
|
|
$ |
3,007,924 |
|
|
$ |
2,819,101 |
|
Shares
issued upon exercise of share options, for cash |
|
|
— |
|
|
586 |
|
Transfer
of contributed surplus on exercise of options |
|
|
— |
|
|
176 |
|
Shares
issued on acquisition of Integra Gold Corp. |
6 |
|
— |
|
|
188,061 |
|
Balance end of
year |
20 |
|
$ |
3,007,924 |
|
|
$ |
3,007,924 |
|
|
|
|
|
|
|
Treasury
stock |
|
|
|
|
|
Balance beginning of
year |
|
|
$ |
(11,056 |
) |
|
$ |
(7,794 |
) |
Purchase
of treasury stock |
|
|
(2,108 |
) |
|
(5,301 |
) |
Shares
redeemed upon exercise of restricted share units |
|
|
3,060 |
|
|
2,039 |
|
Balance end of
year |
|
|
$ |
(10,104 |
) |
|
$ |
(11,056 |
) |
|
|
|
|
|
|
Contributed
surplus |
|
|
|
|
|
Balance beginning of
year |
|
|
$ |
2,616,593 |
|
|
$ |
2,606,567 |
|
Share
based payments |
|
|
7,266 |
|
|
12,241 |
|
Shares
redeemed upon exercise of restricted share units |
|
|
(3,060 |
) |
|
(2,039 |
) |
Transfer
to share capital on exercise of options |
|
|
— |
|
|
(176 |
) |
Balance end of
year |
|
|
$ |
2,620,799 |
|
|
$ |
2,616,593 |
|
|
|
|
|
|
|
Accumulated
other comprehensive loss |
|
|
|
|
|
Balance beginning of
year |
|
|
$ |
(21,350 |
) |
|
$ |
(7,172 |
) |
Other
comprehensive loss for the year |
|
|
(3,144 |
) |
|
(14,178 |
) |
Balance end of
year |
|
|
$ |
(24,494 |
) |
|
$ |
(21,350 |
) |
|
|
|
|
|
|
Deficit |
|
|
|
|
|
Balance beginning of
year |
|
|
$ |
(1,948,569 |
) |
|
$ |
(1,928,024 |
) |
Dividends
paid |
|
|
— |
|
|
(10,610 |
) |
Loss
attributable to shareholders of the Company |
|
|
(361,884 |
) |
|
(9,935 |
) |
Balance end of
year |
|
|
$ |
(2,310,453 |
) |
|
$ |
(1,948,569 |
) |
Total equity
attributable to shareholders of the Company |
|
|
$ |
3,283,672 |
|
|
$ |
3,643,542 |
|
|
|
|
|
|
|
Non-controlling
interests |
|
|
|
|
|
Balance beginning of
year |
|
|
$ |
79,940 |
|
|
$ |
88,786 |
|
Loss
attributable to non-controlling interests |
|
|
(17,747 |
) |
|
(11,453 |
) |
Contributions from non-controlling interests |
|
|
1,221 |
|
|
2,607 |
|
Balance end of
year |
|
|
$ |
63,414 |
|
|
$ |
79,940 |
|
Total
equity |
|
|
$ |
3,347,086 |
|
|
$ |
3,723,482 |
|
|
|
|
|
|
|
|
|
|
|
Please see the Consolidated Financial Statements
dated December 31, 2018 for notes to the accounts.
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