Eldorado Gold Corporation (“Eldorado” or “the Company”) today
reports the Company’s financial and operational results for the
third quarter of 2023. For further information, please see the
Company’s Consolidated Financial Statements and Management’s
Discussion and Analysis ("MD&A") filed on SEDAR+ at
www.sedarplus.com under the Company’s profile.
Third Quarter
2023 Highlights
Operations
- Gold production:
121,030 ounces, compared to 118,791 ounces in Q3 2022, a 2%
increase from Q3 2022 as a result of the enhanced materials
handling circuit at Kisladag, productivity initiatives and
associated improvements at Olympias, slightly offset by slower than
expected development at Lamaque due to suspended shifts in Q2 2023
as a result of the wildfires in the region.
- Gold sales:
119,200 ounces at an average realized gold price per ounce sold1 of
$1,879, compared to 118,388 ounces at an average realized gold
price per ounce sold of $1,688 in Q3 2022.
- Production costs:
$115.9 million, compared to $123.5 million in Q3 2022. The decrease
was primarily due to lower transport and refining charges and a
reduction in unit costs of key consumables such as electricity and
diesel in Turkiye.
- Cash operating
costs1: $698 per ounce gold sold,
compared to $803 per ounce gold sold in Q3 2022. Cash operating
costs decreased from Q3 2022 primarily a result of higher ounces
sold, as well as lower treatment and refining costs due to lower
zinc sales, and lower VAT on concentrate sales in gold treatment
costs.
- All-in sustaining costs
("AISC")1: $1,177 per ounce sold,
compared to $1,259 per ounce sold in Q3 2022, the decrease was due
to lower cash operating cost per ounce sold, partially offset by
higher royalty expense.
- Total capital
expenditures: $91.1 million, including $27.3 million of
growth capital1 invested at Skouries, with continued focus on
construction, engineering and procurement. Further, underground
development continued to progress on the west decline and it is on
plan to reach the targeted development meters for 2023. Growth
capital invested at the operating mines totalled $29.1 million and
was primarily related to Kisladag waste stripping to support mine
life extension and construction of the first phase of the North
Heap Leach Pad. Sustaining capital1 totalled $31.8
million, including $18.0 million at Lamaque for underground
development, equipment rebuilds, and the expansion of the tailing
management facility.
- Production, cost, and
capital expenditure outlook: The Company is updating its
2023 annual gold production guidance, cost guidance, and capital
expenditure guidance to narrow the ranges, reflecting updated
full-year expectations given the operational and financial
performance to date.
- Gold production is
expected to be 475,000 to 495,000 ounces of gold, from 475,000 to
515,000
- Cash operating costs per
ounce sold range lowered to $730 to $780, from $760 to
$860, primarily due lower unit costs for fuel and power, and a
weaker Lira and Canadian dollar.
- Total operating costs per
ounce sold range lowered to $830 to $880 per ounce sold,
from $860 to $960, primarily due to lower operating costs.
- AISC per ounce
sold is expected to be $1,190 to $1,240 per ounce sold,
from $1,190 to $1,290.
- Growth Capital
Investment in 2023 lowered to $280 to $305 million,
from $394 to $437 million, including:
- Lowering Skouries Growth Capital
Investment to $160 to $170 million from $240 to $260 million,
as described below within Skouries section.
- Lowering other Growth Capital
Investment to $120 to $135 million from $154 to $177 million,
primarily driven by deferral of projects to 2024 at Lamaque and
Kisladag.
Financial
- Revenue: $245.3
million in Q3 2023, an increase of 13% from $217.7 million in Q3
2022, primarily due to higher sales volumes at a higher realized
gold price.
- Net cash generated from
operating activities from continuing operations: $108.1
million compared to $52.7 million in Q3 2022, primarily as a
result of higher revenue and lower production costs.
- Cash flow from operating
activities before changes in working
capital2: $97.5 million
in Q3 2023, compared to $55.8 million in Q3 2022, primarily driven
by higher revenue and lower production costs.
- Cash and cash
equivalents: $476.6 million, as at September 30,
2023. Cash increased by $20.4 million from June 30, 2023, primarily
as a result of cash flow generated from our operations.
- Net earnings
(loss): Net loss of $6.6 million, or $0.03 loss per share,
compared to net loss of $28.4 million or $0.15 loss per share in Q3
2022. The decrease in net loss was driven by higher operating
income on stronger gold sales combined with gains on derivative
instruments, partially offset by higher income tax expense.
- Adjusted net earnings
before interest, taxes, depreciation and amortization ("Adjusted
EBITDA")2: $108.7
million, compared to $74.2 million in Q3 2022. The increase was
primarily driven by higher revenue and lower production costs.
- Adjusted net earnings
(loss)2: $35.0 million
or $0.17 earnings per share, compared to net loss of $10.0 million
or $0.05 loss per share in Q3 2022. Adjusted net earnings in Q3
2023 added back, among other things, a non-cash loss of $15.2
million on foreign exchange translation of deferred tax balances
and removed a non-cash unrealized $6.0 million gain on derivative
instruments, primarily on gold collars. Additionally, a one-time
deferred tax expense adjustment related to a retroactive income tax
rate increase from 20% to 25% in Turkiye of $22.6 million and a
one-time out-of-period current tax expense adjustment from the same
tax rate increase of $8.2 million (related to Q1 and Q2 2023) were
adjusted from Q3 2023 net earnings.
- Free cash
flow2: Negative $19.3
million compared to negative $25.7 million in Q3 2022. Free cash
flow excluding Skouries was $30.0 million compared to negative
$16.5 million in Q3 2022, with the increase this quarter primarily
due to higher revenue, lower production costs, lower tax
installments and temporary working capital movements, partially
offset by an increase in investing activities.
- Project Facility
Drawdowns: Drawdowns on the Skouries Term Facility year to
date as at September 30, 2023 totalled €106.5 million.
Skouries Highlights
Growth capital invested of $27.3 million in Q3
2023, and $101.3 million year-to-date in 2023. Eldorado is reducing
the growth capital investment guidance for Skouries to $160 to
$170 million in 2023. The reduced spend in 2023 is not
expected to impact the project plan, including cost and schedule,
with critical path on track. The reduction is driven by:
- A plan change in awarding several
contracts in order to optimize project execution;
- Shifting certain pre-production
expenditures from 2023 to 2024 without impact to schedule or
progress;
- Transitioning engineering work to
Greece; and
- Updated execution approach to major
earthworks while maintaining construction schedule
flexibility.
Activity in the third quarter focused on
construction ramp-up, and completing engineering and procurement.
Underground development continued to advance the west decline and
it is on plan to reach the targeted development meters for 2023,
while major earthworks initiatives include haul road construction
to build earthworks structures as well as civil works related to
the crushing facility. The project cost and schedule are on track
with commissioning in mid-2025 and commercial production at the end
of 2025. Upcoming milestones in 2023 include the mobilization of
major construction contracts for concrete, process plant piping and
electrical works, in addition to finalizing the awards of the
remaining major procurement and contract packages to 90% completion
and advancing detailed engineering to 90% completion.
Power service installation advanced with the
installation of the new substations and distribution to the
underground network. Power service upgrades are scheduled for
completion in the fourth quarter. Work continues to advance on the
water management systems as expected. Mobilization continued
related to the first major earthwork initiative for construction
haul roads to build earthworks structures. Upcoming milestones for
the remainder of 2023 include completing the awards of the
remaining major procurement and contract packages, while
maintaining flexibility in the construction schedule.
As at September 30, 2023:
- Overall project progress was 34%;
on track to be 48% complete by year-end;
- Detailed engineering was 56%
complete and procurement was 73% complete, with both on track to be
90% complete by year-end;
- Mobilization continued for major
earthworks for construction haul roads to support construction of
earthworks structures;
- Mobilized contractor and commenced
work on the primary crusher earthworks and pilings;
- Progress advanced on the foundation
construction of the primary crusher; and
- Project remains on track for
commissioning in mid-2025 and commercial production at the end of
2025.
Corporate
- Sustainability: In
August 2023, the Company published its 2022 Climate Change Report,
introducing Eldorado's GHG Emissions Target Achievement
Pathway.
- Appointed Senior Vice
President, Finance: In September 2023, Ryan Swedburg was
appointed as Senior Vice President, Finance.
“Operationally during the third quarter we
continued to make progress across our sites,” said George Burns,
Eldorado Gold’s President and CEO. “At Olympias, the productivity
initiatives that were completed in early July drove a solid quarter
and we expect to continue to see further improvements over the
coming quarters as those initiatives continue to deliver on their
full potential. At Kisladag, the materials handling circuit
continues to perform well and we have seen record tonnes placed. In
addition, with the new North Heap Leach Pad now under leach, we
expect to see increased production over the coming quarters. We are
fine tuning the circuit with a focus to potentially increasing
recoveries. These initiatives across the sites support our strong
outlook for growing production, declining costs and increasing cash
flow.”
"In sustainability, Eldorado issued its 2022
Climate Change and GHG Emissions Report which provides our
measurable progress toward our GHG mitigation target and enhancing
climate resilience. This report built on our first Climate Change
Report that was published in 2021 and focuses on our progress
implementing our Climate Change Strategy, including our GHG
Emissions Target Achievement Pathway, in which we seek to mitigate
our Scope 1 and 2 emissions from operating mines by 30% on a 2020
baseline by 2030."
Consolidated Financial and Operational
Highlights
|
|
3 months ended September 30, |
|
|
9 months ended September 30, |
|
|
Continuing operations (4) |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
Revenue |
$245.3 |
|
$217.7 |
|
|
$704.5 |
|
$625.8 |
|
|
Gold produced (oz) |
|
121,030 |
|
|
118,791 |
|
|
|
341,973 |
|
|
325,462 |
|
|
Gold sold (oz) |
|
119,200 |
|
|
118,388 |
|
|
|
339,151 |
|
|
320,491 |
|
|
Average realized gold price ($/oz sold) (2) |
$1,879 |
|
$1,688 |
|
|
$1,920 |
|
$1,801 |
|
|
Production costs |
|
115.9 |
|
|
123.5 |
|
|
|
344.2 |
|
|
337.4 |
|
|
Cash operating costs ($/oz sold) (2,3) |
|
698 |
|
|
803 |
|
|
|
754 |
|
|
807 |
|
|
Total cash costs ($/oz sold) (2,3) |
|
794 |
|
|
892 |
|
|
|
858 |
|
|
902 |
|
|
All-in sustaining costs ($/oz sold) (2,3) |
|
1,177 |
|
|
1,259 |
|
|
|
1,225 |
|
|
1,289 |
|
|
Net (loss) earnings for the period (1) |
|
(8.0 |
) |
|
(54.6 |
) |
|
|
12.2 |
|
|
(397.5 |
) |
|
Net (loss) earnings per share – basic ($/share) (1) |
|
(0.04 |
) |
|
(0.30 |
) |
|
|
0.06 |
|
|
(2.17 |
) |
|
Net (loss) earnings per share – diluted ($/share) (1) |
|
(0.04 |
) |
|
(0.30 |
) |
|
|
0.06 |
|
|
(2.17 |
) |
|
Net (loss) earnings for the period continuing operations (1) |
|
(6.6 |
) |
|
(28.4 |
) |
|
|
14.4 |
|
|
(91.1 |
) |
|
Net (loss) earnings per share continuing operations – basic
($/share)(1,4) |
|
(0.03 |
) |
|
(0.15 |
) |
|
|
0.07 |
|
|
(0.50 |
) |
|
Net (loss) earnings per share continuing operations – diluted
($/share)(1,4) |
|
(0.03 |
) |
|
(0.15 |
) |
|
|
0.07 |
|
|
(0.50 |
) |
|
Adjusted net earnings (loss) continuing operations - basic
(1,2,4) |
|
35.0 |
|
|
(10.0 |
) |
|
|
61.4 |
|
|
(15.7 |
) |
|
Adjusted net earnings (loss) per share continuing operations
($/share)(1,2,4) |
|
0.17 |
|
|
(0.05 |
) |
|
|
0.32 |
|
|
(0.09 |
) |
|
Net cash generated from operating activities |
|
108.1 |
|
|
52.7 |
|
|
|
223.3 |
|
|
114.9 |
|
|
Cash flow from operating activities before changes in working
capital (2) |
|
97.5 |
|
|
55.8 |
|
|
|
273.1 |
|
|
154.3 |
|
|
Free cash flow (2) |
|
(19.3 |
) |
|
(25.7 |
) |
|
|
(76.4 |
) |
|
(115.2 |
) |
|
Free cash flow excluding Skouries (2) |
|
30.0 |
|
|
(16.5 |
) |
|
|
22.8 |
|
|
(95.7 |
) |
|
Cash, cash equivalents and term deposits |
|
476.6 |
|
|
306.4 |
|
|
|
476.6 |
|
|
306.4 |
|
|
Total assets |
|
4,812.2 |
|
|
4,402.4 |
|
|
|
4,812.2 |
|
|
4,402.4 |
|
|
Debt |
|
596.5 |
|
|
497.3 |
|
|
|
596.5 |
|
|
497.3 |
|
(1) Attributable to
shareholders of the Company. (2) These financial
measures or ratios are non-IFRS financial measures or ratios. See
the section 'Non-IFRS and Other Financial Measures and Ratios' of
our MD&A for explanations and discussions of these non-IFRS
financial measures or ratios.
(3) Revenues from silver, lead and zinc sales are
off-set against cash operating costs.(4) Amounts
presented for 2023 and 2022 are from continuing operations only and
exclude the Romania segment. See Note 4 of our condensed
consolidated interim financial statements for the three and nine
months ended September 30, 2023.
Total revenue was $245.3 million in Q3 2023, an
increase of 13% from $217.7 million in Q3 2022 and an increase of
7% from $229.4 million earned in Q2 2023, both primarily due to
higher ounces sold. Total revenue was $704.5 million in the nine
months ended September 30, 2023, an increase from $625.8
million in the nine months ended September 30, 2022. The
increases in both three and nine-month periods were primarily due
to higher sales volumes, and higher average realized gold
price.
Production costs decreased to $115.9 million in
Q3 2023 from $123.5 million in Q3 2022 primarily due to reductions
in unit costs of key consumables such as electricity in Turkiye and
Greece, and fuel in Turkiye and Canada. Additionally, transport
costs at Olympias were lower as a result of improved shipment
logistics. Production costs increased to $344.2 million in the nine
months ended September 30, 2023 from $337.4 million in the
nine months ended September 30, 2022 primarily due to higher
royalty expense and increased sales volumes.
Production costs include royalty expense which
increased to $11.5 million in Q3 2023 from $10.6 million in Q3 2022
and increased to $35.3 million in the nine months ended
September 30, 2023 from $30.4 million in the nine months ended
September 30, 2022. In Turkiye, royalties are paid on revenue
less certain costs associated with ore haulage, mineral processing
and related depreciation and are calculated on the basis of a
sliding scale according to the average London Metal Exchange gold
price during the calendar year. In Greece, royalties are paid on
revenue and calculated on a sliding scale tied to international
gold and base metal prices and the EUR/USD exchange rate.
Cash operating costs3 averaged $698 per ounce
sold in Q3 2023, a decrease from $803 in Q3 2022, primarily as a
result of higher ounces sold, lower unit costs of key consumables,
lower transport costs and lower VAT on concentrate sales in gold
treatment costs, which are included in cash operating costs. Cash
operating costs per ounce sold averaged $754 in the nine months
ended September 30, 2023, a decrease from $807 in the nine
months ended September 30, 2022, primarily due to an increase
in volume sold.
AISC per ounce sold3 averaged $1,177 in Q3 2023,
a decrease from $1,259 in Q3 2022, due to lower cash operating cost
per ounce sold, partially offset by higher royalty expense. AISC
per ounce sold averaged $1,225 in the nine months ended
September 30, 2023, a decrease from $1,289 in the nine months
ended September 30, 2022, primarily reflecting the decrease in
cash operating costs per ounce sold and lower sustaining capital
expenditures, partially offset by higher royalty expense.
We reported a net loss attributable to
shareholders from continuing operations of $6.6 million ($0.03 loss
per share) in Q3 2023 compared to a net loss of $28.4 million
($0.15 loss per share) in Q3 2022 and net earnings of $14.4 million
($0.07 earnings per share) in the nine months ended
September 30, 2023 compared to net loss of $91.1 million
($0.50 loss per share) in the nine months ended September 30,
2022. The decrease in net loss this quarter, compared to Q3 2022,
was driven by higher operating income on stronger gold sales and
higher gold price combined with unrealized gains on derivative
instruments, partially offset by higher income tax expense. The
higher net earnings in the nine months ended September 30,
2023, compared to the prior year, was primarily due to higher
operating income from the increase in gold sales, higher gold
price, lower mine standby costs and write-down of assets, and
unrealized gains on derivatives, partially offset by higher income
tax expense.
Adjusted net earnings3 was $35.0 million ($0.17
earnings per share) in Q3 2023 compared to an adjusted net loss of
$10.0 million ($0.05 loss per share) in Q3 2022. Adjusted net
earnings in Q3 2023 added back a non-cash loss of $15.2 million on
foreign exchange translation of deferred tax balances and removed a
non-cash unrealized gain of $6.0 million on derivative instruments,
primarily on the gold collars. Additionally, a one-time deferred
tax expense adjustment related to a retroactive income tax rate
increase from 20% to 25% in Turkiye of $22.6 million and a one-time
out-of-period current tax expense adjustment from the same tax rate
increase of $8.2 million (related to Q1 and Q2 2023) were adjusted
from Q3 2023 net earnings. Adjusted net earnings in Q3 2022 added
back an $18.4 million loss on foreign exchange translation of
deferred tax balances.Quarterly Operations
Update
|
|
3 months ended September 30, |
9 months ended September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Consolidated |
|
|
|
|
|
Ounces produced |
|
121,030 |
|
118,791 |
|
341,973 |
|
325,462 |
|
Ounces sold |
|
119,200 |
|
118,388 |
|
339,151 |
|
320,491 |
|
Production costs |
$115.9 |
$123.5 |
$344.2 |
$337.4 |
|
Cash operating costs ($/oz sold) (1,2) |
$698 |
$803 |
$754 |
$807 |
|
All-in sustaining costs ($/oz sold) (1,2) |
$1,177 |
$1,259 |
$1,225 |
$1,289 |
|
Sustaining capital expenditures (2) |
$31.8 |
$32.8 |
$83.9 |
$89.6 |
|
Kisladag |
|
|
|
|
|
Ounces produced |
|
37,219 |
|
37,741 |
|
108,558 |
|
95,494 |
|
Ounces sold |
|
38,732 |
|
37,721 |
|
108,405 |
|
94,380 |
|
Production costs |
$28.6 |
$32.7 |
$86.7 |
$87.9 |
|
Cash operating costs ($/oz sold) (1,2) |
$622 |
$752 |
$671 |
$800 |
|
All-in sustaining costs ($/oz sold) (1,2) |
$884 |
$993 |
$897 |
$1,049 |
|
Sustaining capital expenditures (2) |
$5.5 |
$4.8 |
$10.5 |
$11.6 |
|
Lamaque |
|
|
|
|
|
Ounces produced |
|
43,821 |
|
42,454 |
|
120,450 |
|
122,748 |
|
Ounces sold |
|
40,908 |
|
42,385 |
|
119,455 |
|
122,165 |
|
Production costs |
$26.9 |
$28.8 |
$84.4 |
$87.5 |
|
Cash operating costs ($/oz sold) (1,2) |
$624 |
$650 |
$673 |
$684 |
|
All-in sustaining costs ($/oz sold) (1,2) |
$1,099 |
$1,106 |
$1,143 |
$1,082 |
|
Sustaining capital expenditures (2) |
$18.0 |
$18.2 |
$52.0 |
$44.7 |
|
Efemcukuru |
|
|
|
|
|
Ounces produced |
|
21,142 |
|
22,473 |
|
63,714 |
|
66,322 |
|
Ounces sold |
|
21,364 |
|
22,488 |
|
63,581 |
|
67,298 |
|
Production costs |
$20.6 |
$17.7 |
$58.7 |
$55.2 |
|
Cash operating costs ($/oz sold) (1,2) |
$817 |
$709 |
$791 |
$689 |
|
All-in sustaining costs ($/oz sold) (1,2) |
$1,205 |
$1,039 |
$1,137 |
$1,075 |
|
Sustaining capital expenditures (2) |
$3.7 |
$4.1 |
$9.6 |
$13.5 |
|
Olympias |
|
|
|
|
|
Ounces produced |
|
18,848 |
|
16,123 |
|
49,251 |
|
40,898 |
|
Ounces sold |
|
18,196 |
|
15,794 |
|
47,710 |
|
36,648 |
|
Production costs |
$39.8 |
$44.3 |
$114.4 |
$106.6 |
|
Cash operating costs ($/oz sold) (1,2) |
$885 |
$1,466 |
$1,096 |
$1,455 |
|
All-in sustaining costs ($/oz sold) (1,2) |
$1,319 |
$2,070 |
$1,614 |
$2,240 |
|
Sustaining capital expenditures (2) |
$4.7 |
$5.7 |
$11.8 |
$19.8 |
(1) Revenues from
silver, lead and zinc sales are off-set against cash operating
costs.(2) These financial measures or ratios are
non-IFRS financial measures or ratios. See the section 'Non-IFRS
and Other Financial Measures and Ratios' of our MD&A for
explanations and discussions of these non-IFRS financial measures
or ratios.
Kisladag
Kisladag produced 37,219 ounces of gold in Q3
2023, comparable to 37,741 ounces produced in Q3 2022. Production
in the quarter benefited from successful commissioning of the new
North Heap Leach Pad ("NHLP") along with continual optimization of
fine ore agglomeration and continued usage of larger capacity
conveyors which have increased stacking efficiency. NHLP gold
recovery and adsorption is in line with expectations and we are
drawing down the excess solution and gold inventory caused by the
unusually high precipitation event during Q2, with the drawdown to
continue through Q4 this year. Additionally, average grade was
higher, from 0.72 grams per tonne in Q3 2022 to 0.85 grams per
tonne in Q3 2023.
Revenue increased to $75.2 million in Q3 2023
from $65.7 million in Q3 2022, reflecting higher sales in the
quarter, and an increase in the average realized gold price.
Production costs decreased to $28.6 million in
Q3 2023 from $32.7 million in Q3 2022 primarily due to decreases in
unit costs of fuel and electricity in Turkiye as cost pressures of
the energy crisis in Europe ease. These impacts were partially
offset by higher tonnes processed and gold sold. As a result, cash
operating costs per ounce decreased to $622 in Q3 2023 from $752 in
Q3 2022.
AISC per ounce sold decreased to $884 in Q3 2023
from $993 in Q3 2022, primarily due to the decrease in cash
operating costs per ounce sold.
Sustaining capital expenditures of $5.5 million
in Q3 2023 and $10.5 million in the nine months ended
September 30, 2023 primarily included equipment rebuilds and
mine equipment purchases. Growth capital investments of $18.6
million and $55.9 million in the three and nine months ended
September 30, 2023 included waste stripping to support the
mine life extension and construction of the first phase of the
NHLP, which was commissioned in July 2023.
Production is expected to increase over the
course of the fourth quarter as we realize full effectiveness from
the upgraded materials handling equipment. Our optimization efforts
are expected to drive increased stacking rates. In addition, we
expect to recover the ounces that were delayed as a result of the
extraordinary rainfall in May and early June.
Lamaque
Lamaque produced 43,821 ounces of gold in Q3
2023, an increase of 3% from 42,454 ounces in Q3 2022. The increase
was primarily due to higher ore throughput, partially offset by
lower gold grade compared to Q3 2022. Mining disruption caused by
the forest fires earlier in the year led to reduced mining faces
available for ore production in Q3. Despite this, tonnes processed
were 7% higher in Q3 2023 as compared to Q3 2022, which had been
affected by COVID-19 related absenteeism in 2022. Average grade
decreased to 7.04 grams per tonne in Q3 2023 from 7.28 grams per
tonne in Q3 2022.
Revenue increased to $79.1 million in Q3 2023
from $73.1 million in Q3 2022 primarily due to higher average
realized gold price, partially offset by lower ounces sold.
Production costs decreased to $26.9 million in
Q3 2023 from $28.8 million in Q3 2022, primarily due to lower
volume sold in the quarter and lower unit costs of fuel. Cash
operating costs per ounce sold decreased to $624 in Q3 2023 from
$650 in Q3 2022 as a result of cost savings from a weaker Canadian
dollar as compared to the prior year.
AISC per ounce sold decreased to $1,099 in Q3
2023 from $1,106 in Q3 2022 primarily due to lower cash operating
cost per ounce, partially offset by lower volume of gold sold.
Sustaining capital expenditures of $18.0 million
in Q3 2023 and $52.0 million in the nine months ended September 30,
2023 primarily included underground development, equipment
rebuilds, and expansion of the tailings management facility. Growth
capital investment of $8.5 million in Q3 2023 and $16.1 million in
the nine months ended September 30, 2023 were primarily related to
resource conversion drilling at Ormaque and spending on other
exploration projects.
The fourth quarter is expected to be stronger as
we push development into higher grade stopes.
Efemcukuru
Efemcukuru produced 21,142 payable ounces of
gold in Q3 2023, a 6% decrease from 22,473 payable ounces in Q3
2022. The decrease was primarily due to lower grade as planned, a
decrease to 5.46 grams per tonne in Q3 2023 from 5.74 grams per
tonne in Q3 2022, and slightly lower tonnes milled, which was a
result of slightly lower tonnes mined in the quarter.
Revenue increased to $39.1 million in Q3 2023
from $34.3 million in Q3 2022. Lower payable ounces sold was offset
by a higher average realized gold price recorded during Q3
2023.
Production costs increased to $20.6 million in
Q3 2023 from $17.7 million in Q3 2022 primarily due to a higher
proportion of ore production relative to development tonnage and
higher royalty expense due to higher average realized gold prices,
partially offset by lower unit costs. This resulted in an increase
in cash operating costs per ounce sold to $817 in Q3 2023 from $709
in Q3 2022.
AISC per ounce sold increased to $1,205 in Q3
2023 from $1,039 in Q3 2022. The increase was primarily due to the
increase in cash operating costs per ounce sold and was partly
offset by lower sustaining capital expenditure.
Sustaining capital expenditures of $3.7 million
in Q3 2023 and $9.6 million in the nine months ended September 30,
2023 were primarily underground development and equipment rebuilds.
Growth capital investment of $1.1 million in Q3 2023 and $4.5
million in the nine months ended September 30, 2023 primarily
included capital development and resource conversion drilling.
Production for the fourth quarter is expected to
increase slightly over the third quarter as processing rates
increase.
Olympias
Olympias produced 18,848 ounces of gold in Q3
2023, a 17% increase from 16,123 ounces in Q3 2022 and was driven
by record high mill throughput that was achieved this quarter and
the productivity benefits of transformation initiatives that were
completed in early July as we continue to ramp up productivity.
This was partially offset by lower average gold grade due to
changes in stope sequencing in the quarter. Q3 2023 production of
by-product metals increased as compared to both Q2 2023 and Q3 2022
across silver, lead, and zinc as a result of higher average grades
in the Flats Zone as planned in both the three and nine months
ended periods as well as overall higher throughput.
In line with our 2023 guidance, key
transformation initiatives are on-going as the mine continues to
ramp up productivity. Bulk emulsion blasting was commissioned in
June, and we are continuing to ramp up and optimize this initiative
through ongoing training and equipment optimization. The Flats Zone
is ramping up in ore production while we continue to develop and
open up additional access to the ore body.
Revenue increased to $51.9 million in Q3 2023
from $44.6 million in Q3 2022 primarily as a result of higher gold
sales and higher average realized gold price. Sales of silver and
lead were also higher in Q3 2023 due to higher production in the
quarter and successful timing of shipments at quarter end.
Production costs decreased to $39.8 million in
Q3 2023 from $44.3 million in Q3 2022 despite increased volumes of
throughput and gold, silver, and lead sales, primarily due to
productivity efficiencies resulting from recent transformation
initiatives, as well as slightly lower unit costs of certain
consumables, including electricity. Production costs also benefited
from lower transport costs as a result of improved shipment
logistics. This resulted in cash operating costs per ounce sold
decreasing to $885 in Q3 2023 from $1,466 in Q3 2022, combined with
the impacts of lower treatment and refining costs and higher gold
ounces sold. Furthermore, some sales were not subject to the 13%
VAT paid on sales exports to China, further lowering cash operating
costs per ounce sold.
AISC per ounce sold decreased to $1,319 in Q3
2023 from $2,070 in Q3 2022 primarily due lower sustaining capital
expenditures and lower direct operating costs per ounce sold.
Sustaining capital expenditures of $4.7 million
in Q3 2023 and $11.8 million in the nine months ended
September 30, 2023 primarily included underground development
and expansion of tailings facilities. Growth capital investment of
$0.9 million in Q3 2023 and $4.4 million in the nine months ended
September 30, 2023 were primarily related to underground
development.
Gold production is expected to be steady over
the fourth quarter as the productivity initiatives continue to
deliver increased tonnage and higher grades.
Development Project
Skouries
The Skouries project, part of the Kassandra
Mines Complex, is located within the Halkidiki Peninsula of
Northern Greece and is a high-grade gold-copper asset. In December
2021, we published the results of the Skouries Project Feasibility
Study with a 23-year mine life and expected average annual
production of 140,000 ounces of gold and 67 million pounds of
copper. The project is expected to provide an after-tax IRR of 19%
and an NPV (5%) of $1.3 billion4 with capital costs to complete the
project estimated at $845 million.
Capital investment in Q3 2023 totalled $27.3
million, and $101.3 million year-to-date in 2023, with activity
focused on construction ramp-up, and completing engineering and
procurement. Underground development continued to advance the west
decline and it is on plan to reach the targeted development meters
for 2023, while major earthworks initiatives include haul road
construction to build earthworks structures as well as civil works
related to the crushing facility. The project cost and schedule are
on track with commissioning in mid-2025 and commercial production
at the end of 2025. Upcoming milestones in 2023 include the
mobilization of major construction contracts for concrete, process
plant piping and electrical works, in addition to finalizing the
awards of the remaining major procurement and contract packages to
90% completion and advancing detailed engineering to 90%
completion.
For further information on the Company's
operating results for the third quarter of 2023, 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 Third Quarter 2023 Results will be held by senior
management on Friday, October 27, 2023 at 11:30 AM ET (8:30 AM PT).
The call will be webcast and can be accessed at Eldorado’s website:
www.eldoradogold.com or via this link:
https://services.choruscall.ca/links/eldoradogold2023q3.html.
| Conference
Call Details |
|
Replay
(available until Dec. 1, 2023) |
| Date: |
October 27, 2023 |
|
Vancouver: |
+1 604 638 9010 |
| Time: |
11:30 AM ET (8:30 AM PT) |
|
Toll Free: |
1 800 319 6413 |
| Dial in: |
+1 604 638 5340 |
|
Access code: |
0401 |
| Toll free: |
1 800 319 4610 |
|
|
|
About Eldorado
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkiye, Canada,
Greece and Romania. 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).
Contact
Investor Relations
Lynette Gould, VP, Investor Relations647 271
2827 or 1 888 353 8166 lynette.gould@eldoradogold.com
Media
Chad Pederson, Director, Communications236 885
6251 or 1 888 353 8166 chad.pederson@eldoradogold.com
Non-IFRS and Other Financial Measures and
Ratios
Certain non-IFRS financial measures and ratios
are included in this press release, including cash operating costs
and cash operating costs per ounce sold, total cash costs and total
cash costs per ounce sold, all-in sustaining costs ("AISC") and
AISC per ounce sold, sustaining and growth capital, average
realized gold price per ounce sold, adjusted net earnings/(loss)
attributable to shareholders, adjusted net earnings/(loss) per
share attributable to shareholders, earnings before interest,
taxes, depreciation and amortization (“EBITDA”), adjusted earnings
before interest, taxes, depreciation and amortization ("Adjusted
EBITDA"), free cash flow, free cash flow excluding Skouries,
working capital and cash flow from operating activities before
changes in working capital.
Please see the September 30, 2023 MD&A
for explanations and discussion of these non-IFRS and other
financial measures and ratios. The Company believes that these
measures and ratios, in addition to conventional measures and
ratios prepared in accordance with International Financial
Reporting Standards (“IFRS”), provide investors an improved ability
to evaluate the underlying performance of the Company. The non-IFRS
and other financial measures and ratios are intended to provide
additional information and should not be considered in isolation or
as a substitute for measures or ratios of performance prepared in
accordance with IFRS. These measures and ratios do not have any
standardized meaning prescribed under IFRS, and therefore may not
be comparable to other issuers. 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 September 30,
2023 MD&A available on SEDAR+ at www.sedarplus.com and on the
Company's website under the 'Investors' section.
Reconciliation of Production Costs to Cash
Operating Costs and Cash Operating Costs per ounce sold:
|
|
Q3 2023 |
|
Q3 2022 |
|
YTD 2023 |
|
YTD 2022 |
|
|
Production costs |
$115.9 |
|
$123.5 |
|
$344.2 |
|
$337.4 |
|
|
By-product credits (1) |
|
(23.7 |
) |
|
(22.6 |
) |
|
(61.5 |
) |
|
(60.3 |
) |
|
Royalty expense (2) |
|
(11.5 |
) |
|
(10.6 |
) |
|
(35.3 |
) |
|
(30.4 |
) |
|
Concentrate deductions (3) |
$2.5 |
|
$4.8 |
|
$8.3 |
|
$12.3 |
|
|
Cash operating costs |
$83.2 |
|
$95.1 |
|
$255.7 |
|
$258.8 |
|
|
Gold ounces sold |
|
119,200 |
|
|
118,388 |
|
|
339,151 |
|
|
320,491 |
|
|
Cash operating cost per ounce sold |
$698 |
|
$803 |
|
$754 |
|
$807 |
|
(1) Revenue from
silver, lead and zinc sales.(2) Included in
production costs.(3) Included in revenue.
Reconciliation of Cash Operating Costs and Cash
Operating Cost per ounce sold, by asset, for the three months ended
September 30, 2023:
|
|
Direct operating costs |
|
By-product credits |
|
Refining and selling costs |
|
Inventory change (1) |
|
Cash operating costs |
|
Gold oz sold |
|
Cash operating cost/oz sold |
|
Kisladag |
$32.7 |
|
|
($0.7 |
) |
|
$0.2 |
|
|
($8.1 |
) |
|
$24.1 |
|
38,732 |
|
$622 |
|
Lamaque |
|
27.0 |
|
|
(0.4 |
) |
|
|
0.1 |
|
|
(1.2 |
) |
|
|
25.5 |
|
40,908 |
|
|
624 |
|
Efemcukuru |
|
14.3 |
|
|
(1.0 |
) |
|
|
3.8 |
|
|
0.3 |
|
|
|
17.5 |
|
21,364 |
|
|
817 |
|
Olympias |
|
32.2 |
|
|
(21.6 |
) |
|
|
4.5 |
|
|
1.0 |
|
|
|
16.1 |
|
18,196 |
|
|
885 |
|
Total consolidated |
$106.2 |
|
|
($23.7 |
) |
|
$8.6 |
|
|
($8.0 |
) |
|
$83.2 |
|
119,200 |
|
$698 |
(1) Inventory change
adjustments result from timing differences between when inventory
is produced and when it is sold.
Reconciliation of Cash Operating Costs and Cash
Operating Cost per ounce sold, by asset, for the nine months ended
September 30, 2023:
|
|
Direct operating costs |
|
By-product credits |
|
Refining and selling costs |
|
Inventory change (1) |
|
Cash operating costs |
|
Gold oz sold |
|
Cash operating cost/oz sold |
|
Kisladag |
$90.6 |
|
($2.3 |
) |
|
$0.5 |
|
($16.0 |
) |
|
$72.7 |
|
108,405 |
|
$671 |
|
Lamaque |
|
83.6 |
|
|
(1.2 |
) |
|
|
0.2 |
|
|
(2.3 |
) |
|
|
80.4 |
|
119,455 |
|
|
673 |
|
Efemcukuru |
|
43.1 |
|
|
(3.3 |
) |
|
|
10.3 |
|
|
0.2 |
|
|
|
50.3 |
|
63,581 |
|
|
791 |
|
Olympias |
|
90.9 |
|
|
(54.7 |
) |
|
|
16.7 |
|
|
(0.6 |
) |
|
|
52.3 |
|
47,710 |
|
|
1,096 |
|
Total consolidated |
$308.1 |
|
($61.5 |
) |
|
$27.8 |
|
($18.7 |
) |
|
$255.7 |
|
339,151 |
|
$754 |
(1) Inventory change
adjustments result from timing differences between when inventory
is produced and when it is sold.
Reconciliation of Cash Operating Costs and Cash
Operating Cost per ounce sold, by asset, for the three months ended
September 30, 2022:
|
|
Direct operating costs |
|
By-product credits |
|
Refining and selling costs |
|
Inventory change (1) |
|
Cash operating costs |
|
Gold oz sold |
|
Cash operating cost/oz sold |
|
Kisladag |
$31.2 |
|
($0.6 |
) |
|
$0.2 |
|
($2.4 |
) |
|
$28.4 |
|
37,721 |
|
$752 |
|
Lamaque |
|
27.8 |
|
|
(0.3 |
) |
|
|
0.1 |
|
|
— |
|
|
|
27.5 |
|
42,385 |
|
|
650 |
|
Efemcukuru |
|
12.7 |
|
|
(0.6 |
) |
|
|
3.7 |
|
|
0.1 |
|
|
|
15.9 |
|
22,488 |
|
|
709 |
|
Olympias |
|
28.7 |
|
|
(21.1 |
) |
|
|
9.4 |
|
|
6.2 |
|
|
|
23.2 |
|
15,794 |
|
|
1,466 |
|
Total consolidated |
$100.3 |
|
($22.6 |
) |
|
$13.3 |
|
$4.0 |
|
|
$95.0 |
|
118,388 |
|
$803 |
(1) Inventory change
adjustments result from timing differences between when inventory
is produced and when it is sold.
Reconciliation of Cash Operating Costs and Cash
Operating Cost per ounce sold, by asset, for the nine months ended
September 30, 2022:
|
|
Direct operating costs |
|
By-product credits |
|
Refining and selling costs |
|
Inventory change (1) |
|
Cash operating costs |
|
Gold oz sold |
|
Cash operating cost/oz sold |
|
Kisladag |
$78.6 |
|
($2.1 |
) |
|
$0.9 |
|
($1.9 |
) |
|
$75.5 |
|
94,380 |
|
$800 |
|
Lamaque |
|
83.5 |
|
|
(1.0 |
) |
|
|
0.2 |
|
|
0.9 |
|
|
|
83.6 |
|
122,165 |
|
|
684 |
|
Efemcukuru |
|
38.6 |
|
|
(2.3 |
) |
|
|
9.6 |
|
|
0.5 |
|
|
|
46.3 |
|
67,298 |
|
|
689 |
|
Olympias |
|
83.9 |
|
|
(54.9 |
) |
|
|
21.9 |
|
|
2.4 |
|
|
|
53.3 |
|
36,648 |
|
|
1,455 |
|
Total consolidated |
$284.6 |
|
($60.3 |
) |
|
$32.6 |
|
$1.9 |
|
|
$258.8 |
|
320,491 |
|
$807 |
(1) Inventory change
adjustments result from timing differences between when inventory
is produced and when it is sold.
Reconciliation of Cash Operating Costs to Total Cash Costs and
Total Cash Costs per ounce sold:
|
|
Q3 2023 |
Q3 2022 |
YTD 2023 |
YTD 2022 |
|
Cash operating costs |
$83.2 |
$95.0 |
$255.7 |
$258.8 |
|
Royalty expense (1) |
|
11.5 |
|
10.6 |
|
35.3 |
|
30.4 |
|
Total cash costs |
$94.7 |
$105.6 |
$291.0 |
$289.2 |
|
Gold ounces sold |
|
119,200 |
|
118,388 |
|
339,151 |
|
320,491 |
|
Total cash costs per ounce sold |
$794 |
$892 |
$858 |
$902 |
(1) Included in
production costs.
Reconciliation of Total Cash Costs to All-in
Sustaining Costs and All-in Sustaining Costs per ounce sold:
|
|
Q3 2023 |
|
Q3 2022 |
YTD 2023 |
YTD 2022 |
|
Total cash costs |
$94.7 |
|
$105.6 |
$291.0 |
$289.2 |
|
Corporate and allocated G&A |
|
11.5 |
|
|
8.6 |
|
32.6 |
|
27.5 |
|
Exploration and evaluation costs |
|
(0.1 |
) |
|
0.1 |
|
0.9 |
|
1.4 |
|
Reclamation costs and amortization |
|
2.4 |
|
|
1.8 |
|
7.1 |
|
5.3 |
|
Sustaining capital expenditure |
|
31.8 |
|
|
32.8 |
|
83.9 |
|
89.6 |
|
AISC |
$140.3 |
|
$149.0 |
$415.6 |
$413.0 |
|
Gold ounces sold |
|
119,200 |
|
|
118,388 |
|
339,151 |
|
320,491 |
|
AISC per ounce sold |
$1,177 |
|
$1,259 |
$1,225 |
$1,289 |
Reconciliation of general and administrative
expenses included in All-in Sustaining Costs:
|
|
Q3 2023 |
|
Q3 2022 |
|
YTD 2023 |
|
YTD 2022 |
|
|
General and administrative expenses (from
consolidated statement of operations) |
$9.3 |
|
$6.6 |
|
$29.3 |
|
$23.1 |
|
|
Add: |
|
|
|
|
|
Share-based payments expense |
|
2.0 |
|
|
2.8 |
|
|
5.6 |
|
|
6.8 |
|
|
Employee benefit plan expense from corporate and operating gold
mines |
|
1.3 |
|
|
0.9 |
|
|
3.5 |
|
|
3.5 |
|
|
Less: |
|
|
|
|
|
General and administrative expenses related to non-gold mines and
in-country offices |
|
(0.3 |
) |
|
(0.1 |
) |
|
(0.8 |
) |
|
(0.4 |
) |
|
Depreciation in G&A |
|
(0.8 |
) |
|
(0.6 |
) |
|
(2.4 |
) |
|
(1.7 |
) |
|
Business development |
|
(0.2 |
) |
|
(0.5 |
) |
|
(2.4 |
) |
|
(1.4 |
) |
|
Development projects |
|
— |
|
|
(0.6 |
) |
|
(0.3 |
) |
|
(2.7 |
) |
|
Adjusted corporate general and administrative
expenses |
$11.4 |
|
$8.6 |
|
$32.5 |
|
$27.2 |
|
|
Regional general and administrative costs allocated to gold
mines |
|
0.1 |
|
|
— |
|
|
0.2 |
|
|
0.2 |
|
|
Corporate and allocated general and administrative expenses
per AISC |
$11.5 |
|
$8.6 |
|
$32.6 |
|
$27.4 |
|
Reconciliation of exploration costs included in
All-in Sustaining Costs:
|
|
Q3 2023 |
|
Q3 2022 |
|
YTD 2023 |
|
YTD 2022 |
|
|
Exploration and evaluation expense (from
consolidated statement of operations)(1) |
$6.3 |
|
$4.5 |
|
$16.8 |
|
$12.8 |
|
|
Add: |
|
|
|
|
|
Capitalized sustaining exploration cost related to operating gold
mines |
|
(0.1 |
) |
|
0.1 |
|
|
0.9 |
|
|
1.4 |
|
|
Less: |
|
|
|
|
|
Exploration and evaluation expenses related to non-gold mines and
other sites |
|
(6.3 |
) |
|
(4.5 |
) |
|
(16.8 |
) |
|
(12.8 |
) |
|
Exploration and evaluation costs per AISC |
($0.1 |
) |
$0.1 |
|
$0.9 |
|
$1.4 |
|
(1) Amounts presented for 2023 and 2022 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and nine months ended September 30, 2023.
Reconciliation of reclamation costs and
amortization included in All-in Sustaining Costs:
|
|
Q3 2023 |
|
Q3 2022 |
|
YTD 2023 |
|
YTD 2022 |
|
|
Asset retirement obligation accretion (from notes
to the condensed consolidated interim financial statements) |
$1.1 |
|
$0.5 |
|
$3.2 |
|
$1.5 |
|
|
Add: |
|
|
|
|
|
Depreciation related to asset retirement obligation assets |
|
1.5 |
|
|
1.4 |
|
|
4.5 |
|
|
4.0 |
|
|
Less: |
|
|
|
|
|
Asset retirement obligation accretion related to non-gold mines and
other sites |
|
(0.2 |
) |
|
(0.1 |
) |
|
(0.6 |
) |
|
(0.2 |
) |
|
Reclamation costs and amortization per AISC |
$2.4 |
|
$1.8 |
|
$7.1 |
|
$5.3 |
|
Reconciliation of All-in Sustaining Costs and
All-in Sustaining Costs per ounce sold, by operating asset and
corporate office, for the three months ended September 30,
2023:
|
|
Cash operating costs |
Royalties |
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
Reclamation costs and amortization |
Sustaining capital |
Total AISC |
Gold oz sold |
Total AISC/oz sold |
|
Kisladag |
$24.1 |
$3.9 |
$28.0 |
|
$— |
|
$— |
|
$0.8 |
$5.5 |
$34.2 |
38,732 |
$884 |
|
Lamaque |
|
25.5 |
|
1.0 |
|
26.5 |
|
— |
|
0.3 |
|
|
0.1 |
|
18.0 |
|
44.9 |
40,908 |
|
1,099 |
|
Efemcukuru |
|
17.5 |
|
3.7 |
|
21.2 |
|
0.1 |
|
— |
|
|
0.8 |
|
3.7 |
|
25.7 |
21,364 |
|
1,205 |
|
Olympias |
|
16.1 |
|
3.0 |
|
19.1 |
|
— |
|
(0.4 |
) |
|
0.7 |
|
4.7 |
|
24.0 |
18,196 |
|
1,319 |
|
Corporate (1) |
|
— |
|
— |
|
— |
|
11.4 |
|
— |
|
|
— |
|
— |
|
11.4 |
— |
|
95 |
|
Total consolidated |
$83.2 |
$11.5 |
$94.7 |
$11.5 |
($0.1 |
) |
$2.4 |
$31.8 |
$140.3 |
119,200 |
$1,177 |
(1) Excludes general and administrative expenses
related to business development activities and projects. Includes
share based payments expense and defined benefit pension plan
expense. AISC per ounce sold has been calculated using total
consolidated gold ounces sold.
Reconciliation of All-in Sustaining Costs and All-in Sustaining
Costs per ounce sold, by operating asset and corporate office, for
the nine months ended September 30, 2023
|
|
Cash operating costs |
Royalties |
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
Reclamation costs and amortization |
Sustaining capital |
Total AISC |
Gold oz sold |
Total AISC/oz sold |
|
Kisladag |
$72.7 |
$11.6 |
$84.3 |
|
$— |
|
$— |
$2.4 |
$10.5 |
$97.2 |
108,405 |
$897 |
|
Lamaque |
|
80.4 |
|
2.9 |
|
83.2 |
|
— |
|
0.9 |
|
0.4 |
|
52.0 |
|
136.6 |
119,455 |
|
1,143 |
|
Efemcukuru |
|
50.3 |
|
9.9 |
|
60.2 |
|
0.2 |
|
— |
|
2.4 |
|
9.6 |
|
72.3 |
63,581 |
|
1,137 |
|
Olympias |
|
52.3 |
|
10.9 |
|
63.2 |
|
— |
|
— |
|
2.0 |
|
11.8 |
|
77.0 |
47,710 |
|
1,614 |
|
Corporate (1) |
|
— |
|
— |
|
— |
|
32.5 |
|
— |
|
— |
|
— |
|
32.5 |
— |
|
96 |
|
Total consolidated |
$255.7 |
$35.3 |
$291.0 |
$32.6 |
$0.9 |
$7.1 |
$83.9 |
$415.6 |
339,151 |
$1,225 |
(1) Excludes general and administrative expenses
related to business development activities and projects. Includes
share based payments expense and defined benefit pension plan
expense. AISC per ounce sold has been calculated using total
consolidated gold ounces sold.
Reconciliation of All-in Sustaining Costs and
All-in Sustaining Costs per ounce sold, by operating asset and
corporate office, for the three months ended September 30,
2022:
|
|
Cash operating costs |
Royalties |
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
Reclamation costs and amortization |
Sustaining capital |
Total AISC |
Gold oz sold |
Total AISC/oz sold |
|
Kisladag |
$28.4 |
$3.7 |
$32.1 |
|
$— |
|
$— |
|
$0.6 |
$4.8 |
$37.5 |
37,721 |
$993 |
|
Lamaque |
|
27.5 |
|
0.9 |
|
28.5 |
|
— |
|
0.1 |
|
|
0.1 |
|
18.2 |
|
46.9 |
42,385 |
|
1,106 |
|
Efemcukuru |
|
15.9 |
|
2.9 |
|
18.8 |
|
— |
|
(0.2 |
) |
|
0.7 |
|
4.1 |
|
23.4 |
22,488 |
|
1,039 |
|
Olympias |
|
23.2 |
|
3.1 |
|
26.3 |
|
— |
|
0.2 |
|
|
0.5 |
|
5.7 |
|
32.7 |
15,794 |
|
2,070 |
|
Corporate (1) |
|
— |
|
— |
|
— |
|
8.6 |
|
— |
|
|
— |
|
— |
|
8.6 |
— |
|
73 |
|
Total consolidated |
$95.0 |
$10.6 |
$105.6 |
$8.6 |
$0.1 |
|
$1.8 |
$32.8 |
$149.0 |
118,388 |
$1,259 |
(1) Excludes general and administrative expenses
related to business development activities and projects. Includes
share based payments expense and defined benefit pension plan
expense. AISC per ounce sold has been calculated using total
consolidated gold ounces sold.
Reconciliation of All-in Sustaining Costs and
All-in Sustaining Costs per ounce sold, by operating asset and
corporate office, for the nine months ended September 30,
2022:
|
|
Cash operating costs |
Royalties |
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
Reclamation costs and amortization |
Sustaining capital |
Total AISC |
Gold oz sold |
Total AISC/oz sold |
|
Kisladag |
$75.5 |
$10.3 |
$85.8 |
|
$— |
|
$— |
$1.6 |
$11.6 |
$99.0 |
94,380 |
$1,049 |
|
Lamaque |
|
83.6 |
|
2.9 |
|
86.5 |
|
— |
|
0.7 |
|
0.3 |
|
44.7 |
|
132.2 |
122,165 |
|
1,082 |
|
Efemcukuru |
|
46.3 |
|
10.4 |
|
56.8 |
|
0.2 |
|
— |
|
1.9 |
|
13.5 |
|
72.3 |
67,298 |
|
1,075 |
|
Olympias |
|
53.3 |
|
6.9 |
|
60.2 |
|
— |
|
0.7 |
|
1.4 |
|
19.8 |
|
82.1 |
36,648 |
|
2,240 |
|
Corporate (1) |
|
— |
|
— |
|
— |
|
27.3 |
|
— |
|
— |
|
— |
|
27.3 |
— |
|
85 |
|
Total consolidated |
$258.8 |
$30.4 |
$289.2 |
$27.5 |
$1.4 |
$5.3 |
$89.6 |
$413.0 |
320,491 |
$1,289 |
(1) Excludes general and administrative expenses
related to business development activities and projects. Includes
share based payments expense and defined benefit pension plan
expense. AISC per ounce sold has been calculated using total
consolidated gold ounces sold.
Reconciliation of Sustaining and Growth
Capital
|
|
Q3 2023 |
|
Q3 2022 |
|
YTD 2023 |
|
YTD 2022 |
|
|
Additions to property, plant and equipment
(1)(from segment note in the condensed consolidated interim
financial statements) |
$91.1 |
|
$73.1 |
|
$273.9 |
|
$221.0 |
|
|
Growth and development project capital investment - gold mines |
|
(29.1 |
) |
|
(25.7 |
) |
|
(81.1 |
) |
|
(85.0 |
) |
|
Growth and development project capital investment - other (2) |
|
(30.3 |
) |
|
(13.9 |
) |
|
(110.0 |
) |
|
(45.1 |
) |
|
Less: Sustaining capital expenditure equipment leases (3) |
|
0.2 |
|
|
(0.7 |
) |
|
1.1 |
|
|
(1.1 |
) |
|
Less: Corporate leases |
|
(0.1 |
) |
|
— |
|
|
(0.1 |
) |
|
(0.1 |
) |
|
Sustaining capital expenditure at operating gold
mines |
$31.8 |
|
$32.8 |
|
$83.9 |
|
$89.6 |
|
(1) Amounts presented for 2023 and 2022 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and nine months ended September 30, 2023.
(2) Includes growth capital investment and capital
expenditures relating to Skouries, Stratoni and Other Projects,
excluding non-cash sustaining lease
additions.(3) Non-cash sustaining lease additions,
net of sustaining lease principal and interest payments.
Average realized gold price per ounce sold is
reconciled for the periods presented as follows:
For the three months ended September 30,
2023:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$75.2 |
$ |
— |
($0.7 |
) |
$74.5 |
38,732 |
$1,923 |
|
Lamaque |
|
79.1 |
|
— |
|
(0.4 |
) |
|
78.7 |
40,908 |
|
1,925 |
|
Efemcukuru |
|
39.1 |
|
1.5 |
|
(1.0 |
) |
|
39.6 |
21,364 |
|
1,855 |
|
Olympias |
|
51.9 |
|
0.9 |
|
(21.6 |
) |
|
31.2 |
18,196 |
|
1,712 |
|
Total consolidated |
$245.3 |
$2.5 |
($23.7 |
) |
$224.0 |
119,200 |
$1,879 |
(1) Treatment charges, refining charges, penalties
and other costs deducted from proceeds from gold concentrate
sales.(2) Includes the impact of provisional
pricing adjustments on concentrate sales.
For the nine months ended September 30,
2023:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$211.9 |
|
$— |
($2.3 |
) |
$209.6 |
108,405 |
$1,934 |
|
Lamaque |
|
231.4 |
|
— |
|
(1.2 |
) |
|
230.2 |
119,455 |
|
1,927 |
|
Efemcukuru |
|
123.9 |
|
4.8 |
|
(3.3 |
) |
|
125.3 |
63,581 |
|
1,971 |
|
Olympias |
|
137.3 |
|
3.5 |
|
(54.7 |
) |
|
86.1 |
47,710 |
|
1,805 |
|
Total consolidated |
$704.5 |
$8.3 |
($61.5 |
) |
$651.3 |
339,151 |
$1,920 |
(1) Treatment charges, refining charges, penalties
and other costs deducted from proceeds from gold concentrate
sales.(2) Includes the impact of provisional
pricing adjustments on concentrate sales.
For the three months ended September 30,
2022:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$65.7 |
|
$— |
($0.6 |
) |
$65.1 |
37,721 |
$1,725 |
|
Lamaque |
|
73.1 |
|
— |
|
(0.3 |
) |
|
72.8 |
42,385 |
|
1,717 |
|
Efemcukuru |
|
34.3 |
|
1.7 |
|
(0.6 |
) |
|
35.4 |
22,488 |
|
1,574 |
|
Olympias |
|
44.6 |
|
3.1 |
|
(21.1 |
) |
|
26.6 |
15,794 |
|
1,685 |
|
Stratoni |
|
— |
|
— |
|
— |
|
|
— |
N/A |
N/A |
|
Total consolidated |
$217.7 |
$4.8 |
($22.6 |
) |
$199.9 |
118,388 |
$1,688 |
(1) Treatment charges, refining charges, penalties
and other costs deducted from proceeds from gold concentrate
sales.(2) Includes the impact of provisional
pricing adjustments on concentrate sales.
For the nine months ended September 30,
2022:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$173.3 |
|
$— |
($2.1 |
) |
$171.2 |
94,380 |
$1,814 |
|
Lamaque |
|
223.0 |
|
— |
|
(1.0 |
) |
|
221.9 |
122,165 |
|
1,817 |
|
Efemcukuru |
|
117.0 |
|
3.8 |
|
(2.3 |
) |
|
118.5 |
67,298 |
|
1,761 |
|
Olympias |
|
112.0 |
|
8.4 |
|
(54.9 |
) |
|
65.6 |
36,648 |
|
1,791 |
|
Stratoni |
|
0.5 |
|
— |
|
(0.5 |
) |
|
— |
N/A |
N/A |
|
Total consolidated |
$625.8 |
$12.3 |
($60.8 |
) |
$577.3 |
320,491 |
$1,801 |
(1) Treatment charges, refining charges, penalties
and other costs deducted from proceeds from gold concentrate
sales.(2) Includes the impact of provisional
pricing adjustments on concentrate sales.
Reconciliation of Net Earnings (Loss)
attributable to shareholders of the Company to Adjusted Net
Earnings (Loss) attributable to shareholders of the Company:
|
|
Q3 2023 |
|
Q3 2022 |
|
YTD 2023 |
|
YTD 2022 |
|
|
Net (loss) earnings attributable to shareholders of the
Company (1) |
($6.6 |
) |
($28.4 |
) |
$14.4 |
|
($91.1 |
) |
|
Current tax expense due to Turkiye earthquake relief tax law change
(2) |
|
— |
|
|
— |
|
|
4.3 |
|
|
— |
|
|
Loss on foreign exchange translation of deferred tax balances |
|
15.2 |
|
|
18.4 |
|
|
33.1 |
|
|
54.2 |
|
|
Loss on redemption option derivative |
|
1.5 |
|
|
— |
|
|
2.0 |
|
|
7.4 |
|
|
Unrealized gain on derivative instruments |
|
(6.0 |
) |
|
— |
|
|
(15.0 |
) |
|
— |
|
|
Deferred tax expense (recovery) due to changes in tax rates
(3) |
|
22.6 |
|
|
— |
|
|
22.6 |
|
|
(1.0 |
) |
|
Out-of-period current tax expense due to changes in tax rates
(4) |
|
8.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
Other write-down of assets, net of tax (5) |
|
— |
|
|
— |
|
|
— |
|
|
14.8 |
|
|
Total adjusted net earnings (loss) |
$35.0 |
|
($10.0 |
) |
$61.4 |
|
($15.7 |
) |
|
Weighted average shares outstanding (thousands) |
|
202,472 |
|
|
183,783 |
|
|
191,786 |
|
|
183,313 |
|
|
Adjusted net earnings (loss) per share
($/share) |
$0.17 |
|
($0.05 |
) |
$0.32 |
|
($0.09 |
) |
(1) Amounts presented for 2023 and 2022 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and nine months ended September 30, 2023.
(2) To help fund earthquake relief efforts in
Turkiye, a one-time tax law change was introduced in Q1 2023 to
reverse a portion of the tax credits and deductions previously
granted in 2022.(3) This deferred tax expense
adjustment is due to the income tax rate increase in Turkiye
enacted in Q3 2023. Rate increase from 20% to 25% for general rate,
from 19% to 24% for certain manufacturing activities (including
mining) and from 19% to 20% for export income and is applicable
retroactively to January 1, 2023. Deferred tax recovery in 2022 is
relating to the adjustment of opening balances for the tax rate
decrease in Turkiye enacted in Q1 2022. (4) This
out-of-period current tax expense adjustment is due to the income
tax rate increase in Turkiye enacted in Q3 2023. Rate increase from
20% to 25% for general rate, from 19% to 24% for certain
manufacturing activities (including mining) and from 19% to 20% for
export income and is applicable retroactively to January 1, 2023.
The current income tax adjustment of $8.2 million for the
three-month period ended September 30, 2023 represents
out-of-period impacts of $1.8 million in Q1 and $6.4 million in Q2;
therefore, there is no adjustment for the nine-month period ended
September 30, 2023. (5) Non-recurring asset
write-downs in Q1 2022 include decommissioned equipment at Kisladag
as a result of installation and commissioning of the HPGR. A
partial reversal of Stratoni equipment write-downs was recorded in
Q2 2022.
Reconciliation of Net Earnings (Loss) before
income tax to EBITDA and Adjusted EBITDA:
|
|
Q3 2023 |
|
Q3 2022 |
|
YTD 2023 |
|
YTD 2022 |
|
|
Earnings (loss) before income tax
(1) |
$45.3 |
|
($2.0 |
) |
$117.7 |
|
($6.4 |
) |
|
Depreciation and amortization (2) |
|
63.8 |
|
|
67.1 |
|
|
191.8 |
|
|
175.8 |
|
|
Interest income |
|
(5.3 |
) |
|
(1.5 |
) |
|
(11.8 |
) |
|
(2.8 |
) |
|
Finance costs |
|
8.9 |
|
|
9.2 |
|
|
27.1 |
|
|
35.0 |
|
|
EBITDA |
$112.7 |
|
$72.8 |
|
$324.8 |
|
$201.6 |
|
|
Other write-down of assets (3) |
|
— |
|
|
— |
|
|
— |
|
|
18.2 |
|
|
Share-based payments expense |
|
2.0 |
|
|
2.8 |
|
|
5.6 |
|
|
6.8 |
|
|
(Gain) loss on disposal of assets (1) |
|
(0.1 |
) |
|
(1.5 |
) |
|
0.7 |
|
|
(2.3 |
) |
|
Unrealized gain on derivative instruments |
|
(6.0 |
) |
|
— |
|
|
(15.0 |
) |
|
— |
|
|
Adjusted EBITDA |
$108.7 |
|
$74.2 |
|
$316.1 |
|
$224.4 |
|
(1) Amounts presented for 2023 and 2022 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and nine months ended September 30, 2023.
(2) Includes depreciation within general and
administrative expenses.(3) Non-recurring asset
write-downs in Q1 2022 include decommissioned equipment at Kisladag
as a result of installation and commissioning of the HPGR. A
partial reversal of Stratoni equipment write-downs was recorded in
Q2 2022.
Reconciliation of Net Cash Generated from
Operating Activities to Free Cash Flow:
|
|
Q3 2023 |
|
Q3 2022 |
|
YTD 2023 |
|
YTD 2022 |
|
|
Net cash generated from operating activities
(1) |
$108.1 |
|
$52.7 |
|
$223.3 |
|
$114.9 |
|
|
Less: Cash used in investing activities |
|
(127.4 |
) |
|
(103.6 |
) |
|
(265.3 |
) |
|
(315.3 |
) |
|
Add back: Increase (decrease) in term deposits |
|
— |
|
|
5.0 |
|
|
(35.0 |
) |
|
65.0 |
|
|
Add back: Purchase of marketable securities |
|
— |
|
|
20.2 |
|
|
0.6 |
|
|
20.2 |
|
|
Free cash flow |
($19.3 |
) |
($25.7 |
) |
($76.4 |
) |
($115.2 |
) |
|
Add back: Skouries capital investment (2) |
|
49.2 |
|
|
9.2 |
|
|
99.3 |
|
|
19.5 |
|
|
Free cash flow excluding Skouries |
$30.0 |
|
($16.5 |
) |
$22.8 |
|
($95.7 |
) |
(1) Amounts presented for 2023 and 2022 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and nine months ended September 30, 2023.
(2) Cash-basis capital expenditure on the Skouries
project as included within 'Cash used in investing activities'.
Working capital for the periods highlighted is
as follows:
|
|
As at September 30, 2023 |
As at December 31, 2022 |
|
Current assets |
$823.1 |
$604.7 |
|
Less: Current liabilities |
|
201.5 |
|
200.5 |
|
Working capital |
$621.6 |
$404.3 |
Reconciliation of Net Cash Generated from
Operating Activities to Cash Flow from Operating Activities before
Changes in Working Capital:
|
Continuing operations (1) |
Q3 2023 |
Q3 2022 |
|
YTD 2023 |
|
YTD 2022 |
|
|
Net cash generated from operating activities
(1) |
$108.1 |
$52.7 |
|
$223.3 |
|
$114.9 |
|
|
Less: Changes in non-cash working capital |
|
10.6 |
|
(3.1 |
) |
|
(49.9 |
) |
|
(39.4 |
) |
|
Cash flow from operating activities before changes in
working capital |
$97.5 |
$55.8 |
|
$273.1 |
|
$154.3 |
|
(1) Amounts presented for 2023 and 2022 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and nine months ended September 30, 2023.
Forward-looking Statements and
Information
Certain of the statements made and information
provided in this press 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”, "assumes", “believes”, “budget”,
"committed", “continue”, “estimates”, “expects”, "focus",
“forecasts”, "foresee", "forward", "future", "goal", “guidance”,
“intends”, "opportunity", "outlook", “plans”, “potential”,
"schedule", "strategy", "target", “underway”, "working" or the
negatives thereof or variations of such words and phrases or
statements that certain actions, events or results “can”, “could”,
"likely", "may", “might”, “will” or "would" be taken, occur or be
achieved.
Forward-looking statements or information
contained in this press release include, but are not limited to,
statements or information with respect to: our beliefs for reserve
growth, our jurisdictional strategy; the Company’s production,
cost, capital expenditure and cash flow outlook, including our
expected production, average cash operating costs per ounce sold,
total operating costs per ounce sold, all in sustaining costs per
ounce sold and growth capital invested; expectations regarding
advancement and development of the Skouries project, including
expected costs and budgets, upcoming milestones and progress
against targets, timing of contracts; expected growth capital
investment in 2023, the timing of commissioning and commercial
production, the results of the Skouries feasibility study
(including expected life of mine, average production, after tax
IRR, NPV and capital costs) and management’s expectations on
updates; expected results from productivity initiatives at
Olympias; a potential increase in recoveries at Kisladag;
directional guidance on Q4 production by material property and
reasons underlying management’s expectations; critical accounting
estimates and judgements; non-IFRS financial measures and ratios;
risk factors affecting our business; our expectation as to our
future financial and operating performance; and our strategy, plans
and goals, including our proposed exploration, development,
construction, permitting, financing and operating potential, plans
and priorities and related timelines and schedules.
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: production and cost expectations; the total capital costs
required to complete Skouries; our ability to execute our plans
relating to Skouries, including the timing, productivity levels and
pace thereof; our ability to obtain all required approvals and
permits; cost estimates in respect of Skouries; no changes in input
costs, exchange rates, development and gold; the geopolitical,
economic, permitting and legal climate that we operate in,
including at the Skouries project; our preliminary gold production
and our guidance, benefits of the completion of the decline at
Lamaque, the improvements at Kisladag and Olympias and the
optimization of Greek operations; tax expenses in Turkiye; how the
world-wide economic and social impact of COVID-19 is managed and
the duration and extent of the COVID-19 pandemic; timing, cost and
results of our construction and exploration; the future price of
gold and other commodities; the global concentrate market; exchange
rates; anticipated values, costs, expenses and working capital
requirements; production and metallurgical recoveries; mineral
reserves and resources; and the impact of acquisitions,
dispositions, suspensions or delays on our business and the ability
to achieve our goals. In addition, 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: operational performance rates including but not
limited to development rates, production drilling activity, and
stope sequencing; increases in the non-fixed portion of the
financing costs or adverse changes to the Term Facility funding the
Skouries project; failure or delays to receive necessary approvals
or otherwise satisfy the conditions to the continued drawdown of
the Term Facility; the proceeds of the Term Facility not being
available to the Company or Hellas; ability to execute on the
project plan relating to Skouries which in turn depends on, among
other things, the pace of contract awards, labour productivity
levels, and ability to achieve the social impacts and benefits
contemplated; ability to meet production, expenditure and cost
guidance; inability to achieve the expected benefits of the
completion of the decline at Lamaque, performance improvements at
Kisladag including but not limited to solution flow and irrigation
areas and the optimization of Greek operations; inability to assess
income tax expenses in Turkiye; as well as those risk factors
discussed in the section titled Managing Risk in the Management's
Discussion and Analysis and the sections titled “Forward-Looking
Information and Risks” and “Risk Factors in Our Business” in our
most recent Annual Information Form & Form 40-F. The reader is
directed to carefully review the detailed risk discussion in our
most recent Annual Information Form & Form 40-F filed on SEDAR+
and EDGAR under our Company name, which discussion is incorporated
by reference in this release, for a fuller understanding of the
risks and uncertainties that affect our business and
operations.
The inclusion of forward-looking statements and
information is designed to help you understand management’s current
views of our near- and longer-term prospects, and it may not be
appropriate for other purposes.
There can be no assurance that forward-looking
statements or information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, you should not place
undue reliance on the forward-looking statements or information
contained herein. Except as required by law, we do not expect to
update forward-looking statements and information continually as
conditions change and you are referred to the full discussion of
the Company’s business contained in the Company’s reports filed
with the securities regulatory authorities in Canada and the United
States.
Qualified Person
Except as otherwise noted, Simon Hille, FAusIMM,
Senior Vice President, Technical Services and Operations, is the
Qualified Person under NI 43-101 responsible for preparing and
supervising the preparation of the scientific or technical
information contained in this press release and verifying the
technical data disclosed in this document relating to our operating
mines and development projects. 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.
Jessy Thelland, géo (OGQ No. 758), a member in
good standing of the Ordre des Géologues du Québec, is the
qualified person as defined in NI 43-101 responsible for, and has
verified and approved, the scientific and technical disclosure
contained in this Press Release for the Quebec projects.
Eldorado Gold CorporationCondensed Consolidated
Interim Statements of Financial
Position
As at
September 30, 2023 and December 31, 2022(Unaudited – in
thousands of U.S. dollars)
| As at |
Note |
|
September 30, 2023 |
|
December 31, 2022 |
| ASSETS |
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
476,624 |
|
|
$ |
279,735 |
|
|
Term deposits |
|
|
|
— |
|
|
|
35,000 |
|
|
Accounts receivable and other |
5 |
|
|
104,833 |
|
|
|
91,113 |
|
|
Inventories |
6 |
|
|
236,663 |
|
|
|
198,872 |
|
|
Current derivative assets |
16 |
|
|
4,992 |
|
|
|
— |
|
|
Assets held for sale |
4 |
|
|
27,066 |
|
|
|
27,738 |
|
|
|
|
|
|
850,178 |
|
|
|
632,458 |
|
|
Restricted cash |
|
|
|
2,038 |
|
|
|
2,033 |
|
|
Deferred tax assets |
|
|
|
14,507 |
|
|
|
14,507 |
|
|
Other assets |
7 |
|
|
164,796 |
|
|
|
120,065 |
|
|
Non-current derivative assets |
16 |
|
|
14,902 |
|
|
|
— |
|
|
Property, plant and equipment |
|
|
|
3,673,191 |
|
|
|
3,596,262 |
|
|
Goodwill |
|
|
|
92,591 |
|
|
|
92,591 |
|
| |
|
|
$ |
4,812,203 |
|
|
$ |
4,457,916 |
|
| LIABILITIES &
EQUITY |
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
$ |
191,666 |
|
|
$ |
191,705 |
|
|
Current portion of lease liabilities |
|
|
|
4,916 |
|
|
|
4,777 |
|
|
Current portion of asset retirement obligations |
|
|
|
3,692 |
|
|
|
3,980 |
|
|
Current derivative liabilities |
16 |
|
|
1,202 |
|
|
|
— |
|
|
Liabilities associated with assets held for sale |
4 |
|
|
10,834 |
|
|
|
10,479 |
|
| |
|
|
|
212,310 |
|
|
|
210,941 |
|
| Debt |
8 |
|
|
596,503 |
|
|
|
494,414 |
|
| Lease liabilities |
|
|
|
13,044 |
|
|
|
12,164 |
|
| Employee benefit plan
obligations |
|
|
|
8,485 |
|
|
|
8,910 |
|
| Asset retirement
obligations |
|
|
|
105,972 |
|
|
|
105,893 |
|
| Non-current derivative
liabilities |
16 |
|
|
3,708 |
|
|
|
— |
|
| Deferred income tax
liabilities |
|
|
|
465,239 |
|
|
|
424,726 |
|
| |
|
|
|
1,405,261 |
|
|
|
1,257,048 |
|
| Equity |
|
|
|
|
|
| Share capital |
12 |
|
|
3,410,536 |
|
|
|
3,241,644 |
|
| Treasury stock |
|
|
|
(15,952 |
) |
|
|
(20,454 |
) |
| Contributed surplus |
|
|
|
2,615,177 |
|
|
|
2,618,212 |
|
| Accumulated other
comprehensive loss |
|
|
|
(17,680 |
) |
|
|
(42,284 |
) |
| Deficit |
|
|
|
(2,580,843 |
) |
|
|
(2,593,050 |
) |
| Total equity
attributable to shareholders of the Company |
|
|
|
3,411,238 |
|
|
|
3,204,068 |
|
| Attributable to
non-controlling interests |
|
|
|
(4,296 |
) |
|
|
(3,200 |
) |
| |
|
|
|
3,406,942 |
|
|
|
3,200,868 |
|
| |
|
|
$ |
4,812,203 |
|
|
$ |
4,457,916 |
|
Approved on behalf of the Board of
Directors
(signed) John
Webster Director
(signed) George
Burns
Director
Date of approval: October 26, 2023
Eldorado Gold CorporationCondensed Consolidated
Interim Statements of
Operations
For the
three and nine months ended September 30, 2023 and
2022(Unaudited – in thousands of U.S. dollars except share and per
share amounts)
| |
|
|
Three months ended |
|
Nine months ended |
| |
|
|
September 30, |
|
September 30, |
|
|
Note |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Revenue |
|
|
|
|
|
|
|
|
|
| Metal sales |
9 |
|
$ |
245,255 |
|
|
$ |
217,698 |
|
|
$ |
704,464 |
|
|
$ |
625,817 |
|
| |
|
|
|
|
|
|
|
|
|
| Cost of
sales |
|
|
|
|
|
|
|
|
|
| Production costs |
|
|
|
115,929 |
|
|
|
123,486 |
|
|
|
344,175 |
|
|
|
337,362 |
|
| Depreciation and
amortization |
|
|
|
62,983 |
|
|
|
66,424 |
|
|
|
189,422 |
|
|
|
174,093 |
|
| |
|
|
|
178,912 |
|
|
|
189,910 |
|
|
|
533,597 |
|
|
|
511,455 |
|
| |
|
|
|
|
|
|
|
|
|
| Earnings from mine
operations |
|
|
|
66,343 |
|
|
|
27,788 |
|
|
|
170,867 |
|
|
|
114,362 |
|
| |
|
|
|
|
|
|
|
|
|
| Exploration and evaluation
expenses |
|
|
|
6,288 |
|
|
|
4,449 |
|
|
|
16,758 |
|
|
|
12,822 |
|
| Mine standby costs |
10 |
|
|
3,382 |
|
|
|
7,965 |
|
|
|
11,999 |
|
|
|
30,298 |
|
| General and administrative
expenses |
|
|
|
9,291 |
|
|
|
6,571 |
|
|
|
29,256 |
|
|
|
23,096 |
|
| Employee benefit plan
expense |
|
|
|
1,277 |
|
|
|
854 |
|
|
|
3,496 |
|
|
|
3,504 |
|
| Share-based payments
expense |
13 |
|
|
2,045 |
|
|
|
2,842 |
|
|
|
5,573 |
|
|
|
6,840 |
|
| Write-down of assets |
|
|
|
2,924 |
|
|
|
1,090 |
|
|
|
4,972 |
|
|
|
23,543 |
|
| Foreign exchange (gain)
loss |
|
|
|
(1,726 |
) |
|
|
338 |
|
|
|
(15,480 |
) |
|
|
(7,379 |
) |
| Earnings from
operations |
|
|
|
42,862 |
|
|
|
3,679 |
|
|
|
114,293 |
|
|
|
21,638 |
|
| |
|
|
|
|
|
|
|
|
|
| Other income |
11 |
|
|
11,366 |
|
|
|
3,592 |
|
|
|
30,454 |
|
|
|
6,971 |
|
| Finance costs |
11 |
|
|
(8,910 |
) |
|
|
(9,228 |
) |
|
|
(27,053 |
) |
|
|
(35,006 |
) |
| Earnings (loss) from
continuing operations before income tax |
|
|
|
45,318 |
|
|
|
(1,957 |
) |
|
|
117,694 |
|
|
|
(6,397 |
) |
| Income tax expense |
|
|
|
51,984 |
|
|
|
26,452 |
|
|
|
103,581 |
|
|
|
84,763 |
|
| Net (loss) earnings
from continuing operations |
|
|
|
(6,666 |
) |
|
|
(28,409 |
) |
|
|
14,113 |
|
|
|
(91,160 |
) |
| Net loss from
discontinued operations, net of tax |
|
|
|
(1,201 |
) |
|
|
(30,244 |
) |
|
|
(3,267 |
) |
|
|
(376,568 |
) |
| Net (loss) earnings
for the period |
|
|
$ |
(7,867 |
) |
|
$ |
(58,653 |
) |
|
$ |
10,846 |
|
|
$ |
(467,728 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net (loss) earnings
attributable to: |
|
|
|
|
|
|
|
|
|
| Shareholders of the
Company |
|
|
|
(7,998 |
) |
|
|
(54,642 |
) |
|
|
12,207 |
|
|
|
(397,516 |
) |
| Non-controlling interests |
|
|
|
131 |
|
|
|
(4,011 |
) |
|
|
(1,361 |
) |
|
|
(70,212 |
) |
| Net (loss) earnings
for the period |
|
|
$ |
(7,867 |
) |
|
$ |
(58,653 |
) |
|
$ |
10,846 |
|
|
$ |
(467,728 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net (loss) earnings
attributable to Shareholders of the Company: |
|
|
|
|
|
|
|
|
|
| Continuing operations |
|
|
|
(6,557 |
) |
|
|
(28,411 |
) |
|
|
14,361 |
|
|
|
(91,060 |
) |
| Discontinued operations |
|
|
|
(1,441 |
) |
|
|
(26,231 |
) |
|
|
(2,154 |
) |
|
|
(306,456 |
) |
| |
|
|
$ |
(7,998 |
) |
|
$ |
(54,642 |
) |
|
$ |
12,207 |
|
|
$ |
(397,516 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net earnings (loss)
attributable to Non-controlling Interests: |
|
|
|
|
|
|
|
|
|
| Continuing operations |
|
|
|
(109 |
) |
|
|
2 |
|
|
|
(248 |
) |
|
|
(100 |
) |
| Discontinued operations |
|
|
|
240 |
|
|
|
(4,013 |
) |
|
|
(1,113 |
) |
|
|
(70,112 |
) |
| |
|
|
$ |
131 |
|
|
$ |
(4,011 |
) |
|
$ |
(1,361 |
) |
|
$ |
(70,212 |
) |
| |
|
|
|
|
|
|
|
|
|
| Weighted average number of
shares outstanding (thousands) |
|
|
|
|
|
|
|
|
|
| Basic |
12 |
|
|
202,472 |
|
|
|
183,783 |
|
|
|
191,786 |
|
|
|
183,313 |
|
| Diluted |
12 |
|
|
202,472 |
|
|
|
183,783 |
|
|
|
192,643 |
|
|
|
183,313 |
|
| |
|
|
|
|
|
|
|
|
|
| Net (loss) earnings
per share attributable to Shareholders of the
Company: |
|
|
|
|
|
|
|
|
|
| Basic (loss) earnings per
share |
|
|
$ |
(0.04 |
) |
|
$ |
(0.30 |
) |
|
$ |
0.06 |
|
|
$ |
(2.17 |
) |
| Diluted (loss) earnings per
share |
|
|
$ |
(0.04 |
) |
|
$ |
(0.30 |
) |
|
$ |
0.06 |
|
|
$ |
(2.17 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net (loss) earnings
per share attributable to Shareholders of the Company - Continuing
operations: |
|
|
|
|
|
|
|
|
|
| Basic (loss) earnings per
share |
|
|
$ |
(0.03 |
) |
|
$ |
(0.15 |
) |
|
$ |
0.07 |
|
|
$ |
(0.50 |
) |
| Diluted (loss) earnings per
share |
|
|
$ |
(0.03 |
) |
|
$ |
(0.15 |
) |
|
$ |
0.07 |
|
|
$ |
(0.50 |
) |
Eldorado Gold
Corporation
Condensed Consolidated Interim Statements of Comprehensive (Loss)
IncomeFor the three and nine months ended September 30, 2023
and 2022(Unaudited – in thousands of U.S. dollars)
| |
|
|
Three months ended |
|
Nine months ended |
| |
|
|
September 30, |
|
September 30, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| |
|
|
|
|
|
|
|
|
|
| Net (loss) earnings
for the period |
|
|
$ |
(7,867 |
) |
|
$ |
(58,653 |
) |
|
$ |
10,846 |
|
|
$ |
(467,728 |
) |
| Other comprehensive
income (loss): |
|
|
|
|
|
|
|
|
|
| Items that will not be
reclassified to earnings or loss: |
|
|
|
|
|
|
|
|
|
|
Change in fair value of investments in marketable securities |
|
|
|
3,375 |
|
|
|
(15,279 |
) |
|
|
30,872 |
|
|
|
(23,544 |
) |
|
Income tax expense on change in fair value of investments in
marketable securities |
|
|
|
(476 |
) |
|
|
— |
|
|
|
(1,657 |
) |
|
|
— |
|
|
Actuarial losses on employee benefit plans |
|
|
|
(2,028 |
) |
|
|
(1,336 |
) |
|
|
(5,693 |
) |
|
|
(1,987 |
) |
|
Income tax recovery on actuarial losses on employee benefit pension
plans |
|
|
|
386 |
|
|
|
294 |
|
|
|
1,082 |
|
|
|
437 |
|
| Total other
comprehensive income (loss) for the period |
|
|
|
1,257 |
|
|
|
(16,321 |
) |
|
|
24,604 |
|
|
|
(25,094 |
) |
| Total comprehensive
(loss) income for the period |
|
|
$ |
(6,610 |
) |
|
$ |
(74,974 |
) |
|
$ |
35,450 |
|
|
$ |
(492,822 |
) |
| |
|
|
|
|
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
|
|
|
|
| Shareholders of the
Company |
|
|
|
(6,741 |
) |
|
|
(70,963 |
) |
|
|
36,811 |
|
|
|
(422,610 |
) |
| Non-controlling interests |
|
|
|
131 |
|
|
|
(4,011 |
) |
|
|
(1,361 |
) |
|
|
(70,212 |
) |
| |
|
|
$ |
(6,610 |
) |
|
$ |
(74,974 |
) |
|
$ |
35,450 |
|
|
$ |
(492,822 |
) |
Eldorado Gold CorporationCondensed Consolidated
Interim Statements of Cash
Flows
For the three and nine months ended September 30, 2023 and
2022(Unaudited – in thousands of U.S. dollars)
| |
|
|
Three months ended |
|
Nine months ended |
| |
|
|
September 30, |
|
September 30, |
|
|
Note |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Cash flows generated from
(used in): |
|
|
|
|
|
|
|
|
|
| Operating
activities |
|
|
|
|
|
|
|
|
|
| Net (loss) earnings for the
period from continuing operations |
|
|
$ |
(6,666 |
) |
|
$ |
(28,409 |
) |
|
$ |
14,113 |
|
|
$ |
(91,160 |
) |
| Adjustments for: |
|
|
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
|
|
63,789 |
|
|
|
67,050 |
|
|
|
191,803 |
|
|
|
175,771 |
|
| Finance costs |
|
|
|
8,910 |
|
|
|
9,228 |
|
|
|
27,053 |
|
|
|
35,006 |
|
| Interest income |
|
|
|
(5,334 |
) |
|
|
(1,480 |
) |
|
|
(11,784 |
) |
|
|
(2,764 |
) |
| Unrealized foreign exchange
(gain) loss |
|
|
|
(1,736 |
) |
|
|
3,785 |
|
|
|
(13,961 |
) |
|
|
19 |
|
| Income tax expense |
|
|
|
51,984 |
|
|
|
26,452 |
|
|
|
103,581 |
|
|
|
84,763 |
|
| (Gain) loss on disposal of
assets |
|
|
|
(60 |
) |
|
|
(1,493 |
) |
|
|
707 |
|
|
|
(2,308 |
) |
| Unrealized gain on derivative
contracts |
11 |
|
|
(5,957 |
) |
|
|
— |
|
|
|
(14,979 |
) |
|
|
— |
|
| Write-down of assets |
|
|
|
2,924 |
|
|
|
1,090 |
|
|
|
4,972 |
|
|
|
23,543 |
|
| Share-based payments
expense |
13 |
|
|
2,045 |
|
|
|
2,842 |
|
|
|
5,573 |
|
|
|
6,840 |
|
| Employee benefit plan
expense |
|
|
|
1,277 |
|
|
|
854 |
|
|
|
3,496 |
|
|
|
3,504 |
|
| |
|
|
|
111,176 |
|
|
|
79,919 |
|
|
|
310,574 |
|
|
|
233,214 |
|
| Property reclamation
payments |
|
|
|
(583 |
) |
|
|
(1,282 |
) |
|
|
(2,539 |
) |
|
|
(2,075 |
) |
| Employee benefit plan
payments |
|
|
|
(704 |
) |
|
|
(315 |
) |
|
|
(4,815 |
) |
|
|
(2,988 |
) |
| Settlement of derivative
contracts |
11 |
|
|
7 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
| Income taxes paid |
|
|
|
(17,727 |
) |
|
|
(24,038 |
) |
|
|
(41,864 |
) |
|
|
(76,605 |
) |
| Interest received |
|
|
|
5,334 |
|
|
|
1,480 |
|
|
|
11,784 |
|
|
|
2,764 |
|
| Changes in non-cash working
capital |
14 |
|
|
10,577 |
|
|
|
(3,078 |
) |
|
|
(49,874 |
) |
|
|
(39,366 |
) |
| Net cash generated
from operating activities of continuing operations |
|
|
|
108,080 |
|
|
|
52,686 |
|
|
|
223,268 |
|
|
|
114,944 |
|
| Net cash used in
operating activities of discontinued operations |
|
|
|
(84 |
) |
|
|
(172 |
) |
|
|
(15 |
) |
|
|
(251 |
) |
| |
|
|
|
|
|
|
|
|
|
| Investing
activities |
|
|
|
|
|
|
|
|
|
| Additions to property, plant
and equipment |
|
|
|
(114,597 |
) |
|
|
(73,980 |
) |
|
|
(273,101 |
) |
|
|
(209,159 |
) |
| Capitalized interest paid |
|
|
|
(7,302 |
) |
|
|
— |
|
|
|
(7,829 |
) |
|
|
— |
|
| Proceeds from the sale of
property, plant and equipment |
|
|
|
201 |
|
|
|
1,637 |
|
|
|
1,386 |
|
|
|
3,278 |
|
| Purchase of marketable
securities and investment in debt securities |
|
|
|
— |
|
|
|
(20,163 |
) |
|
|
(633 |
) |
|
|
(20,163 |
) |
| Value added taxes related to
mineral property expenditures, net |
|
|
|
(5,656 |
) |
|
|
(6,056 |
) |
|
|
(20,158 |
) |
|
|
(24,267 |
) |
| (Increase) decrease in term
deposits |
|
|
|
— |
|
|
|
(5,000 |
) |
|
|
35,000 |
|
|
|
(65,000 |
) |
| Net cash used in
investing activities of continuing operations |
|
|
|
(127,354 |
) |
|
|
(103,562 |
) |
|
|
(265,335 |
) |
|
|
(315,311 |
) |
| |
|
|
|
|
|
|
|
|
|
| Financing
activities |
|
|
|
|
|
|
|
|
|
| Issuance of common shares, net
of issuance costs |
|
|
|
(62 |
) |
|
|
84 |
|
|
|
166,747 |
|
|
|
13,743 |
|
| Contributions from
non-controlling interests |
|
|
|
— |
|
|
|
— |
|
|
|
265 |
|
|
|
207 |
|
| Proceeds from Term Facility -
Commercial Loans and RRF Loans |
|
|
|
43,529 |
|
|
|
— |
|
|
|
114,737 |
|
|
|
— |
|
| Proceeds from Term Facility -
VAT facility |
|
|
|
8,517 |
|
|
|
— |
|
|
|
9,052 |
|
|
|
— |
|
| Term Facility loan financing
costs |
|
|
|
(102 |
) |
|
|
— |
|
|
|
(17,274 |
) |
|
|
— |
|
| Term Facility commitment
fees |
|
|
|
— |
|
|
|
— |
|
|
|
(2,529 |
) |
|
|
— |
|
| Interest paid |
|
|
|
(10,063 |
) |
|
|
(16,226 |
) |
|
|
(27,762 |
) |
|
|
(33,945 |
) |
| Principal portion of lease
liabilities |
|
|
|
(948 |
) |
|
|
(1,406 |
) |
|
|
(2,793 |
) |
|
|
(5,383 |
) |
| Purchase of treasury
stock |
|
|
|
(1,131 |
) |
|
|
— |
|
|
|
(1,131 |
) |
|
|
(13,969 |
) |
| Net cash generated
from (used in) financing activities of continuing
operations |
|
|
|
39,740 |
|
|
|
(17,548 |
) |
|
|
239,312 |
|
|
|
(39,347 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net increase
(decrease) in cash and cash equivalents |
|
|
|
20,382 |
|
|
|
(68,596 |
) |
|
|
197,230 |
|
|
|
(239,965 |
) |
| Cash and cash
equivalents - beginning of period |
|
|
|
456,583 |
|
|
|
309,958 |
|
|
|
279,735 |
|
|
|
481,327 |
|
| Cash in disposal group held
for sale |
|
|
|
(341 |
) |
|
|
— |
|
|
|
(341 |
) |
|
|
— |
|
| Cash and cash
equivalents - end of period |
|
|
$ |
476,624 |
|
|
$ |
241,362 |
|
|
$ |
476,624 |
|
|
$ |
241,362 |
|
Eldorado Gold CorporationCondensed Consolidated
Interim Statements of Changes in Equity For
the three and nine months ended September 30, 2023 and
2022(Unaudited – in thousands of U.S. dollars)
| |
|
Three months ended |
|
Nine months ended |
| |
|
September 30, |
|
September 30, |
|
|
Note |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Share
capital |
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
$ |
3,410,609 |
|
|
$ |
3,240,952 |
|
|
$ |
3,241,644 |
|
|
$ |
3,225,326 |
|
|
Shares issued upon exercise of share options |
|
|
71 |
|
|
|
174 |
|
|
|
5,211 |
|
|
|
4,117 |
|
|
Shares issued upon exercise of performance share units (PSU's) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,256 |
|
|
Transfer of contributed surplus on exercise of options |
|
|
31 |
|
|
|
73 |
|
|
|
2,199 |
|
|
|
1,665 |
|
|
Shares issued upon exercise of warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
213 |
|
|
Shares issued in private placements, net of share issuance
costs |
|
|
(12 |
) |
|
|
(10 |
) |
|
|
66,764 |
|
|
|
7,612 |
|
|
Shares issued to the public, net of share issuance costs |
|
|
(163 |
) |
|
|
— |
|
|
|
94,718 |
|
|
|
— |
|
| Balance end of period |
12 |
$ |
3,410,536 |
|
|
$ |
3,241,189 |
|
|
$ |
3,410,536 |
|
|
$ |
3,241,189 |
|
| |
|
|
|
|
|
|
|
|
| Treasury
stock |
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
$ |
(14,821 |
) |
|
$ |
(20,454 |
) |
|
$ |
(20,454 |
) |
|
$ |
(10,289 |
) |
|
Purchase of treasury stock |
|
|
(1,131 |
) |
|
|
— |
|
|
|
(1,131 |
) |
|
|
(13,969 |
) |
|
Shares redeemed upon exercise of restricted share units
(RSU's) |
|
|
— |
|
|
|
— |
|
|
|
5,633 |
|
|
|
3,804 |
|
| Balance end of period |
|
$ |
(15,952 |
) |
|
$ |
(20,454 |
) |
|
$ |
(15,952 |
) |
|
$ |
(20,454 |
) |
| |
|
|
|
|
|
|
|
|
| Contributed
surplus |
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
$ |
2,612,685 |
|
|
$ |
2,612,463 |
|
|
$ |
2,618,212 |
|
|
$ |
2,615,459 |
|
|
Share-based payment arrangements |
|
|
2,523 |
|
|
|
2,992 |
|
|
|
4,797 |
|
|
|
7,648 |
|
|
Shares redeemed upon exercise of restricted share units |
|
|
— |
|
|
|
— |
|
|
|
(5,633 |
) |
|
|
(3,804 |
) |
|
Shares redeemed upon exercise of performance share units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,256 |
) |
|
Transfer to share capital on exercise of options |
|
|
(31 |
) |
|
|
(73 |
) |
|
|
(2,199 |
) |
|
|
(1,665 |
) |
| Balance end of period |
|
$ |
2,615,177 |
|
|
$ |
2,615,382 |
|
|
$ |
2,615,177 |
|
|
$ |
2,615,382 |
|
|
|
|
|
|
|
|
|
|
|
| Accumulated other
comprehensive loss |
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
$ |
(18,937 |
) |
|
$ |
(29,678 |
) |
|
$ |
(42,284 |
) |
|
$ |
(20,905 |
) |
|
Other comprehensive income (loss) for the period attributable to
shareholders of the Company |
|
|
1,257 |
|
|
|
(16,321 |
) |
|
|
24,604 |
|
|
|
(25,094 |
) |
| Balance end of period |
|
$ |
(17,680 |
) |
|
$ |
(45,999 |
) |
|
$ |
(17,680 |
) |
|
$ |
(45,999 |
) |
| |
|
|
|
|
|
|
|
|
| Deficit |
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
$ |
(2,572,845 |
) |
|
$ |
(2,582,100 |
) |
|
$ |
(2,593,050 |
) |
|
$ |
(2,239,226 |
) |
|
(Loss) earnings attributable to shareholders of the Company |
|
|
(7,998 |
) |
|
|
(54,642 |
) |
|
|
12,207 |
|
|
|
(397,516 |
) |
| Balance end of period |
|
$ |
(2,580,843 |
) |
|
$ |
(2,636,742 |
) |
|
$ |
(2,580,843 |
) |
|
$ |
(2,636,742 |
) |
| Total equity
attributable to shareholders of the Company |
|
$ |
3,411,238 |
|
|
$ |
3,153,376 |
|
|
$ |
3,411,238 |
|
|
$ |
3,153,376 |
|
|
|
|
|
|
|
|
|
|
|
| Non-controlling
interests |
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
$ |
(4,427 |
) |
|
$ |
3,563 |
|
|
$ |
(3,200 |
) |
|
$ |
69,557 |
|
|
Earnings (loss) attributable to non-controlling interests |
|
|
131 |
|
|
|
(4,011 |
) |
|
|
(1,361 |
) |
|
|
(70,212 |
) |
|
Contributions from non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
265 |
|
|
|
207 |
|
| Balance end of period |
|
$ |
(4,296 |
) |
|
$ |
(448 |
) |
|
$ |
(4,296 |
) |
|
$ |
(448 |
) |
| Total
equity |
|
$ |
3,406,942 |
|
|
$ |
3,152,928 |
|
|
$ |
3,406,942 |
|
|
$ |
3,152,928 |
|
1 These financial measures or ratios are
non-IFRS financial measures or ratios. Certain additional
disclosure for non-IFRS financial measures and ratios have been
incorporated by reference and additional detail can be found at the
end of this press release and in the section 'Non-IFRS and Other
Financial Measures and Ratios' in the Company's September 30,
2023 MD&A. 2 These financial measures or ratios are non-IFRS
financial measures or ratios. Certain additional disclosure for
non-IFRS financial measures and ratios have been incorporated by
reference and additional detail can be found at the end of this
press release and in the section 'Non-IFRS and Other Financial
Measures and Ratios' in the Company's September 30, 2023
MD&A. 3 These financial measures or ratios are non-IFRS
financial measures or ratios. Certain additional disclosure for
non-IFRS financial measures and ratios have been incorporated by
reference and additional detail can be found at the end of this
press release and in the section 'Non-IFRS and Other Financial
Measures and Ratios' in the Company's September 30, 2023
MD&A. 4 Based on long-term prices of $1,500 per ounce gold and
$3.85 per pound copper.
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