Eldorado Gold Corporation (“Eldorado” or “the
Company”) announces fourth quarter 2023 preliminary gold production
of 143,166 ounces, and full year preliminary gold production of
485,140 ounces. Fourth quarter production was strong across all
assets and in line with the Company’s expectation of a stronger
second half of 2023. Full year preliminary production was at the
midpoint of the tightened guidance range of 475,000 to 495,000
ounces, as announced in the third quarter 2023 results news
release. Detailed production, by asset, is outlined in the table
below.
Q4 2023 Preliminary Gold Production
|
Gold Production (oz) |
Mine |
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Kisladag |
46,291 |
37,219 |
34,180 |
37,160 |
Lamaque Complex |
56,619 |
43,821 |
38,745 |
37,884 |
Efemcukuru |
22,374 |
21,142 |
22,644 |
19,928 |
Olympias |
17,882 |
18,848 |
13,866 |
16,537 |
Total Gold Production (oz) |
143,166 |
121,030 |
109,435 |
111,509 |
|
Gold Production (oz) |
Mine |
Full Year 2023 |
Full Year 2022 |
Kisladag |
154,850 |
135,801 |
Lamaque Complex |
177,069 |
174,097 |
Efemcukuru |
86,088 |
87,685 |
Olympias |
67,133 |
56,333 |
Total Gold Production (oz) |
485,140 |
453,916 |
Canada
The Lamaque Complex delivered record gold
production both in the fourth quarter and for the year. During the
fourth quarter, production increased 29% over the third quarter
driven by increased grade and mill throughput.
Turkiye
At Kisladag, fourth quarter gold production
increased by 24% over the third quarter, driven by an increase in
tonnes placed on the pads and higher irrigation rates during the
quarter following the commissioning of the North Heap Leach pad in
the third quarter. As expected, the second half of the year was
stronger as a result of the improved material handling systems
which included the HPGR, larger higher-capacity conveyors and the
agglomeration drum.
At Efemcukuru, record throughput rates in the
fourth quarter, averaging 1,500 tpd along with higher gold grades
delivered the full year gold production per plan. The mine rock
storage facility has been completed and will enable more efficient
waste rock and dry stack tailings placement.
The Company’s profits from mining operations in
Turkiye are taxed at the enacted rate and the resulting current
income tax expense can be further increased or reduced by other
items. In the fourth quarter, the Company expects the Turkish
current income tax expense on mining profits, at an enacted rate of
25%, to be decreased by $2 to $4 million. The expected decrease
is primarily related to reductions from the investments tax
credit relating to Kisladag and Efemcukuru, and the increased
depreciation impact from revalued fixed assets, partly offset by
increases due to the weakening of the Lira, versus the US dollar,
in the quarter and the resulting generation of taxable unrealized
foreign exchange gains.
Greece
Fourth quarter gold production at Olympias was
slightly lower compared to the third quarter. Overall, the mine
delivered record annual production due to record mill throughput
and gold production as a result of the operating initiatives
implemented during the year. The initiatives included improved
ventilation that allowed increased access to multiple work areas.
In addition, it allowed increased productivity within the Flats
zone which has larger stope sizes allowing the use of bulk mining
methods.
Q4 2023 Financial and Operational
Results Call Details
Eldorado will release its 2023 Year-End and
Fourth Quarter Financial and Operational Results after the market
closes on Thursday, February 22, 2024, and will host a conference
call on Friday, February 23, 2024, at 11:30 AM ET (8:30 AM PT). The
call will be webcast and can be accessed at Eldorado Gold’s
website: www.eldoradogold.com, or via:
https://services.choruscall.ca/links/eldoradogold2023q4.html
Conference Call Details |
|
Replay (available until March 29, 2024) |
Date: |
February 23, 2024 |
|
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: |
0604 |
Toll free: |
1 800 319 4610 |
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Additionally, the Company plans to release
guidance for 2024 and an updated multi-year outlook, in conjunction
with the 2023 full-year results on Thursday, February 22, 2024.
About Eldorado Gold
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Türkiye, 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 Relations, Communications & External
Affairs647 271 2827 or 1 888 353 8166
lynette.gould@eldoradogold.com
MediaChad Pederson, Director,
Communications236 885 6251 or 1 888 353 8166
chad.pederson@eldoradogold.com
Cautionary Note about Forward-looking
Statements and Information
Certain of the statements made and information
provided in this press release are forward-looking statements or
information within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws. Often, these forward-looking statements and
forward-looking information can be identified by the use of words
such as “anticipates”, “believes”, “budget”, “continue”,
“estimates”, “expects”, “forecasts”, “guidance”, “intends”,
“plans”, “projected” or “scheduled” or the negatives thereof or
variations of such words and phrases or statements that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved.
Forward-looking statements or information
contained in this release include, but are not limited to,
statements or information with respect to: preliminary gold
production for 4Q and full year 2023, expected efficiencies at the
Efemcukuru rock storage facility, expected Turkish current income
tax expense on mining profits, and future disclosures and related
dates. 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: reconciliations and assays which support our preliminary
gold production numbers; foreign exchange rates with respect to the
Turkish Lira; continuity in our operational approach to waste and
tailings at Efemcukuru; and the general ability of the Company to
attract, hire and retain skilled personnel. 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:
changes to preliminary production numbers following completion of
normal assurance activities and reporting processes; inability to
successfully implement tailing and waste management at Efemcukuru;
inability to assess taxes in Turkiye or depreciation expenses; as
well as those risk factors discussed in the sections titled
“Forward-looking information and risks” and “Risk factors in our
business” in our most recent Annual Information Form & Form
40-F. The reader is directed to carefully review the detailed risk
discussion in our most recent Annual Information Form & Form
40-F filed on SEDAR and EDGAR under our Company name, which
discussion is incorporated by reference in this release, for a
fuller understanding of the risks and uncertainties that affect our
business and operations.
The inclusion of forward-looking statements and
information is designed to help you understand management’s current
views of our near- and longer-term prospects, and it may not be
appropriate for other purposes.
There can be no assurance that forward-looking
statements or information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, you should not place
undue reliance on the forward-looking statements or information
contained herein. Except as required by law, we do not expect to
update forward-looking statements and information continually as
conditions change and you are referred to the full discussion of
the Company’s business contained in the Company’s reports filed
with the securities regulatory authorities in Canada and the
U.S.
Qualified Person
Except as otherwise noted, Simon Hille, FAusIMM,
Executive Vice President, Technical Services and Operations, is the
Qualified Person under NI 43-101 responsible for preparing and
supervising the preparation of the scientific or technical
information contained in this news release and verifying the
technical data disclosed in this document relating to our operating
mines and development projects.
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 data contained
in this news release for the Quebec projects.
Data verification was completed through a site by site internal
control process which confirmed ounces produced to internal
reporting systems.
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