Eldorado Gold Corporation (“Eldorado” or “the Company”) today
reports the Company’s financial and operational results for the
second quarter of 2024. 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.
Second Quarter
2024 Highlights
Operations
- Gold
production: 122,319 ounces in line with expectations for
the quarter. Production increased 12% from Q2 2023, reflecting
increased gold production of 22% at Lamaque and 14% at Kisladag.
Production was slightly offset by lower production at Olympias as a
result of intermittent work stoppages during ongoing negotiations
for a new Collective Bargaining Agreement ("CBA").
- Gold
sales: 121,226 ounces at an average realized gold price
per ounce sold1 of $2,336. Gold sales increased 10% from Q2 2023
primarily as a result of increased production at Lamaque and
Kisladag.
- Production
costs: $127.8 million in Q2 2024, compared to $116.1
million in Q2 2023. The increase was due primarily to higher sales
volumes, as well as slightly higher cash costs, the latter impacted
by higher royalty expense due to higher gold sales and higher gold
price, as well as increases in contractor and labour costs and
higher fuel prices.
- Total cash
costs1: $940 per ounce gold sold compared
to $928 per ounce gold sold in Q2 2023, with the increases
primarily due to higher royalties driven by higher gold prices and
higher mining costs as well as lower by-product credits.
- All-in
sustaining costs ("AISC")1: $1,331 per
ounce sold compared to $1,296 per ounce sold in Q2 2023, with the
increase due to higher total cash costs combined with higher
sustaining capital.
- Total
capital expenditures: $165.7 million, including $91.9
million of growth capital1 invested at Skouries, with activity
focused on major earthworks and infrastructure construction. Growth
capital at the operating mines totalled $42.3 million and was
primarily related to Kisladag for continued waste stripping,
construction of the North Heap Leach Pad and related
infrastructure.
- Production
and cost outlook: The Company is maintaining its 2024
annual production guidance of 505,000 to 555,000 ounces of gold.
Production continues to be weighted to the second half of the year.
Total cash costs1 for the full year are expected
to be between $840 to $940 per ounce sold and an average
AISC1 of $1,190 to $1,290 per ounce sold.
Financial
-
Revenue: $297.1 million in Q2 2024, an increase of
30% from $229.0 million in Q2 2023, primarily due to the higher
averaged realized gold price and higher sales volumes.
- Net cash
generated from operating activities from continuing
operations: $112.2 million compared to $75.3 million
in Q2 2023, primarily due to higher revenue, partially offset by
higher income taxes paid.
- Cash flow
from operating activities before changes in working
capital2: $132.2 million
compared to $82.4 million in Q2 2023, primarily due to higher
revenue, partially offset by higher income taxes paid.
- Cash, cash
equivalents and term deposits: $595.1 million, as at
June 30, 2024 as compared to $514.7 million as at March 31,
2024, with the cash increase attributable to strong operating
cashflows combined with the planned Skouries Term Facility
drawdown, partially offset by the significant investing activities,
particularly at Skouries.
- Net
earnings attributable to shareholders from continuing
operations: $56.4 million, or $0.28 per share, compared to
$1.5 million or $0.01 per share in Q2 2023, with the increase
driven by higher revenue.
- Adjusted
net earnings before interest, taxes, depreciation and amortization
("Adjusted EBITDA")2:
$155.3 million compared to $106.8 million in Q2 2023, with the
increase driven by higher revenue, partially offset by the
unrealized derivative losses as well as a lower foreign exchange
gain.
- Adjusted
net earnings2: $66.6
million or $0.33 per share compared to $9.7 million or $0.05 per
share in Q2 2023. Adjustments in Q2 2024 include a $1.9 million
gain on foreign exchange due to the translation of deferred tax
balances net of Turkiye inflation accounting and a $12.0 million
unrealized loss on derivative instruments.
- Free cash
flow2: Negative $32.0
million in Q2 2024 compared to negative $21.7 million in Q2 2023,
with the decrease driven by continued investment activities at
Skouries, partially offset by higher operating cash flow, primarily
due to the higher average realized gold price and higher sales
volumes.
- Free cash
flow excluding
Skouries2: $33.9 million
in Q2 2024 compared to $13.7 million in Q2 2023, with the increase
driven by higher operating cash flow, primarily due to the higher
average realized gold price and higher sales volumes.
- Project
Facility: Drawdowns on the Skouries Term Facility during
Q2 2024 totalled €104.0 million and year to date as at
June 30, 2024 totalled €118.1 million.
Corporate
“Operationally, the second quarter was aligned
with guidance, driven by higher grades at Kisladag, Lamaque and
Efemcukuru,” said George Burns, President and Chief Executive
Officer. “At Olympias, as negotiations on a new CBA progressed
during the quarter, we experienced intermittent labour-initiated
work stoppages, which had a small impact on consolidated
production. We remain confident we will come to a mutually
beneficial agreement between the Company and the union workforce,
demonstrating our commitment to mutual respect and collaboration to
support Olympias becoming a long-term profitable business.”
“With production totaling 239,430 ounces through
the first half of the year and unit costs expected to decrease over
the second half of the year, we remain on track to achieve 2024
guidance. Our continued focus on operational efficiencies and
productivity position us for stronger production and improved unit
costs during the second half of 2024. In addition, we remain on
budget and on track for first production at Skouries in the third
quarter of 2025.”
“We published our Annual Sustainability Report
which highlighted our continued focus on our commitment to
sustainability across our global sites. In addition, our teams in
Turkiye completed external verification against the Mining
Association of Canada’s ‘Towards Sustainable Mining’ protocols,
receiving very positive scores. More specifically, at Efemcukuru,
the site received AAA scores, signifying excellence and leadership,
in Tailings, Health & Safety, Biodiversity, and Indigenous and
Community Relationships, and A, AA or AAA scores across all other
indicators. At Kisladag, the site received AAA scores in all Health
& Safety protocol indicators, and A, AA, or AAA scores across
all other indicators. TSM scoring is a range from C through AAA
with A indicating 'Good Practice' and AAA indicating 'Excellence
and Leadership' in practices. This completes our first round of TSM
compliance verifications across all Eldorado operations, which
started with the Lamaque Complex in 2022 and the Kassandra Mines in
Greece completed in 2023. Notably, Eldorado scored AAA, the highest
possible score, for Tailings management across all of our global
operations with tailings facilities.”
Skouries Highlights
Growth capital invested totalled $91.9 million
in Q2 2024 and $144.4 million during the six months ended
June 30, 2024. At June 30, 2024, the growth capital invested
towards the overall capital estimate of $920 million totalled $329
million.
In 2024, the capital spend is expected to be
between $375 and $425 million, with a higher expected spend in the
second half of the year as contractor mobilization continues to
ramp up and multiple work fronts open up.
As at June 30, 2024:
- The current Phase 2
of the project was 49% complete and the entire project was 76%
complete, when including the first phase of construction;
- Detailed
engineering, since project restart, was 72% complete and
procurement was substantially complete;
- Project execution
and ramp-up continued for major earthworks with work progressing on
water management ponds, and top soil stripping and underdrain
construction in the low-grade ore stockpile basin. In addition, the
coffer dam spillway construction has commenced;
- Work continues to
advance on the tailings filtration infrastructure. The earthworks
and KT2 channel construction are substantially complete, the piling
for the filter plant building is over 95% complete and the piling
for the tank farm area is 37% complete;
- Progress advanced
on the foundation construction of the primary crusher, as planned,
with the upper retaining walls now completed and the concrete slab
for the base of the crusher building expected to be poured in Q3
2024;
- Construction of
several non-process plant buildings commenced during Q2 2024, and
relining of flotation cells are 50% complete;
- Placement of
concrete has increased from 445m3/month in Q1 2024 to 2,469m3/month
in Q2 2024. The first thickener base concrete pour was completed on
July 13, 2024;
- Awarded the
underground development and test stoping contract; and
- As previously
noted, the upgrade of the underground power supply to 690V and the
ventilation upgrade are both completed.
On-track with milestones in 2024, which
include:
Procurement and Engineering
- Substantial completion of procurement and engineering
Process Plant
- Construction of the control room and electrical room building -
commenced in Q1 2024
- Construction of the tailings thickeners - commenced in Q1
2024
Tailings Filter Facility
- Awarding of the filter facility construction contract
- Preassembly of the filter press plates and frames - commenced
in Q1 2024
- Completion of the structural steel
Integrated Extractive Waste
Management Facility ("IEWMF")
- Completion of the coffer dam
Underground
- Awarding of the underground development and test stoping
contract - completed in Q2 2024
- Completion of approximately 2,200 metres of underground
development
Construction Progress
Work continues to ramp up on construction of
major earthworks structures including the haul roads, water
management ponds, low-grade stockpile, primary crusher, process
facilities, filter building and the IEWMF. Productivity improvement
initiatives by the earthworks contractor, including adding a
partial second shift, has yielded significant improvements. Work is
also progressing on the underground development to support test
stope mining in 2025.
On the critical path is the filter plant
building which continues to advance, with 871 piles required for
the filter plant building and supporting infrastructure. To date,
270 piles have been completed, including 95% of the piles for the
filter plant building. There are currently two active drills with a
third drill having recently arrived on site. In July 2024,
preparation work for the concrete foundations on the filter plant
building have commenced, with assembly of the building structure to
commence in Q3 2024 following the awarding of the filter plant
construction contract. The contract will include the building
structure, assembly of equipment within the building, including air
compressors, conveyors, filter presses and other ancillary
equipment and piping and electrical work. The filter press plates
continue to be preassembled with 225 now completed out of a total
of 588. The fabricated frames for the filter press plates arrived
on site during Q2 2024.
Work in the mill/flotation building continues to
progress. Commissioning of all overhead cranes was completed during
Q2 2024. Construction lighting, scaffolding, steel and concrete
work are all progressing according to plan. In addition, off-site
pipe spool fabrication and contractor mobilization continue on
plan. Work has also commenced on support infrastructure including
the process control room building, process plant sub-station, water
pump station, lime plant, air blowers building and flotation
reagent areas.
During Q2 2024, earthworks were completed to
allow access to the coffer dam site and construction has now
commenced. In addition, the low-grade ore stockpile fill placement
also commenced.
By the end of 2024, the Company expects to have
completed the first of two water management ponds, IEWMF coffer dam
and significantly advanced the IEWMF earthworks, process plant and
filter plant earthworks.
All 19 company-owned Cat 745 trucks are now
onsite and operational. During construction, these trucks are used
as part of an integrated fleet with the earthwork's construction
contractor for construction of the water management ponds one and
two, low-grade ore stockpile, IEWMF and facilities. These trucks
will continue to be used once Skouries is in operation to build the
IEWMF lifts that will be required for stacking of produced dry
tailings.
Underground Development
The upgrade of the underground power supply from
400V to 690V has been completed. The ventilation upgrade is also
complete, and the new contact water pumping system will be fully
operational in 2024.
The first phase of underground development,
which included the West Decline and access to the test stopes was
completed with a local contractor. The second underground
development contract was awarded and the contractor mobilized to
site as planned in Q2 2024, taking their first blast on June 17,
2024. This second contract includes the test stope work as well as
additional development and services work to support the development
of the underground mine. The Company expects to complete
approximately 2,200 metres of underground development by the end of
2024.
Engineering
Following the transition of engineering to
Greece at the end of 2023, it is currently 72% complete as at the
end of Q2 2024 and remains on track for substantial completion at
the end of Q3 2024. Detailed engineering work continues to advance
in all areas. The release of structural steel for fabrication is
nearing completion with approximately 60% of the total steel
fabricated to date.
Procurement
At the end of Q2 2024, procurement is
substantially complete, with all long lead items procured and the
focus on managing fabrication and deliveries.
Operational Readiness
The experienced commissioning, operational
readiness and operations leadership team, which includes seven
specialists, is currently focused on finalizing the commissioning
plan integration with the project construction schedule. In
addition, development of a Management Operating System, which
provides operations with a system and processes to manage
production, is ongoing. Several process mapping workshops were held
to map current processes, which are analyzed and then integrated to
ensure industry best practices to improve safety, reliability and
effective decision making to drive efficiencies.
The Skouries operations team now consists of 133
personnel; including 118 in leadership, sustainability, operations
and support services roles, and 15 embedded in the construction
projects teams for open pit mining, underground mining and dry
stack tailings construction. The operations recruitment profile was
completed, and recruitment activities are on track with the
Operational Workforce Plan. Finalization of operational and
maintenance training solutions is ongoing.
The Mavres Petres Training Centre was utilized
for ventilation training, business process mapping, document
management and integration of Metso operations and training
solutions into training and development programs. An agreement was
reached with the technical and operational teams on a competency
framework. This framework provides industry focused, comprehensive
theoretical and hands-on practical training. Trainees are assessed
on both theoretical and practical knowledge before being qualified
to work independently in the mine. The training program is
consistent with and compliments the applicable standards outlined
in the Greek Mining Code and labour legislation. Training solutions
for the open pit and processing operations and maintenance were
identified, scoped and mutually agreed to. Mine operators and
maintenance progression systems were also developed.
Workforce
In addition to the Operational Readiness team,
as at June 30, 2024, there were 841 personnel on site which is
expected to ramp up to 1,300 during 2024.
Consolidated Financial and Operational
Highlights
|
|
3 months ended June 30, |
|
|
6 months ended June 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
Revenue |
$297.1 |
|
$229.0 |
|
|
$555.1 |
|
$456.8 |
|
|
Gold produced (oz) |
|
122,319 |
|
|
109,435 |
|
|
|
239,430 |
|
|
220,944 |
|
|
Gold sold (oz) |
|
121,226 |
|
|
110,134 |
|
|
|
237,234 |
|
|
219,951 |
|
|
Average realized gold price ($/oz sold)(2) |
$2,336 |
|
$1,953 |
|
|
$2,214 |
|
$1,943 |
|
|
Production costs |
|
127.8 |
|
|
116.1 |
|
|
|
250.8 |
|
|
225.8 |
|
|
Total cash costs ($/oz sold)(2,3) |
|
940 |
|
|
928 |
|
|
|
931 |
|
|
893 |
|
|
All-in sustaining costs ($/oz sold)(2,3) |
|
1,331 |
|
|
1,296 |
|
|
|
1,297 |
|
|
1,252 |
|
|
Net earnings for the period(1) |
|
55.5 |
|
|
0.9 |
|
|
|
89.1 |
|
|
20.2 |
|
|
Net earnings per share – basic ($/share)(1) |
|
0.27 |
|
|
— |
|
|
|
0.44 |
|
|
0.11 |
|
|
Net earnings per share – diluted ($/share)(1) |
|
0.27 |
|
|
— |
|
|
|
0.44 |
|
|
0.11 |
|
|
Net earnings for the period continuing operations(1,4) |
|
56.4 |
|
|
1.5 |
|
|
|
91.6 |
|
|
20.9 |
|
|
Net earnings per share continuing operations – basic
($/share)(1,4) |
|
0.28 |
|
|
0.01 |
|
|
|
0.45 |
|
|
0.11 |
|
|
Net earnings per share continuing operations – diluted
($/share)(1,4) |
|
0.27 |
|
|
0.01 |
|
|
|
0.45 |
|
|
0.11 |
|
|
Adjusted net earnings continuing operations – basic(1,2,4) |
|
66.6 |
|
|
9.7 |
|
|
|
121.8 |
|
|
26.4 |
|
|
Adjusted net earnings per share continuing operations
($/share)(1,2,4) |
|
0.33 |
|
|
0.05 |
|
|
|
0.60 |
|
|
0.14 |
|
|
Net cash generated from operating activities(4) |
|
112.2 |
|
|
75.3 |
|
|
|
207.5 |
|
|
115.6 |
|
|
Cash flow from operating activities before changes in working
capital(2,4) |
|
132.2 |
|
|
82.4 |
|
|
|
240.5 |
|
|
175.6 |
|
|
Free cash flow(2,4) |
|
(32.0 |
) |
|
(21.7 |
) |
|
|
(63.0 |
) |
|
(56.7 |
) |
|
Free cash flow excluding Skouries(2,4) |
|
33.9 |
|
|
13.7 |
|
|
|
67.6 |
|
|
(6.2 |
) |
|
Cash, cash equivalents and term deposits(4) |
|
595.1 |
|
|
456.6 |
|
|
|
595.1 |
|
|
456.6 |
|
|
Total assets |
|
5,280.6 |
|
|
4,742.1 |
|
|
|
5,280.6 |
|
|
4,742.1 |
|
|
Debt(4) |
|
748.0 |
|
|
546.0 |
|
|
|
748.0 |
|
|
546.0 |
|
(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 total cash costs.(4) Amounts
presented for 2024 and 2023 are from continuing operations only and
exclude the Romania segment. See Note 4 of our condensed
consolidated interim financial statements for the three and six
months ended June 30, 2024.
Total revenue increased to $297.1 million in Q2
2024 from $229.0 million in Q2 2023 and to $555.1 million in the
six months ended June 30, 2024, from $456.8 million in the six
months ended June 30, 2023. The increases in both three and
six-month periods were primarily due to the higher average realized
gold price as well as the higher sales volumes.
Production costs increased to $127.8 million in
Q2 2024 from $116.1 million in Q2 2023 and to $250.8 million in the
six months ended June 30, 2024 from $225.8 million in the six
months ended June 30, 2023. Increases in both periods were
driven primarily by higher sales volume as well as slightly higher
cash costs, the latter impacted by higher royalty expense due to
higher gold sales and higher gold price, as well as increases in
contractor and labour costs and higher fuel prices.
Total cash costs3 averaged $940 per ounce sold
in Q2 2024, an increase from $928 in Q2 2023, and $931 the six
months ended June 30, 2024 from $893 in the six months ended
June 30, 2023. The increases in both the three and six-month
periods were primarily due to higher royalties (driven by higher
gold prices) and mining costs as well as lower by-product
credits.
AISC per ounce sold4 averaged $1,331 in Q2 2024,
an increase from $1,296 in Q2 2023, and $1,297 the six months ended
June 30, 2024 from $1,252 in the six months ended
June 30, 2023, with the increases in both the three and
six-month periods due to higher total cash costs combined with
higher sustaining capital and G&A.
Eldorado reported net earnings attributable to
shareholders from continuing operations of $56.4 million ($0.28
earnings per share) in Q2 2024 compared to net earnings of $1.5
million ($0.01 earnings per share) in Q2 2023 and net earnings of
$91.6 million ($0.45 earnings per share) in the six months ended
June 30, 2024 compared to net earnings of $20.9 million ($0.11
earnings per share) in the six months ended June 30, 2023. The
increases in net earnings in both the three and six-month periods
were driven by higher operating income due primarily to higher
average realized gold price as well as stronger gold sales,
partially offset by higher unrealized derivative losses.
Adjusted net earnings4 was $66.6 million ($0.33
earnings per share) in Q2 2024 compared to adjusted net earnings of
$9.7 million ($0.05 earnings per share) in Q2 2023. Adjustments in
Q2 2024 include a $1.9 million gain on foreign exchange due to the
translation of deferred tax balances net of Turkiye inflation
accounting and a $12.0 million unrealized loss on derivative
instruments.
Adjusted net earnings was $121.8 million ($0.60
earnings per share) in the six months ended June 30, 2024
compared to adjusted net earnings of $26.4 million ($0.14 earnings
per share) in the six months ended June 30, 2023. Adjustments
in the six months ended June 30, 2024 include a $3.4 million loss
on foreign exchange due to the translation of deferred tax balances
net of Turkiye inflation accounting, a $28.9 million unrealized
loss on derivative instruments and a $2.0 million gain on the
non-cash revaluation of the derivative related to redemption
options in our Senior Notes.
Quarterly Operations Update
|
|
3 months ended June 30, |
|
6 months ended June 30, |
|
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
Consolidated |
|
|
|
|
|
Ounces produced |
|
122,319 |
|
|
109,435 |
|
|
239,430 |
|
|
220,944 |
|
|
Ounces sold |
|
121,226 |
|
|
110,134 |
|
|
237,234 |
|
|
219,951 |
|
|
Production costs |
$127.8 |
|
$116.1 |
|
$250.8 |
|
$225.8 |
|
|
Total cash costs ($/oz sold)(1,2) |
$940 |
|
$928 |
|
$931 |
|
$893 |
|
|
All-in sustaining costs ($/oz sold)(1,2) |
$1,331 |
|
$1,296 |
|
$1,297 |
|
$1,252 |
|
|
Sustaining capital expenditures(2) |
$30.9 |
|
$26.1 |
|
$59.9 |
|
$52.1 |
|
|
Kisladag |
|
|
|
|
|
Ounces produced |
|
38,990 |
|
|
34,180 |
|
|
76,513 |
|
|
71,340 |
|
|
Ounces sold |
|
39,646 |
|
|
32,280 |
|
|
76,344 |
|
|
69,673 |
|
|
Production costs |
$38.2 |
|
$27.5 |
|
$69.2 |
|
$58.0 |
|
|
Total cash costs ($/oz sold)(1,2) |
$941 |
|
$827 |
|
$883 |
|
$809 |
|
|
All-in sustaining costs ($/oz sold)(1,2) |
$1,055 |
|
$937 |
|
$988 |
|
$904 |
|
|
Sustaining capital expenditures(2) |
$3.1 |
|
$2.8 |
|
$5.2 |
|
$5.0 |
|
|
Lamaque |
|
|
|
|
|
Ounces produced |
|
47,391 |
|
|
38,745 |
|
|
89,690 |
|
|
76,629 |
|
|
Ounces sold |
|
43,625 |
|
|
39,904 |
|
|
88,245 |
|
|
78,547 |
|
|
Production costs |
$33.6 |
|
$28.3 |
|
$68.8 |
|
$57.5 |
|
|
Total cash costs ($/oz sold)(1,2) |
$759 |
|
$701 |
|
$769 |
|
$722 |
|
|
All-in sustaining costs ($/oz sold)(1,2) |
$1,233 |
|
$1,117 |
|
$1,248 |
|
$1,166 |
|
|
Sustaining capital expenditures(2) |
$20.1 |
|
$16.2 |
|
$41.1 |
|
$34.1 |
|
|
Efemcukuru |
|
|
|
|
|
Ounces produced |
|
22,397 |
|
|
22,644 |
|
|
40,898 |
|
|
42,572 |
|
|
Ounces sold |
|
22,462 |
|
|
22,466 |
|
|
41,076 |
|
|
42,217 |
|
|
Production costs |
$24.8 |
|
$20.4 |
|
$46.6 |
|
$38.1 |
|
|
Total cash costs ($/oz sold)(1,2) |
$1,087 |
|
$915 |
|
$1,117 |
|
$924 |
|
|
All-in sustaining costs ($/oz sold)(1,2) |
$1,288 |
|
$1,111 |
|
$1,220 |
|
$1,103 |
|
|
Sustaining capital expenditures(2) |
$3.6 |
|
$3.7 |
|
$6.0 |
|
$5.9 |
|
|
Olympias |
|
|
|
|
|
Ounces produced |
|
13,541 |
|
|
13,866 |
|
|
32,329 |
|
|
30,403 |
|
|
Ounces sold |
|
15,493 |
|
|
15,484 |
|
|
31,568 |
|
|
29,514 |
|
|
Production costs |
$31.3 |
|
$40.0 |
|
$66.3 |
|
$72.2 |
|
|
Total cash costs ($/oz sold)(1,2) |
$1,231 |
|
$1,746 |
|
$1,260 |
|
$1,496 |
|
|
All-in sustaining costs ($/oz sold)(1,2) |
$1,522 |
|
$2,036 |
|
$1,524 |
|
$1,797 |
|
|
Sustaining capital expenditures(2) |
$4.1 |
|
$3.4 |
|
$7.6 |
|
$7.1 |
|
(1) Revenues from silver, lead and zinc sales
are off-set against total cash costs.(2) These financial measures
or ratios are non-IFRS financial measures 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 38,990 ounces of gold in Q2
2024, an increase from 34,180 ounces produced in Q2 2023.
Production in the quarter benefited from both higher average grade
and higher tonnes placed on the pad. Grade increased from 0.76
grams per tonne in Q2 2023 to 0.92 grams per tonne in Q2 2024 as a
result of mine planning changes and positive grade reconciliation.
A geometallurgical test work program is evaluating the effects of
ore type variability on the life of mine resource in order to
refine the crushing, agglomeration, and heap leach circuits with an
expectation of completing the study in 2025. The study will focus
on optimal moisture and reagent addition, particle size, and
incremental debottlenecking of the crushing plant to maximize
Kisladag value. Optimization of drum and belt agglomeration
continues within the circuit to ensure product consistency and
operability.
Revenue increased to $94.0 million in Q2 2024
from $64.7 million in Q2 2023, reflecting the higher average
realized gold price as well as higher ounces sold.
Production costs increased to $38.2 million in
Q2 2024 from $27.5 million in Q2 2023, with more than half the
increase attributable to the higher sales volume, including higher
royalty expense as a result of both the higher average realized
gold price and higher gold sales. As a result of the increased
royalty expense, total cash costs per ounce increased to $941 in Q2
2024 from $827 in Q2 2023.
AISC per ounce sold increased to $1,055 in Q2
2024 from $937 in Q2 2023, primarily due to the increase in total
cash costs per ounce sold.
Sustaining capital expenditures were $3.1
million in Q2 2024 and $5.2 million in the six months ended
June 30, 2024, which primarily included equipment rebuilds,
mine equipment purchases and geotechnical drilling and monitoring.
Growth capital investment of $32.3 million and $57.7 million in the
three and six months ended June 30, 2024 included waste
stripping and associated equipment costs to support the mine life
extension, continued construction of the second phase of the North
Heap Leach Pad and adsorption-desorption-regeneration plant
infrastructure, and building relocation due to pit expansion.
For 2024, production guidance at Kisladag is
180,000 to 195,000 ounces of gold. Production is expected to
increase in the second half as compared to the first half of the
year as we realize expected higher stacking rates.
Lamaque
Lamaque produced 47,391 ounces of gold in Q2
2024, an increase of 22% from 38,745 ounces in Q2 2023. The
increase was primarily due to higher tonnes milled combined with
higher grade ore and no stoppages due to wildfires. Average grade
increased to 6.95 grams per tonne in Q2 2024 from 6.43 grams per
tonne in the comparative quarter, with the increase attributable to
higher grade ore from the C4 and C5 zones.
Revenue increased to $102.8 million in Q2 2024
from $78.6 million in Q2 2023, reflecting the higher average
realized gold price as well as higher ounces sold.
Production costs increased to $33.6 million in
Q2 2024 from $28.3 million in Q2 2023, with roughly half the
increase attributable to the higher sales volume, and the remaining
increase due to additional costs incurred in labour, contractors,
and equipment rentals. Total cash costs were also impacted by
slightly higher royalties due to the higher average realized gold
price, with total cash costs per ounce sold increasing to $759 in
Q2 2024 from $701 in Q2 2023.
AISC per ounce sold increased to $1,233 in Q2
2024 from $1,117 in Q2 2023 primarily due to higher total cash
costs per ounce as well as higher sustaining capital.
Sustaining capital expenditures of $20.1 million
in Q2 2024 and $41.1 million in the six months ended June 30, 2024
primarily included underground development, equipment rebuilds and
expenditure on the expansion of the tailings facility (Phase 6).
Growth capital investment of $7.4 million in Q2 2024 and $12.5
million in the six months ended June 30, 2024 was primarily related
to resource conversion drilling and initiation of bulk sample
development at Ormaque.
For 2024, production guidance at Lamaque is
175,000 to 190,000 ounces of gold. Production in the second half of
the year is expected to be stronger than the first half of the year
as grades are expected to increase.
Efemcukuru
Efemcukuru produced 22,397 ounces of gold in Q2
2024, a 1% decrease from 22,644 ounces in Q2 2023. The slight
decrease was primarily driven by lower throughput, partially offset
by modestly higher grade.
Revenue increased to $55.3 million in Q2 2024
from $44.1 million in Q2 2023, with the increase attributable
entirely to the higher average realized gold price given the stable
sales volume.
Production costs increased to $24.8 million in
Q2 2024 from $20.4 million in Q2 2023, with the increase
attributable entirely to higher unit costs, including higher
transportation costs as well as increased royalty expense due to
the higher average realized gold price. This resulted in an
increase to total cash costs per ounce sold to $1,087 in Q2 2024
from $915 in Q2 2023.
AISC per ounce sold increased to $1,288 in Q2
2024 from $1,111 in Q2 2023 primarily due to higher total cash
costs per ounce.
Sustaining capital expenditures of $3.6 million
in Q2 2024 and $6.0 million in the six months ended June 30, 2024
were primarily underground development, equipment rebuilds, and
tailings filter press maintenance. Growth capital investment of
$1.1 million in Q2 2024 and $2.2 million in the six months ended
June 30, 2024 supported underground development to
Kokarpinar.
For 2024, production guidance at Efemcukuru is
75,000 to 85,000 ounces of gold. Production in the second half of
the year is expected to be relatively consistent with the first
half of the year.
Olympias
Olympias produced 13,541 ounces of gold in Q2
2024, a 2% decrease from 13,866 ounces in Q2 2023 and was driven by
lower tonnes milled, mostly offset by higher grade ore, the latter
of which reflected stope sequencing in the quarter.
During the quarter, production at Olympias was
negatively impacted by labour-initiated intermittent work stoppages
totalling 17 days, primarily in June. Eldorado is currently engaged
in negotiating a new collective bargaining agreement with the
objective of finalizing an agreement that will underpin the
long-term sustainability of Olympias and provide lasting benefits
for our workforce and the communities in which we operate.
Revenue increased to $45.0 million in Q2 2024
from $41.6 million in Q2 2023 primarily as a result of the higher
average realized gold price.
Production costs decreased to $31.3 million in
Q2 2024 from $40.0 million in Q2 2023 driven by productivity
efficiencies, as well as slightly lower consumable costs.
Production costs also benefited from lower transport costs. This
resulted in a decrease to total cash costs per ounce sold to $1,231
in Q2 2024 from $1,746 in Q2 2023.
AISC per ounce sold decreased to $1,522 in Q2
2024 from $2,036 in Q2 2023 primarily due to total cash costs per
ounce sold.
Sustaining capital expenditures of $4.1 million
in Q2 2024 and $7.6 million in the six months ended June 30,
2024 primarily included underground development and process
improvements. Growth capital investment of $1.6 million in Q2 2024
and $2.6 million in the six months ended June 30, 2024 was
primarily related to underground development.
For 2024, production guidance at Olympias is
75,000 to 85,000 ounces of gold. Production in the second half of
the year is expected to increase over the first half of the year as
a result of an expected increase in ore mined and processed.
For further information on the Company's
operating results for the second quarter of 2024, 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 Second Quarter 2024 Results will be held by senior
management on Friday, July 26, 2024 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/eldoradogold2024q2.html.
Participants may elect to pre-register for the
conference call via this link:
https://dpregister.com/sreg/10023572/f88e5f220c. Upon registration,
participants will receive a calendar invitation by email with dial
in details and a unique PIN. This will allow participants to bypass
the operator queue and connect directly to the conference.
Registration will remain open until the end of the conference
call.
| Conference
Call Details |
|
Replay
(available until August 30, 2024) |
|
Date: |
July 26, 2024 |
|
Vancouver: |
+1 412 317 0088 |
| Time: |
11:30 AM ET (8:30 AM PT) |
|
Toll Free: |
1 855 669 9658 |
| Dial in: |
+1 647 484 8814 |
|
Access code: |
0760 |
| Toll free: |
1 844 763 8274 |
|
|
|
| |
|
|
|
|
About Eldorado
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkiye, Canada
and Greece. 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
Media
Chad Pederson, Director, Communications and
Public Affairs236 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 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, and free cash flow excluding
Skouries.
Please see the June 30, 2024 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 June 30, 2024
MD&A available on SEDAR+ at www.sedarplus.com and on the
Company's website under the 'Investors' section.
Reconciliation of Production Costs to Total Cash
Costs and Total Cash Costs per ounce sold:
|
|
Q2 2024 |
|
Q2 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
|
Production costs |
$127.8 |
|
$116.1 |
|
$250.8 |
|
$225.8 |
|
|
By-product credits(1) |
|
(17.9 |
) |
|
(17.5 |
) |
|
(37.4 |
) |
|
(37.8 |
) |
|
Concentrate deductions(2) |
$3.9 |
|
$3.6 |
|
$7.5 |
|
$8.3 |
|
|
Total cash costs |
$113.9 |
|
$102.2 |
|
$220.9 |
|
$196.3 |
|
|
Gold ounces sold |
|
121,226 |
|
|
110,134 |
|
|
237,234 |
|
|
219,951 |
|
|
Total cash cost per ounce sold |
$940 |
|
$928 |
|
$931 |
|
$893 |
|
(1) Revenue from silver, lead and zinc sales.(2) Included in
revenue.
Reconciliation of Total Cash Costs and Total
Cash Cost per ounce sold, by asset, for the three months ended
June 30, 2024:
|
|
Direct operating costs |
|
By-product credits |
|
Refining and selling costs |
|
Inventory change(1) |
|
Royalty expense |
|
Total cash costs |
|
Gold oz sold |
|
Total cash cost/oz sold |
|
|
Kisladag |
$33.6 |
|
($0.9 |
) |
$0.2 |
|
($3.1 |
) |
$7.5 |
|
$37.3 |
|
|
39,646 |
|
$941 |
|
|
Lamaque |
|
33.8 |
|
|
(0.5 |
) |
|
0.1 |
|
|
(1.5 |
) |
|
1.2 |
|
|
33.1 |
|
|
43,625 |
|
|
759 |
|
|
Efemcukuru |
|
17.6 |
|
|
(1.7 |
) |
|
4.0 |
|
|
(0.5 |
) |
|
5.0 |
|
|
24.4 |
|
|
22,462 |
|
|
1,087 |
|
|
Olympias |
|
27.3 |
|
|
(14.8 |
) |
|
4.4 |
|
|
(1.9 |
) |
|
4.1 |
|
|
19.1 |
|
|
15,493 |
|
|
1,231 |
|
|
Total consolidated |
$112.3 |
|
($17.9 |
) |
$8.6 |
|
($7.0 |
) |
$17.8 |
|
$113.9 |
|
|
121,226 |
|
$940 |
|
(1) Inventory change adjustments result from timing differences
between when inventory is produced and when it is sold.
Reconciliation of Total Cash Costs and Total
Cash Cost per ounce sold, by asset, for the six months ended
June 30, 2024:
|
|
Direct operating costs |
|
By-product credits |
|
Refining and selling costs |
|
Inventory change(1) |
|
Royalty expense |
|
Total cash costs |
|
Gold oz sold |
|
Total cash cost/oz sold |
|
|
Kisladag |
$69.2 |
|
($1.8 |
) |
$0.4 |
|
($12.6 |
) |
$12.2 |
|
$67.4 |
|
|
76,344 |
|
$883 |
|
|
Lamaque |
|
68.4 |
|
|
(0.9 |
) |
|
0.2 |
|
|
(2.2 |
) |
|
2.4 |
|
|
67.9 |
|
|
88,245 |
|
|
769 |
|
|
Efemcukuru |
|
33.0 |
|
|
(3.4 |
) |
|
7.7 |
|
|
(0.4 |
) |
|
9.0 |
|
|
45.9 |
|
|
41,076 |
|
|
1,117 |
|
|
Olympias |
|
57.9 |
|
|
(31.4 |
) |
|
9.3 |
|
|
(4.4 |
) |
|
8.4 |
|
|
39.8 |
|
|
31,568 |
|
|
1,260 |
|
|
Total consolidated |
$228.5 |
|
($37.4 |
) |
$17.6 |
|
($19.7 |
) |
$32.0 |
|
$220.9 |
|
|
237,234 |
|
$931 |
|
(1) Inventory change adjustments result from timing differences
between when inventory is produced and when it is sold.
Reconciliation of Total Cash Costs and Total
Cash Cost per ounce sold, by asset, for the three months ended
June 30, 2023:
|
|
Direct operating costs |
|
By-product credits |
|
Refining and selling costs |
|
Inventory change(1) |
|
Royalty expense |
|
Total cash costs |
|
Gold oz sold |
|
Total cash cost/oz sold |
|
|
Kisladag |
$27.8 |
|
($0.8 |
) |
$0.2 |
|
($4.9 |
) |
$4.5 |
|
$26.7 |
|
|
32,280 |
|
$827 |
|
|
Lamaque |
|
26.8 |
|
|
(0.3 |
) |
|
0.1 |
|
|
0.5 |
|
|
1.0 |
|
|
28.0 |
|
|
39,904 |
|
|
701 |
|
|
Efemcukuru |
|
13.5 |
|
|
(1.4 |
) |
|
3.4 |
|
|
0.1 |
|
|
4.9 |
|
|
20.5 |
|
|
22,466 |
|
|
915 |
|
|
Olympias |
|
31.8 |
|
|
(15.0 |
) |
|
6.5 |
|
|
(1.0 |
) |
|
4.8 |
|
|
27.0 |
|
|
15,484 |
|
|
1,746 |
|
|
Total consolidated |
$99.9 |
|
($17.5 |
) |
$10.1 |
|
($5.4 |
) |
$15.1 |
|
$102.2 |
|
|
110,134 |
|
$928 |
|
(1) Inventory change adjustments result from timing differences
between when inventory is produced and when it is sold.
Reconciliation of Total Cash Costs and Total
Cash Cost per ounce sold, by asset, for the six months ended
June 30, 2023:
|
|
Direct operating costs |
|
By-product credits |
|
Refining and selling costs |
|
Inventory change(1) |
|
Royalty expense |
|
Total cash costs |
|
Gold oz sold |
|
Total cash cost/oz sold |
|
|
Kisladag |
$57.9 |
|
($1.6 |
) |
$0.3 |
|
($7.9 |
) |
$7.7 |
|
$56.4 |
|
|
69,673 |
|
$809 |
|
|
Lamaque |
|
56.6 |
|
|
(0.8 |
) |
|
0.2 |
|
|
(1.1 |
) |
|
1.9 |
|
|
56.7 |
|
|
78,547 |
|
|
722 |
|
|
Efemcukuru |
|
28.8 |
|
|
(2.3 |
) |
|
6.5 |
|
|
(0.1 |
) |
|
6.2 |
|
|
39.0 |
|
|
42,217 |
|
|
924 |
|
|
Olympias |
|
58.7 |
|
|
(33.1 |
) |
|
12.2 |
|
|
(1.6 |
) |
|
8.0 |
|
|
44.2 |
|
|
29,514 |
|
|
1,496 |
|
|
Total consolidated |
$201.9 |
|
($37.8 |
) |
$19.1 |
|
($10.7 |
) |
$23.8 |
|
$196.3 |
|
|
219,951 |
|
$893 |
|
(1) Inventory change adjustments result from timing differences
between when inventory is produced and when it is sold.
Reconciliation of Total Cash Costs to All-in
Sustaining Costs and All-in Sustaining Costs per ounce sold:
|
|
Q2 2024 |
|
Q2 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
|
Total cash costs |
$113.9 |
|
$102.2 |
|
$220.9 |
|
$196.3 |
|
|
Corporate and allocated G&A |
|
13.3 |
|
|
11.3 |
|
|
24.4 |
|
|
21.2 |
|
|
Exploration and evaluation costs |
|
1.1 |
|
|
0.7 |
|
|
2.0 |
|
|
1.0 |
|
|
Reclamation costs and amortization |
|
2.1 |
|
|
2.4 |
|
|
0.5 |
|
|
4.7 |
|
|
Sustaining capital expenditure |
|
30.9 |
|
|
26.1 |
|
|
59.9 |
|
|
52.1 |
|
|
AISC |
$161.3 |
|
$142.7 |
|
$307.8 |
|
$275.3 |
|
|
Gold ounces sold |
|
121,226 |
|
|
110,134 |
|
|
237,234 |
|
|
219,951 |
|
|
AISC per ounce sold |
$1,331 |
|
$1,296 |
|
$1,297 |
|
$1,252 |
|
Reconciliation of general and administrative
expenses included in All-in Sustaining Costs:
|
|
Q2 2024 |
|
Q2 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
|
General and administrative expenses (from
consolidated statement of operations) |
$10.3 |
|
$9.4 |
|
$19.8 |
|
$20.0 |
|
|
Add: |
|
|
|
|
|
Share-based payments expense |
|
3.7 |
|
|
2.7 |
|
|
5.7 |
|
|
3.5 |
|
|
Employee benefit plan expense from corporate and operating gold
mines |
|
0.9 |
|
|
0.7 |
|
|
2.0 |
|
|
2.2 |
|
|
Less: |
|
|
|
|
|
General and administrative expenses related to non-gold mines and
in-country offices |
|
(0.2 |
) |
|
(0.1 |
) |
|
(0.7 |
) |
|
(0.5 |
) |
|
Depreciation in G&A |
|
(0.9 |
) |
|
(0.8 |
) |
|
(1.7 |
) |
|
(1.6 |
) |
|
Business development |
|
(0.2 |
) |
|
(0.4 |
) |
|
(0.5 |
) |
|
(2.3 |
) |
|
Development projects |
|
(0.2 |
) |
|
(0.1 |
) |
|
(0.5 |
) |
|
(0.3 |
) |
|
Adjusted corporate general and administrative
expenses |
$13.2 |
|
$11.4 |
|
$24.0 |
|
$21.1 |
|
|
Regional general and administrative costs allocated to gold
mines |
|
0.1 |
|
|
(0.1 |
) |
|
0.4 |
|
|
0.1 |
|
|
Corporate and allocated general and administrative expenses
per AISC |
$13.3 |
|
$11.3 |
|
$24.4 |
|
$21.2 |
|
Reconciliation of exploration and evaluation
costs included in All-in Sustaining Costs:
|
|
Q2 2024 |
|
Q2 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
|
Exploration and evaluation expense (from
consolidated statement of operations)(1) |
$3.4 |
|
$4.6 |
|
$7.8 |
|
$10.5 |
|
|
Add: |
|
|
|
|
|
Capitalized sustaining exploration cost related to operating gold
mines |
|
1.1 |
|
|
0.7 |
|
|
2.0 |
|
|
1.0 |
|
|
Less: |
|
|
|
|
|
Exploration and evaluation expenses related to non-gold mines and
other sites |
|
(3.4 |
) |
|
(4.6 |
) |
|
(7.8 |
) |
|
(10.5 |
) |
|
Exploration and evaluation costs per AISC |
$1.1 |
|
$0.7 |
|
$2.0 |
|
$1.0 |
|
(1) Amounts presented for 2024 and 2023 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and six months ended June 30, 2024.
Reconciliation of reclamation costs and
amortization included in All-in Sustaining Costs:
|
|
Q2 2024 |
|
Q2 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
|
Asset retirement obligation accretion (from
notes to the condensed consolidated interim financial
statements)(1) |
$1.2 |
|
$1.1 |
|
$2.4 |
|
$2.1 |
|
|
Add: |
|
|
|
|
|
Depreciation related to asset retirement obligation assets |
|
1.1 |
|
|
1.5 |
|
|
(1.5 |
) |
|
2.9 |
|
|
Less: |
|
|
|
|
|
Asset retirement obligation accretion related to non-gold mines and
other sites |
|
(0.2 |
) |
|
(0.2 |
) |
|
(0.4 |
) |
|
(0.4 |
) |
|
Reclamation costs and amortization per AISC |
$2.1 |
|
$2.4 |
|
$0.5 |
|
$4.7 |
|
(1) Amounts presented for 2024 and 2023 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and six months ended June 30, 2024.
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 June 30,
2024:
|
|
Total cash costs |
|
Corporate & allocated G&A |
|
Exploration costs |
|
Reclamation costs and amortization |
|
Sustaining capital |
|
TotalAISC |
|
Gold oz sold |
|
Total AISC/oz sold |
|
|
Kisladag |
$37.3 |
|
|
$— |
|
|
$— |
|
$1.5 |
|
$3.1 |
|
$41.8 |
|
|
39,646 |
|
$1,055 |
|
|
Lamaque |
|
33.1 |
|
|
— |
|
|
0.5 |
|
|
0.1 |
|
|
20.1 |
|
|
53.8 |
|
|
43,625 |
|
|
1,233 |
|
|
Efemcukuru |
|
24.4 |
|
|
0.1 |
|
|
0.6 |
|
|
0.2 |
|
|
3.6 |
|
|
28.9 |
|
|
22,462 |
|
|
1,288 |
|
|
Olympias |
|
19.1 |
|
|
— |
|
|
— |
|
|
0.4 |
|
|
4.1 |
|
|
23.6 |
|
|
15,493 |
|
|
1,522 |
|
|
Corporate(1) |
|
— |
|
|
13.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
13.2 |
|
|
— |
|
|
109 |
|
|
Total consolidated |
$113.9 |
|
$13.3 |
|
$1.1 |
|
$2.1 |
|
$30.9 |
|
$161.3 |
|
|
121,226 |
|
$1,331 |
|
(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 six months ended June 30, 2024:
|
|
Total cash costs |
|
Corporate & allocated G&A |
|
Exploration costs |
|
Reclamation costs and amortization |
|
Sustaining capital |
|
TotalAISC |
|
Gold oz sold |
|
Total AISC/oz sold |
|
|
Kisladag |
$67.4 |
|
|
$— |
|
|
$— |
|
$2.8 |
|
$5.2 |
|
$75.4 |
|
|
76,344 |
|
$988 |
|
|
Lamaque |
|
67.9 |
|
|
— |
|
|
0.8 |
|
|
0.3 |
|
|
41.1 |
|
|
110.1 |
|
|
88,245 |
|
|
1,248 |
|
|
Efemcukuru |
|
45.9 |
|
|
0.4 |
|
|
1.1 |
|
|
(3.3 |
) |
|
6.0 |
|
|
50.1 |
|
|
41,076 |
|
|
1,220 |
|
|
Olympias |
|
39.8 |
|
|
— |
|
|
— |
|
|
0.7 |
|
|
7.6 |
|
|
48.1 |
|
|
31,568 |
|
|
1,524 |
|
|
Corporate(1) |
|
— |
|
|
24.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
24.0 |
|
|
— |
|
|
101 |
|
|
Total consolidated |
$220.9 |
|
$24.4 |
|
$2.0 |
|
$0.5 |
|
$59.9 |
|
$307.8 |
|
|
237,234 |
|
$1,297 |
|
(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 June 30,
2023:
|
|
Total cash costs |
|
Corporate & allocated G&A |
|
Exploration costs |
|
Reclamation costs and amortization |
|
Sustaining capital |
|
TotalAISC |
|
Gold oz sold |
|
Total AISC/oz sold |
|
|
Kisladag |
$26.7 |
|
|
$— |
|
|
$— |
|
$0.8 |
|
$2.8 |
|
$30.3 |
|
|
32,280 |
|
$937 |
|
|
Lamaque |
|
28.0 |
|
|
— |
|
|
0.3 |
|
|
0.1 |
|
|
16.2 |
|
|
44.6 |
|
|
39,904 |
|
|
1,117 |
|
|
Efemcukuru |
|
20.5 |
|
|
(0.1 |
) |
|
— |
|
|
0.8 |
|
|
3.7 |
|
|
25.0 |
|
|
22,466 |
|
|
1,111 |
|
|
Olympias |
|
27.0 |
|
|
— |
|
|
0.4 |
|
|
0.7 |
|
|
3.4 |
|
|
31.5 |
|
|
15,484 |
|
|
2,036 |
|
|
Corporate(1) |
|
— |
|
|
11.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
11.4 |
|
|
— |
|
|
104 |
|
|
Total consolidated |
$102.2 |
|
$11.3 |
|
$0.7 |
|
$2.4 |
|
$26.1 |
|
$142.7 |
|
|
110,134 |
|
$1,296 |
|
(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 six months ended June 30, 2023:
|
|
Total cash costs |
|
Corporate & allocated G&A |
|
Exploration costs |
|
Reclamation costs and amortization |
|
Sustaining capital |
|
TotalAISC |
|
Gold oz sold |
|
Total AISC/oz sold |
|
|
Kisladag |
$56.4 |
|
|
$— |
|
|
$— |
|
$1.6 |
|
$5.0 |
|
$63.0 |
|
|
69,673 |
|
$904 |
|
|
Lamaque |
|
56.7 |
|
|
— |
|
|
0.6 |
|
|
0.3 |
|
|
34.1 |
|
|
91.6 |
|
|
78,547 |
|
|
1,166 |
|
|
Efemcukuru |
|
39.0 |
|
|
0.1 |
|
|
— |
|
|
1.6 |
|
|
5.9 |
|
|
46.6 |
|
|
42,217 |
|
|
1,103 |
|
|
Olympias |
|
44.2 |
|
|
— |
|
|
0.4 |
|
|
1.3 |
|
|
7.1 |
|
|
53.0 |
|
|
29,514 |
|
|
1,797 |
|
|
Corporate(1) |
|
— |
|
|
21.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
21.1 |
|
|
— |
|
|
96 |
|
|
Total consolidated |
$196.3 |
|
$21.2 |
|
$1.0 |
|
$4.7 |
|
$52.1 |
|
$275.3 |
|
|
219,951 |
|
$1,252 |
|
(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:
|
|
Q2 2024 |
|
Q2 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
|
Additions to property, plant and equipment(1)(from
segment note in the condensed consolidated interim financial
statements) |
$165.7 |
|
$99.5 |
|
$287.7 |
|
$182.8 |
|
|
Growth and development project capital investment - gold mines |
|
(42.3 |
) |
|
(29.0 |
) |
|
(75.0 |
) |
|
(51.9 |
) |
|
Growth and development project capital investment - other(2) |
|
(90.4 |
) |
|
(44.8 |
) |
|
(150.1 |
) |
|
(79.7 |
) |
|
Sustaining capital expenditure equipment leases(3) |
|
(1.0 |
) |
|
0.5 |
|
|
(0.6 |
) |
|
0.9 |
|
|
Capitalized exploration cost related to operating gold mines |
|
(1.1 |
) |
|
— |
|
|
(2.0 |
) |
|
— |
|
|
Sustaining capital expenditure at operating gold
mines |
$30.9 |
|
$26.1 |
|
$59.9 |
|
$52.1 |
|
(1) Amounts presented for 2024 and 2023 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and six months ended June 30, 2024. (2) Includes
capital expenditures relating to Skouries, Stratoni and other
projects, excluding non-cash sustaining lease additions.(3)
Sustaining lease principal and interest payments, net of non-cash
lease additions.
Average realized gold price per ounce sold is
reconciled for the periods presented as follows:
For the three months ended June 30,
2024:
|
|
Revenue |
|
Concentrate deductions(1) |
|
Less non-gold revenue |
|
Gold revenue(2) |
|
Gold oz sold |
|
Average realized gold price per ounce sold |
|
|
Kisladag |
$94.0 |
|
|
$— |
|
($0.9 |
) |
$93.1 |
|
|
39,646 |
|
$2,347 |
|
|
Lamaque |
|
102.8 |
|
|
— |
|
|
(0.5 |
) |
|
102.4 |
|
|
43,625 |
|
|
2,347 |
|
|
Efemcukuru |
|
55.3 |
|
|
1.4 |
|
|
(1.7 |
) |
|
55.0 |
|
|
22,462 |
|
|
2,448 |
|
|
Olympias |
|
45.0 |
|
|
2.6 |
|
|
(14.8 |
) |
|
32.8 |
|
|
15,493 |
|
|
2,115 |
|
|
Total consolidated |
$297.1 |
|
$3.9 |
|
($17.9 |
) |
$283.2 |
|
|
121,226 |
|
$2,336 |
|
(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 six months ended June 30, 2024:
|
|
Revenue |
|
Concentrate deductions(1) |
|
Less non-gold revenue |
|
Gold revenue(2) |
|
Gold oz sold |
|
Average realized gold price per ounce sold |
|
|
Kisladag |
$171.0 |
|
|
$— |
|
($1.8 |
) |
$169.3 |
|
|
76,344 |
|
$2,217 |
|
|
Lamaque |
|
196.3 |
|
|
— |
|
|
(0.9 |
) |
|
195.4 |
|
|
88,245 |
|
|
2,214 |
|
|
Efemcukuru |
|
96.6 |
|
|
2.6 |
|
|
(3.4 |
) |
|
95.9 |
|
|
41,076 |
|
|
2,335 |
|
|
Olympias |
|
91.1 |
|
|
4.9 |
|
|
(31.4 |
) |
|
64.6 |
|
|
31,568 |
|
|
2,048 |
|
|
Total consolidated |
$555.1 |
|
$7.5 |
|
($37.4 |
) |
$525.2 |
|
|
237,234 |
|
$2,214 |
|
(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 June 30,
2023:
|
|
Revenue |
|
Concentrate deductions(1) |
|
Less non-gold revenue |
|
Gold revenue(2) |
|
Gold oz sold |
|
Average realized gold price per ounce sold |
|
|
Kisladag |
$64.7 |
|
|
$— |
|
($0.8 |
) |
$63.9 |
|
|
32,280 |
|
$1,980 |
|
|
Lamaque |
|
78.6 |
|
|
— |
|
|
(0.3 |
) |
|
78.3 |
|
|
39,904 |
|
|
1,962 |
|
|
Efemcukuru |
|
44.1 |
|
|
1.5 |
|
|
(1.4 |
) |
|
44.3 |
|
|
22,466 |
|
|
1,971 |
|
|
Olympias |
|
41.6 |
|
|
2.1 |
|
|
(15.0 |
) |
|
28.6 |
|
|
15,484 |
|
|
1,850 |
|
|
Total consolidated |
$229.0 |
|
$3.6 |
|
($17.5 |
) |
$215.1 |
|
|
110,134 |
|
$1,953 |
|
(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 six months ended June 30, 2023:
|
|
Revenue |
|
Concentrate deductions(1) |
|
Less non-gold revenue |
|
Gold revenue(2) |
|
Gold oz sold |
|
Average realized gold price per ounce sold |
|
|
Kisladag |
$136.8 |
|
|
$— |
|
($1.6 |
) |
$135.1 |
|
|
69,673 |
|
$1,939 |
|
|
Lamaque |
|
152.3 |
|
|
— |
|
|
(0.8 |
) |
|
151.5 |
|
|
78,547 |
|
|
1,928 |
|
|
Efemcukuru |
|
84.8 |
|
|
3.3 |
|
|
(2.3 |
) |
|
85.7 |
|
|
42,217 |
|
|
2,031 |
|
|
Olympias |
|
83.0 |
|
|
5.0 |
|
|
(33.1 |
) |
|
55.0 |
|
|
29,514 |
|
|
1,862 |
|
|
Total consolidated |
$456.8 |
|
$8.3 |
|
($37.8 |
) |
$427.3 |
|
|
219,951 |
|
$1,943 |
|
(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:
|
|
Q2 2024 |
|
Q2 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
|
Net earnings attributable to shareholders of the
Company(1) |
$56.4 |
|
$1.5 |
|
$91.6 |
|
$20.9 |
|
|
Current tax expense due to Turkiye earthquake relief tax law
change(2) |
|
— |
|
|
— |
|
|
— |
|
|
4.3 |
|
|
(Gain) loss on foreign exchange translation of deferred tax
balances net of inflation accounting(3) |
|
(1.9 |
) |
|
21.4 |
|
|
3.4 |
|
|
17.8 |
|
|
Decrease (increase) in fair value of redemption option
derivative |
|
0.1 |
|
|
1.6 |
|
|
(2.0 |
) |
|
0.6 |
|
|
Unrealized loss (gain) on derivative instruments |
|
12.0 |
|
|
(8.4 |
) |
|
28.9 |
|
|
(9.0 |
) |
|
Out-of-period current tax expense due to changes in tax
rates(4) |
|
— |
|
|
(6.4 |
) |
|
— |
|
|
(8.2 |
) |
|
Total adjusted net earnings |
$66.6 |
|
$9.7 |
|
$121.8 |
|
$26.4 |
|
|
Weighted average shares outstanding (thousands) |
|
204,075 |
|
|
188,804 |
|
|
203,391 |
|
|
186,355 |
|
|
Adjusted net earnings per share ($/share) |
$0.33 |
|
$0.05 |
|
$0.60 |
|
$0.14 |
|
(1) Amounts presented for 2024 and 2023 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and six months ended June 30, 2024. (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) Q2 2024 includes $5.7
million loss (2023 - $21.4 million loss) on foreign exchange
translation of deferred tax balances and $7.6 million gain (2023 -
$nil) on inflation accounting. Six month period ended June 30, 2024
includes $25.0 million loss (2023 - $17.8 million loss) on foreign
exchange translation of deferred tax balances and $21.6 million
gain (2023 - $nil) on inflation accounting. (4) Q1 2023 through Q3
2023 have been adjusted for out-of-period current income tax
adjustments related to impact of retroactive income tax rate
increase in Turkiye enacted in Q3 2023.
Reconciliation of Net Earnings (Loss) before
income tax to EBITDA and Adjusted EBITDA:
|
|
Q2 2024 |
|
Q2 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
|
Earnings before income
tax(1) |
$78.1 |
|
$40.3 |
|
$129.3 |
|
$72.4 |
|
|
Depreciation and amortization(2) |
|
60.3 |
|
|
64.9 |
|
|
115.7 |
|
|
128.0 |
|
|
Interest income |
|
(6.2 |
) |
|
(2.7 |
) |
|
(11.3 |
) |
|
(6.5 |
) |
|
Finance costs |
|
7.1 |
|
|
9.4 |
|
|
7.1 |
|
|
18.1 |
|
|
EBITDA |
$139.3 |
|
$111.8 |
|
$240.7 |
|
$212.1 |
|
|
Share-based payments expense |
|
3.7 |
|
|
2.7 |
|
|
5.7 |
|
|
3.5 |
|
|
Loss on disposal of assets |
|
0.4 |
|
|
0.7 |
|
|
0.6 |
|
|
0.8 |
|
|
Unrealized loss (gain) on derivative instruments |
|
12.0 |
|
|
(8.4 |
) |
|
28.9 |
|
|
(9.0 |
) |
|
Adjusted EBITDA |
$155.3 |
|
$106.8 |
|
$275.8 |
|
$207.4 |
|
(1) Amounts presented for 2024 and 2023 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and six months ended June 30, 2024. (2) Includes
depreciation within general and administrative expenses.
Reconciliation of Net Cash Generated from
Operating Activities to Free Cash Flow:
|
|
Q2 2024 |
|
Q2 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
|
Net cash generated from operating
activities(1) |
$112.2 |
|
$75.3 |
|
$207.5 |
|
$115.6 |
|
|
Less: Cash used in investing activities |
|
(144.3 |
) |
|
(97.0 |
) |
|
(280.5 |
) |
|
(138.0 |
) |
|
Add back: Decrease in term deposits |
|
— |
|
|
— |
|
|
(1.1 |
) |
|
(35.0 |
) |
|
Add back: Purchase of marketable securities |
|
— |
|
|
— |
|
|
11.1 |
|
|
0.6 |
|
|
Free cash flow |
($32.0 |
) |
($21.7 |
) |
($63.0 |
) |
($56.7 |
) |
|
Add back: Skouries cash capital expenditures |
|
60.8 |
|
|
34.9 |
|
|
116.5 |
|
|
50.0 |
|
|
Add back: Capitalized interest paid(2) |
|
5.2 |
|
|
0.5 |
|
|
14.1 |
|
|
0.5 |
|
|
Free cash flow excluding Skouries |
$33.9 |
|
$13.7 |
|
$67.6 |
|
($6.2 |
) |
(1) Amounts presented for 2024 and 2023 are from
continuing operations only and exclude the Romania segment. See
Note 4 of our condensed consolidated interim financial statements
for the three and six months ended June 30, 2024. (2) Includes
interest from the Term Facility and Senior Notes.
Reconciliation of Net Cash Generated from
Operating Activities to Cash Flow from Operating Activities before
Changes in Working Capital:
|
|
Q2 2024 |
|
Q2 2023 |
|
YTD 2024 |
|
YTD 2023 |
|
|
Net cash generated from operating
activities(1) |
$112.2 |
|
$75.3 |
|
$207.5 |
|
$115.6 |
|
|
Less: Changes in non-cash working capital |
|
(19.9 |
) |
|
(7.1 |
) |
|
(33.0 |
) |
|
(60.0 |
) |
|
Cash flow from operating activities before changes in
working capital |
$132.2 |
|
$82.4 |
|
$240.5 |
|
$175.6 |
|
(1) Amounts presented for 2024 and 2023 are from continuing
operations only and exclude the Romania segment. See Note 4 of our
condensed consolidated interim financial statements for the three
and six months ended June 30, 2024.
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”, “believes”, “budgets”, "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 and forward-looking
information contained in this press release includes, but is not
limited to, statements or information with respect to: expected
benefits of the Amended Investment Agreement; our intentions to
sell the Certej Project; our beliefs and goals with respect to
reserve growth and low cost growth through discovery; our
jurisdictional strategy; our intentions to deliver value to
stakeholders; with respect to the Skouries Project, the timing of
first production, expected 2025 gold and copper production; timing
of commercial production; our goals to optimize our 2026 production
profile, expectation average production, after-tax IRR and NPV as
detailed in the Feasibility Study, a revised capital estimate for
the project, in 2024 and specifically in the second half of 2024,
and specific activities and milestones related to construction,
underground development, engineering, procurement and operational
readiness and expected workforce ramp ups in 2024, and expected
sources of funding; expected drawdowns on the Term Facility; 2024
annual guidance including annual and second half production,
production ranges by material property, expected total operating
costs per ounce sold, AISC per ounce sold, growth capital,
sustaining capital and exploration expenditures; efforts to improve
workplace safety; with respect to Kisladag, construction of the
second phase of the North Heap Leach Pad, expected benefits of
technical work and future technical focus and expected increases in
production in the third quarter due to higher expected stacking
rates; expected production relative to second quarter and expected
grade increases in Lamaque; expected third quarter production at
Efemcukuru and the reasons supporting that expectation; with
respect to Olympias, expectations of finalizing a new collective
bargaining agreement and the benefits therefrom, and expected third
quarter increases in production; expected parameters of the Perama
Hill project if developed; planning exploration drilling generally,
resource conversion at Ormaque; 2024 exploration targets and
projects; expected sources of funding for the Skouries project and
expected reductions in the letter of credit backstopping the equity
commitment for the project; expectations that working capital will
be sufficient for the next twelve months; critical accounting
estimates and judgements; changes in accounting policies; non-IFRS
financial measures and ratios; risk factors affecting our business;
our expectation as to our future financial and operating
performance, including future cash flow, estimated cash costs,
expected metallurgical recoveries and gold price outlook; and
generally 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 are by their nature based on a number of assumptions,
that management considers reasonable. However, such assumptions
involve both known and unknown risks, uncertainties, and other
factors which, if proven to be inaccurate, may cause actual
results, activities, performance or achievements may be materially
different from those described in the forward-looking statements or
information. These include assumptions concerning: timing, cost and
results of our construction and development activities,
improvements and exploration; the future price of gold and other
commodities; exchange rates; anticipated values, costs, expenses
and working capital requirements; production and metallurgical
recoveries; mineral reserves and resources; our ability to conclude
a collective bargaining agreement at Olympias in a timely manner
and on satisfactory terms to the Company; our ability to unlock the
potential of our brownfield property portfolio; our ability to
address the negative impacts of climate change and adverse weather;
consistency of agglomeration and our ability to optimize it in the
future; the cost of, and extent to which we use, essential
consumables (including fuel, explosives, cement, and cyanide); the
impact and effectiveness of productivity initiatives; the time and
cost necessary for anticipated overhauls of equipment; expected
by-product grades; the use, and impact or effectiveness, of growth
capital; the impact of acquisitions, dispositions, suspensions or
delays on our business; the sustaining capital required for various
projects; and the geopolitical, economic, permitting and legal
climate that we operate in (including recent disruptions to
shipping operations in the Red Sea and any related shipping delays,
shipping price increases, or impacts on the global energy
market).
With respect to the Skouries project, we have
made additional assumptions about inflation rates; labour
productivity, rates and expected hours; the scope and timing
related to the awarding of key contract packages and approval
thereon; expected scope of project management frameworks; our
ability to continue to execute our plans relating to Skouries on
the existing project timeline and consistent with the current
planned project scope; the timeliness of shipping for important or
critical items; our ability to continue to access our project
funding and remain in compliance with all covenants and contractual
commitments in relation thereto; our ability to obtain and maintain
all required approvals and permits, both overall and in a timely
manner; no further archaeological investigations being required,
the future price of gold, copper and other commodities; and the
broader community engagement and social climate in respect of the
Skouries project.
In addition, except where otherwise stated,
Eldorado has assumed a continuation of existing business operations
on substantially the same basis as exists at the time of this press
release. Even though we believe that the assumptions and
expectations represented by such statements or information are
reasonable, there can be no assurance that the forward-looking
statement or information will prove to be accurate. Many
assumptions may be difficult to predict and are beyond our
control.
Forward-looking statements and forward-looking
information are subject to known and unknown risks, uncertainties
and other important factors that may cause actual results,
activities, performance or achievements to be materially different
from those described in the forward-looking statements or
information. These risks, uncertainties and other factors include,
among others: risks relating to our operations in foreign
jurisdictions (including recent disruptions to shipping operations
in the Red Sea and any related shipping delays, shipping price
increases, or impacts on the global energy market); development
risks at Skouries and other development projects; community
relations and social license; liquidity and financing risks;
climate change; inflation risk; environmental matters including
existing or potential environmental hazards; production and
processing, including throughput, recovery and product quality;
geometallurgical variability; waste disposal including a spill,
failure or material flow from a tailings facility causing damage to
the environment or surrounding communities; geotechnical and
hydrogeological conditions or failures; the global economic
environment; risks relating to any pandemic, epidemic, endemic or
similar public health threats; reliance on a limited number of
smelters and off-takers; labour (including in relation to
employee/union relations, the Greek transformation, employee
misconduct, key personnel, skilled workforce, expatriates, and
contractors); indebtedness (including current and future operating
restrictions, implications of a change of control, ability to meet
debt service obligations, the implications of defaulting on
obligations and change in credit ratings); government regulation;
the Sarbanes-Oxley Act; commodity price risk; mineral tenure;
permits; risks relating to environmental sustainability and
governance practices and performance; financial reporting
(including relating to the carrying value of our assets and changes
in reporting standards); non-governmental organizations;
corruption, bribery and sanctions; information and operational
technology systems; litigation and contracts; estimation of mineral
reserves and mineral resources; different standards used to prepare
and report mineral reserves and mineral resources; credit risk;
price volatility, volume fluctuations and dilution risk in respect
of our shares; actions of activist shareholders; reliance on
infrastructure, commodities and consumables (including power and
water); currency risk; interest rate risk; tax matters; dividends;
reclamation and long-term obligations; acquisitions, including
integration risks, and dispositions; regulated substances;
necessary equipment; co-ownership of our properties; the
unavailability of insurance; conflicts of interest; compliance with
privacy legislation; reputational issues; competition, and those
risk factors discussed in our most recent Annual Information Form
& Form 40-F. 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 press
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.
This press release contains information that may
constitute future-orientated financial information or financial
outlook information (collectively, “FOFI”) about Eldorado’s
prospective financial performance, financial position or cash
flows, all of which is subject to the same assumptions, risk
factors, limitations and qualifications as set forth above. Readers
are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise or inaccurate and, as such,
undue reliance should not be placed on FOFI. Eldorado’s actual
results, performance and achievements could differ materially from
those expressed in, or implied by, FOFI. Eldorado has included FOFI
in order to provide readers with a more complete perspective on
Eldorado’s future operations and management’s current expectations
relating to Eldorado’s future performance. Readers are cautioned
that such information may not be appropriate for other purposes.
FOFI contained herein was made as of the date of this press
release. Unless required by applicable laws, Eldorado does not
undertake any obligation to publicly update or revise any FOFI
statements, whether as a result of new information, future events
or otherwise.
Mineral Reserves and Mineral Resources
Estimates and Related Cautionary Note to U.S.
Investors
The Company's mineral reserve and mineral
resource estimates for Kisladag, Lamaque, Efemcukuru, Olympias,
Perama Hill, Perama South, Skouries, Stratoni, Piavitsa, Sapes,
Certej, and Ormaque, are based on the definitions adopted by the
Canadian Institute of Mining, Metallurgy and Petroleum, and in
compliance with NI 43-101. NI 43-101 is a rule developed by the
Canadian Securities Administrators that establishes standards for
all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. These standards differ
from the requirements of the SEC that are applicable to domestic
U.S. companies. The reader may not be able to compare the mineral
reserve and mineral resources information in this press release
with similar information made public by domestic U.S. companies.
The reader should not assume that:
- the mineral
reserves defined in this press release qualify as reserves under
SEC standards
- the measured and
indicated mineral resources in this press release will ever be
converted to reserves; and
- the inferred
mineral resources in this press release are economically mineable,
or will ever be upgraded to a higher category.
Mineral resources which are not mineral reserves
do not have demonstrated economic viability.
The Company most recently completed its Mineral
Reserves and Mineral Resources annual review process with an
effective date of September 30, 2023, a summary of which was
published on December 13, 2023. In addition, the Company filed the
following updated Technical Reports on SEDAR+ and EDGAR on March
28, 2024: Technical Report titled "Technical Report, Efemcukuru
Gold Mine, Turkiye" with an effective date of December 31, 2023;
and Technical Report titled "Technical Report, Olympias Mine,
Greece" with an effective date of December 31, 2023. The updated
Technical Reports do not contain any material changes to the
Mineral Resources and Mineral Reserves previously published on
December 13, 2023.
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 and technical
information contained in this press 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 disclosure
contained in this press release for the Quebec 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.
| |
| Eldorado
Gold CorporationCondensed Consolidated Interim Statements
of Financial PositionAs at June 30, 2024 and December 31,
2023(Unaudited – in thousands of U.S. dollars) |
| |
| As at |
Note |
|
June 30, 2024 |
|
|
December 31, 2023 |
|
| ASSETS |
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
595,052 |
|
|
$ |
540,473 |
|
|
Term deposits |
|
|
|
— |
|
|
|
1,136 |
|
|
Accounts receivable and other |
5 |
|
|
107,741 |
|
|
|
122,778 |
|
|
Inventories |
6 |
|
|
269,042 |
|
|
|
235,890 |
|
|
Current derivative assets |
18 |
|
|
979 |
|
|
|
2,502 |
|
|
Assets held for sale |
4 |
|
|
27,058 |
|
|
|
27,627 |
|
|
|
|
|
|
999,872 |
|
|
|
930,406 |
|
| Restricted cash |
|
|
|
2,336 |
|
|
|
2,085 |
|
| Deferred tax assets |
|
|
|
14,748 |
|
|
|
14,748 |
|
| Other assets |
7 |
|
|
253,233 |
|
|
|
185,209 |
|
| Non-current derivative
assets |
18 |
|
|
— |
|
|
|
7,036 |
|
| Property, plant and
equipment |
|
|
|
3,917,785 |
|
|
|
3,755,559 |
|
| Goodwill |
|
|
|
92,591 |
|
|
|
92,591 |
|
| |
|
|
$ |
5,280,565 |
|
|
$ |
4,987,634 |
|
| LIABILITIES &
EQUITY |
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
$ |
250,167 |
|
|
$ |
254,030 |
|
|
Current portion of lease liabilities |
|
|
|
4,614 |
|
|
|
5,020 |
|
|
Current portion of asset retirement obligation |
|
|
|
2,881 |
|
|
|
4,019 |
|
|
Current derivative liabilities |
18 |
|
|
7,174 |
|
|
|
279 |
|
|
Liabilities associated with assets held for sale |
4 |
|
|
11,119 |
|
|
|
10,867 |
|
| |
|
|
|
275,955 |
|
|
|
274,215 |
|
| Debt |
8 |
|
|
748,033 |
|
|
|
636,059 |
|
| Lease liabilities |
|
|
|
11,207 |
|
|
|
12,092 |
|
| Employee benefit plan
obligations |
|
|
|
11,127 |
|
|
|
10,261 |
|
| Asset retirement
obligations |
|
|
|
127,288 |
|
|
|
125,090 |
|
| Non-current derivative
liabilities |
18 |
|
|
32,254 |
|
|
|
18,843 |
|
| Deferred income tax
liabilities |
|
|
|
410,963 |
|
|
|
399,109 |
|
| |
|
|
|
1,616,827 |
|
|
|
1,475,669 |
|
| Equity |
|
|
|
|
|
| Share capital |
14 |
|
|
3,431,267 |
|
|
|
3,413,365 |
|
| Treasury stock |
|
|
|
(12,157 |
) |
|
|
(19,263 |
) |
| Contributed surplus |
|
|
|
2,607,572 |
|
|
|
2,617,216 |
|
| Accumulated other
comprehensive income (loss) |
|
|
|
42,469 |
|
|
|
(4,751 |
) |
| Deficit |
|
|
|
(2,399,335 |
) |
|
|
(2,488,420 |
) |
| Total equity
attributable to shareholders of the Company |
|
|
|
3,669,816 |
|
|
|
3,518,147 |
|
| Attributable to
non-controlling interests |
|
|
|
(6,078 |
) |
|
|
(6,182 |
) |
| |
|
|
|
3,663,738 |
|
|
|
3,511,965 |
|
| |
|
|
$ |
5,280,565 |
|
|
$ |
4,987,634 |
|
| Approved on behalf of the Board of
Directors |
| |
|
|
|
|
(signed) John Webster |
Director |
(signed) George Burns |
Director |
| |
|
|
|
| Date of
approval: July 25, 2024 |
| |
|
|
|
| Please see the
Condensed Consolidated Interim Financial Statements dated June 30,
2024 for notes to the accounts. |
| |
| |
| Eldorado
Gold CorporationCondensed Consolidated Interim Statements
of OperationsFor the three and six months ended June 30, 2024 and
2023(Unaudited – in thousands of U.S. dollars except share and per
share amounts) |
| |
| |
|
|
Three months ended |
|
Six months ended |
| |
|
|
June 30, |
|
June 30, |
|
|
Note |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
Metal sales |
9 |
|
$ |
297,141 |
|
|
$ |
228,993 |
|
|
$ |
555,108 |
|
|
$ |
456,808 |
|
| |
|
|
|
|
|
|
|
|
|
| Cost of
sales |
|
|
|
|
|
|
|
|
|
|
Production costs |
|
|
|
127,809 |
|
|
|
116,134 |
|
|
|
250,815 |
|
|
|
225,845 |
|
|
Depreciation and amortization |
|
|
|
59,438 |
|
|
|
64,086 |
|
|
|
113,917 |
|
|
|
126,439 |
|
| |
|
|
|
187,247 |
|
|
|
180,220 |
|
|
|
364,732 |
|
|
|
352,284 |
|
| |
|
|
|
|
|
|
|
|
|
| Earnings from mine
operations |
|
|
|
109,894 |
|
|
|
48,773 |
|
|
|
190,376 |
|
|
|
104,524 |
|
| |
|
|
|
|
|
|
|
|
|
| Exploration and evaluation
expenses |
|
|
|
3,386 |
|
|
|
4,634 |
|
|
|
7,819 |
|
|
|
10,470 |
|
| Mine standby costs |
10 |
|
|
1,937 |
|
|
|
5,113 |
|
|
|
4,623 |
|
|
|
8,617 |
|
| General and administrative
expenses |
|
|
|
10,265 |
|
|
|
9,365 |
|
|
|
19,759 |
|
|
|
19,965 |
|
| Employee benefit plan
expense |
|
|
|
864 |
|
|
|
706 |
|
|
|
2,038 |
|
|
|
2,219 |
|
| Share-based payments
expense |
15 |
|
|
3,676 |
|
|
|
2,676 |
|
|
|
5,725 |
|
|
|
3,528 |
|
| Write-down of assets |
|
|
|
688 |
|
|
|
1,886 |
|
|
|
1,410 |
|
|
|
2,048 |
|
| Foreign exchange gain |
|
|
|
(1,376 |
) |
|
|
(14,681 |
) |
|
|
(1,548 |
) |
|
|
(13,754 |
) |
| Earnings from
operations |
|
|
|
90,454 |
|
|
|
39,074 |
|
|
|
150,550 |
|
|
|
71,431 |
|
| |
|
|
|
|
|
|
|
|
|
| Other (expense) income |
11 |
|
|
(5,286 |
) |
|
|
10,580 |
|
|
|
(14,220 |
) |
|
|
19,088 |
|
| Finance costs |
12 |
|
|
(7,085 |
) |
|
|
(9,350 |
) |
|
|
(7,053 |
) |
|
|
(18,143 |
) |
| Earnings from
continuing operations before income tax |
|
|
|
78,083 |
|
|
|
40,304 |
|
|
|
129,277 |
|
|
|
72,376 |
|
| Income tax expense |
13 |
|
|
21,711 |
|
|
|
38,866 |
|
|
|
37,763 |
|
|
|
51,597 |
|
| Net earnings from
continuing operations |
|
|
|
56,372 |
|
|
|
1,438 |
|
|
|
91,514 |
|
|
|
20,779 |
|
| Net loss from
discontinued operations, net of tax |
4 |
|
|
(1,117 |
) |
|
|
(942 |
) |
|
|
(2,498 |
) |
|
|
(2,066 |
) |
| Net earnings for the
period |
|
|
$ |
55,255 |
|
|
$ |
496 |
|
|
$ |
89,016 |
|
|
$ |
18,713 |
|
| |
|
|
|
|
|
|
|
|
|
| Net earnings (loss)
attributable to: |
|
|
|
|
|
|
|
|
|
| Shareholders of the
Company |
|
|
|
55,480 |
|
|
|
885 |
|
|
|
89,085 |
|
|
|
20,205 |
|
| Non-controlling interests |
|
|
|
(225 |
) |
|
|
(389 |
) |
|
|
(69 |
) |
|
|
(1,492 |
) |
| Net earnings for the
period |
|
|
$ |
55,255 |
|
|
$ |
496 |
|
|
$ |
89,016 |
|
|
$ |
18,713 |
|
| |
|
|
|
|
|
|
|
|
|
| Net earnings (loss)
attributable to shareholders of the Company: |
|
|
|
|
|
|
|
|
|
| Continuing operations |
|
|
|
56,384 |
|
|
|
1,537 |
|
|
|
91,578 |
|
|
|
20,918 |
|
| Discontinued operations |
|
|
|
(904 |
) |
|
|
(652 |
) |
|
|
(2,493 |
) |
|
|
(713 |
) |
| |
|
|
$ |
55,480 |
|
|
$ |
885 |
|
|
$ |
89,085 |
|
|
$ |
20,205 |
|
| |
|
|
|
|
|
|
|
|
|
| Net loss attributable
to non-controlling Interests: |
|
|
|
|
|
|
|
|
|
| Continuing operations |
|
|
|
(12 |
) |
|
|
(99 |
) |
|
|
(64 |
) |
|
|
(139 |
) |
| Discontinued operations |
|
|
|
(213 |
) |
|
|
(290 |
) |
|
|
(5 |
) |
|
|
(1,353 |
) |
| |
|
|
$ |
(225 |
) |
|
$ |
(389 |
) |
|
$ |
(69 |
) |
|
$ |
(1,492 |
) |
| |
|
|
|
|
|
|
|
|
|
| Weighted average number of
shares outstanding: |
|
|
|
|
|
|
|
|
|
| Basic |
14 |
|
|
204,075,131 |
|
|
|
188,803,605 |
|
|
|
203,390,674 |
|
|
|
186,354,723 |
|
| Diluted |
14 |
|
|
205,490,897 |
|
|
|
189,680,430 |
|
|
|
204,712,604 |
|
|
|
187,136,303 |
|
| |
|
|
|
|
|
|
|
|
|
| Net earnings per share
attributable to shareholders of the Company: |
|
|
|
|
|
|
|
|
|
| Basic earnings per share |
|
|
$ |
0.27 |
|
|
$ |
0.00 |
|
|
$ |
0.44 |
|
|
$ |
0.11 |
|
| Diluted earnings per
share |
|
|
$ |
0.27 |
|
|
$ |
0.00 |
|
|
$ |
0.44 |
|
|
$ |
0.11 |
|
| Net earnings per share
attributable to shareholders of the Company - Continuing
operations: |
|
|
|
|
|
|
|
|
|
| Basic earnings per share |
|
|
$ |
0.28 |
|
|
$ |
0.01 |
|
|
$ |
0.45 |
|
|
$ |
0.11 |
|
| Diluted earnings per
share |
|
|
$ |
0.27 |
|
|
$ |
0.01 |
|
|
$ |
0.45 |
|
|
$ |
0.11 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Please see the Condensed Consolidated Interim Financial Statements
dated June 30, 2024 for notes to the accounts. |
| |
| |
| Eldorado
Gold CorporationCondensed Consolidated Interim Statements
of Comprehensive Income (Loss)For the three and six months ended
June 30, 2024 and 2023(Unaudited – in thousands of U.S.
dollars) |
| |
| |
|
|
Three months ended |
|
Six months ended |
| |
|
|
June 30, |
|
June 30, |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| |
|
|
|
|
|
|
|
|
|
| Net earnings for the
period |
|
|
$ |
55,255 |
|
|
$ |
496 |
|
|
$ |
89,016 |
|
|
$ |
18,713 |
|
| Other comprehensive
income (loss): |
|
|
|
|
|
|
|
|
|
| Items that will not be
reclassified to earnings or loss: |
|
|
|
|
|
|
|
|
|
|
Change in fair value of investments in marketable securities |
|
|
|
20,372 |
|
|
|
4,055 |
|
|
|
55,245 |
|
|
|
27,497 |
|
|
Income tax expense on change in fair value of investments in
marketable securities |
|
|
|
(2,745 |
) |
|
|
(546 |
) |
|
|
(7,448 |
) |
|
|
(1,181 |
) |
|
Actuarial losses on employee benefit plans |
|
|
|
(838 |
) |
|
|
(1,831 |
) |
|
|
(755 |
) |
|
|
(3,665 |
) |
|
Income tax recovery on actuarial losses on employee benefit
plans |
|
|
|
200 |
|
|
|
243 |
|
|
|
178 |
|
|
|
696 |
|
| Total other
comprehensive income for the period |
|
|
|
16,989 |
|
|
|
1,921 |
|
|
|
47,220 |
|
|
|
23,347 |
|
| Total comprehensive
income for the period |
|
|
$ |
72,244 |
|
|
$ |
2,417 |
|
|
$ |
136,236 |
|
|
$ |
42,060 |
|
| |
|
|
|
|
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
|
|
|
|
| Shareholders of the
Company |
|
|
|
72,469 |
|
|
|
2,806 |
|
|
|
136,305 |
|
|
|
43,552 |
|
| Non-controlling interests |
|
|
|
(225 |
) |
|
|
(389 |
) |
|
|
(69 |
) |
|
|
(1,492 |
) |
| |
|
|
$ |
72,244 |
|
|
$ |
2,417 |
|
|
$ |
136,236 |
|
|
$ |
42,060 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Please see the Condensed Consolidated Interim Financial Statements
dated June 30, 2024 for notes to the accounts. |
| |
| |
| Eldorado
Gold CorporationCondensed Consolidated Interim Statements
of Cash FlowsFor the three and six months ended June 30, 2024 and
2023(Unaudited – in thousands of U.S. dollars) |
| |
| |
|
|
Three months ended |
|
Six months ended |
| |
|
|
June 30, |
|
June 30, |
|
|
Note |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Cash flows generated
from (used in): |
|
|
|
|
|
|
|
|
|
| Operating
activities |
|
|
|
|
|
|
|
|
|
| Net earnings from continuing
operations |
|
|
$ |
56,372 |
|
|
$ |
1,438 |
|
|
$ |
91,514 |
|
|
$ |
20,779 |
|
| Adjustments for: |
|
|
|
|
|
|
|
|
|
| Depreciation and
amortization |
|
|
|
60,320 |
|
|
|
64,893 |
|
|
|
115,664 |
|
|
|
128,014 |
|
| Finance costs |
12 |
|
|
7,085 |
|
|
|
9,350 |
|
|
|
7,053 |
|
|
|
18,143 |
|
| Interest income |
11 |
|
|
(6,235 |
) |
|
|
(2,719 |
) |
|
|
(11,286 |
) |
|
|
(6,450 |
) |
| Unrealized foreign exchange
(gain) loss |
|
|
|
(325 |
) |
|
|
(11,738 |
) |
|
|
1,337 |
|
|
|
(12,225 |
) |
| Income tax expense |
13 |
|
|
21,711 |
|
|
|
38,866 |
|
|
|
37,763 |
|
|
|
51,597 |
|
| Loss on disposal of
assets |
|
|
|
375 |
|
|
|
682 |
|
|
|
557 |
|
|
|
767 |
|
| Unrealized loss (gain) on
derivative contracts |
11 |
|
|
11,966 |
|
|
|
(8,397 |
) |
|
|
28,853 |
|
|
|
(9,022 |
) |
| Realized (gain) loss on
derivative contracts |
11 |
|
|
(462 |
) |
|
|
5 |
|
|
|
(462 |
) |
|
|
5 |
|
| Write-down of assets |
|
|
|
688 |
|
|
|
1,886 |
|
|
|
1,410 |
|
|
|
2,048 |
|
| Share-based payments
expense |
15 |
|
|
3,676 |
|
|
|
2,676 |
|
|
|
5,725 |
|
|
|
3,528 |
|
| Employee benefit plan
expense |
|
|
|
864 |
|
|
|
706 |
|
|
|
2,038 |
|
|
|
2,219 |
|
| |
|
|
|
156,035 |
|
|
|
97,648 |
|
|
|
280,166 |
|
|
|
199,403 |
|
| Property reclamation
payments |
|
|
|
(658 |
) |
|
|
(1,044 |
) |
|
|
(1,493 |
) |
|
|
(1,956 |
) |
| Employee benefit plan
payments |
|
|
|
(326 |
) |
|
|
(1,783 |
) |
|
|
(920 |
) |
|
|
(4,111 |
) |
| Settlement of derivative
contracts |
|
|
|
462 |
|
|
|
(5 |
) |
|
|
462 |
|
|
|
(5 |
) |
| Income taxes paid |
|
|
|
(29,567 |
) |
|
|
(15,101 |
) |
|
|
(49,041 |
) |
|
|
(24,137 |
) |
| Interest received |
|
|
|
6,235 |
|
|
|
2,719 |
|
|
|
11,286 |
|
|
|
6,450 |
|
| Changes in non-cash working
capital |
16 |
|
|
(19,936 |
) |
|
|
(7,129 |
) |
|
|
(32,960 |
) |
|
|
(60,032 |
) |
| Net cash generated
from operating activities of continuing operations |
|
|
|
112,245 |
|
|
|
75,305 |
|
|
|
207,500 |
|
|
|
115,612 |
|
| Net cash (used in)
generated from operating activities of discontinued
operations |
4 |
|
|
(328 |
) |
|
|
(247 |
) |
|
|
(218 |
) |
|
|
69 |
|
| |
|
|
|
|
|
|
|
|
|
| Investing
activities |
|
|
|
|
|
|
|
|
|
| Additions to property, plant
and equipment |
|
|
|
(133,092 |
) |
|
|
(86,233 |
) |
|
|
(253,780 |
) |
|
|
(158,504 |
) |
| Capitalized interest paid |
|
|
|
(5,180 |
) |
|
|
(527 |
) |
|
|
(14,088 |
) |
|
|
(527 |
) |
| Proceeds from the sale of
property, plant and equipment |
|
|
|
4 |
|
|
|
1,185 |
|
|
|
16 |
|
|
|
1,185 |
|
| Value added taxes related to
mineral property expenditures, net |
|
|
|
(6,021 |
) |
|
|
(11,441 |
) |
|
|
(2,625 |
) |
|
|
(14,502 |
) |
| Purchase of marketable
securities and investment in debt securities |
|
|
|
— |
|
|
|
— |
|
|
|
(11,130 |
) |
|
|
(633 |
) |
| Decrease in term deposits |
|
|
|
— |
|
|
|
— |
|
|
|
1,136 |
|
|
|
35,000 |
|
| Net cash used in
investing activities of continuing operations |
|
|
|
(144,289 |
) |
|
|
(97,016 |
) |
|
|
(280,471 |
) |
|
|
(137,981 |
) |
| |
|
|
|
|
|
|
|
|
|
| Financing
activities |
|
|
|
|
|
|
|
|
|
| Issuance of common shares for
cash, net of share issuance costs |
|
|
|
7,703 |
|
|
|
166,375 |
|
|
|
12,319 |
|
|
|
166,809 |
|
| Contributions from
non-controlling interests |
|
|
|
— |
|
|
|
— |
|
|
|
173 |
|
|
|
265 |
|
| Proceeds from Term Facility -
commercial loans and RRF loans |
8 |
|
|
111,291 |
|
|
|
71,208 |
|
|
|
126,603 |
|
|
|
71,208 |
|
| Proceeds from Term Facility -
VAT facility |
8 |
|
|
13,789 |
|
|
|
535 |
|
|
|
19,306 |
|
|
|
535 |
|
| Repayments of Term Facility -
VAT facility |
8 |
|
|
(15,489 |
) |
|
|
— |
|
|
|
(15,489 |
) |
|
|
— |
|
| Term Facility loan financing
costs |
|
|
|
— |
|
|
|
(17,172 |
) |
|
|
— |
|
|
|
(17,172 |
) |
| Term Facility commitment
fees |
|
|
|
(2,201 |
) |
|
|
(2,529 |
) |
|
|
(2,201 |
) |
|
|
(2,529 |
) |
| Senior Secured Credit Facility
refinancing costs |
|
|
|
(150 |
) |
|
|
— |
|
|
|
(150 |
) |
|
|
— |
|
| Interest paid |
|
|
|
(1,542 |
) |
|
|
(885 |
) |
|
|
(9,889 |
) |
|
|
(17,699 |
) |
| Principal portion of lease
liabilities |
|
|
|
(1,052 |
) |
|
|
(844 |
) |
|
|
(2,164 |
) |
|
|
(1,845 |
) |
| Purchase of treasury
stock |
|
|
|
— |
|
|
|
— |
|
|
|
(958 |
) |
|
|
— |
|
| Net cash generated
from financing activities of continuing operations |
|
|
|
112,349 |
|
|
|
216,688 |
|
|
|
127,550 |
|
|
|
199,572 |
|
| |
|
|
|
|
|
|
|
|
|
| Net increase in cash
and cash equivalents |
|
|
|
79,977 |
|
|
|
194,730 |
|
|
|
54,361 |
|
|
|
177,272 |
|
| Cash and cash
equivalents - beginning of period |
|
|
|
514,747 |
|
|
|
262,277 |
|
|
|
540,473 |
|
|
|
279,735 |
|
| Change in cash in disposal
group held for sale |
4 |
|
|
328 |
|
|
|
(424 |
) |
|
|
218 |
|
|
|
(424 |
) |
| Cash and cash
equivalents - end of period |
|
|
$ |
595,052 |
|
|
$ |
456,583 |
|
|
$ |
595,052 |
|
|
$ |
456,583 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Please see the Condensed Consolidated Interim Financial Statements
dated June 30, 2024 for notes to the accounts. |
| |
| |
| Eldorado
Gold CorporationCondensed Consolidated Interim Statements
of Changes in EquityFor the three and six months ended June 30,
2024 and 2023(Unaudited – in thousands of U.S. dollars) |
| |
| |
|
|
Three months ended |
|
Six months ended |
| |
|
|
June 30, |
|
June 30, |
|
|
Note |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Share
capital |
|
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
|
$ |
3,419,937 |
|
|
$ |
3,242,668 |
|
|
$ |
3,413,365 |
|
|
$ |
3,241,644 |
|
|
Shares issued upon exercise of share options |
|
|
|
7,703 |
|
|
|
4,423 |
|
|
|
12,319 |
|
|
|
5,140 |
|
|
Shares issued upon exercise of performance share units |
|
|
|
499 |
|
|
|
— |
|
|
|
499 |
|
|
|
— |
|
|
Transfer of contributed surplus on exercise of options |
|
|
|
3,128 |
|
|
|
1,861 |
|
|
|
5,084 |
|
|
|
2,168 |
|
|
Shares issued in private placements, net of share issuance
costs |
|
|
|
— |
|
|
|
66,776 |
|
|
|
— |
|
|
|
66,776 |
|
|
Shares issued to the public, net of share issuance costs |
|
|
|
— |
|
|
|
94,881 |
|
|
|
— |
|
|
|
94,881 |
|
| Balance end of period |
14 |
|
$ |
3,431,267 |
|
|
$ |
3,410,609 |
|
|
$ |
3,431,267 |
|
|
$ |
3,410,609 |
|
| |
|
|
|
|
|
|
|
|
|
| Treasury
stock |
|
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
|
$ |
(13,128 |
) |
|
$ |
(20,414 |
) |
|
$ |
(19,263 |
) |
|
$ |
(20,454 |
) |
|
Purchase of treasury stock |
|
|
|
— |
|
|
|
— |
|
|
|
(958 |
) |
|
|
— |
|
|
Shares redeemed upon exercise of restricted share units |
|
|
|
971 |
|
|
|
5,593 |
|
|
|
8,064 |
|
|
|
5,633 |
|
| Balance end of period |
|
|
$ |
(12,157 |
) |
|
$ |
(14,821 |
) |
|
$ |
(12,157 |
) |
|
$ |
(14,821 |
) |
| |
|
|
|
|
|
|
|
|
|
| Contributed
surplus |
|
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
|
$ |
2,608,886 |
|
|
$ |
2,618,045 |
|
|
$ |
2,617,216 |
|
|
$ |
2,618,212 |
|
|
Share-based payment arrangements |
|
|
|
3,284 |
|
|
|
2,094 |
|
|
|
4,003 |
|
|
|
2,274 |
|
|
Shares redeemed upon exercise of restricted share units |
|
|
|
(971 |
) |
|
|
(5,593 |
) |
|
|
(8,064 |
) |
|
|
(5,633 |
) |
|
Shares redeemed upon exercise of performance share units |
|
|
|
(499 |
) |
|
|
— |
|
|
|
(499 |
) |
|
|
— |
|
|
Transfer to share capital on exercise of options |
|
|
|
(3,128 |
) |
|
|
(1,861 |
) |
|
|
(5,084 |
) |
|
|
(2,168 |
) |
| Balance end of period |
|
|
$ |
2,607,572 |
|
|
$ |
2,612,685 |
|
|
$ |
2,607,572 |
|
|
$ |
2,612,685 |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated other
comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
|
$ |
25,480 |
|
|
$ |
(20,858 |
) |
|
$ |
(4,751 |
) |
|
$ |
(42,284 |
) |
|
Other comprehensive income for the period attributable to
shareholders of the Company |
|
|
|
16,989 |
|
|
|
1,921 |
|
|
|
47,220 |
|
|
|
23,347 |
|
| Balance end of period |
|
|
$ |
42,469 |
|
|
$ |
(18,937 |
) |
|
$ |
42,469 |
|
|
$ |
(18,937 |
) |
| |
|
|
|
|
|
|
|
|
|
| Deficit |
|
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
|
$ |
(2,454,815 |
) |
|
$ |
(2,573,730 |
) |
|
$ |
(2,488,420 |
) |
|
$ |
(2,593,050 |
) |
|
Net earnings attributable to shareholders of the Company |
|
|
|
55,480 |
|
|
|
885 |
|
|
|
89,085 |
|
|
|
20,205 |
|
| Balance end of period |
|
|
$ |
(2,399,335 |
) |
|
$ |
(2,572,845 |
) |
|
$ |
(2,399,335 |
) |
|
$ |
(2,572,845 |
) |
| Total equity
attributable to shareholders of the Company |
|
|
$ |
3,669,816 |
|
|
$ |
3,416,691 |
|
|
$ |
3,669,816 |
|
|
$ |
3,416,691 |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-controlling
interests |
|
|
|
|
|
|
|
|
|
| Balance beginning of
period |
|
|
$ |
(5,853 |
) |
|
$ |
(4,038 |
) |
|
$ |
(6,182 |
) |
|
$ |
(3,200 |
) |
|
Loss attributable to non-controlling interests |
|
|
|
(225 |
) |
|
|
(389 |
) |
|
|
(69 |
) |
|
|
(1,492 |
) |
|
Contributions from non-controlling interests |
|
|
|
— |
|
|
|
— |
|
|
|
173 |
|
|
|
265 |
|
| Balance end of period |
|
|
$ |
(6,078 |
) |
|
$ |
(4,427 |
) |
|
$ |
(6,078 |
) |
|
$ |
(4,427 |
) |
| Total
equity |
|
|
$ |
3,663,738 |
|
|
$ |
3,412,264 |
|
|
$ |
3,663,738 |
|
|
$ |
3,412,264 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Please see the Condensed Consolidated Interim Financial Statements
dated June 30, 2024 for notes to the accounts. |
| |
_________________________________
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 June 30, 2024
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 June 30, 2024 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 June 30, 2024 MD&A. 4 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 June 30, 2024 MD&A.
Eldorado Gold (TSX:ELD)
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