Eldorado Gold Corporation (“Eldorado” or the "Company”) today
reports the Company’s financial and operational results for the
fourth quarter and year ended December 31, 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.
Q4 2024 and Full-Year
Summary
Operations
-
Gold production: 155,668 ounces
in Q4 2024 reflecting continued improvements across the portfolio.
Full-year 2024 production of 520,293 ounces was above the midpoint
of the tightened guidance range and an increase of 7% over 2023
production of 485,139 ounces, driven by operational upgrades at
Kisladag and higher mining rates and ore throughput at
Lamaque.
- Gold
sales: 156,864 ounces in Q4 2024 at an average realized
gold price per ounce sold(1) of $2,625, resulting in 517,926 ounces
sold in 2024 at an average realized gold price per ounce sold of
$2,405.
- Production
costs: $172.1 million in Q4 2024, and $564.2 million in
2024, compared to $137.6 million in Q4 2023, and $478.9 million in
2023. The increases are primarily due to higher volumes of
production and sales, higher labour costs, and increased royalties
(due to higher gold sales and average realized gold price).
- Total cash
costs(1): $944 per ounce sold in Q4 2024 and $940 per
ounce sold in 2024, within the tightened guidance range, and an
increase from $830 per ounce sold in Q4 2023 and $850 per ounce
sold in 2023. The increase in both periods was primarily due to
higher royalties (driven by higher gold prices) and labour
costs.
- All-in
sustaining costs(1) ("AISC"): $1,226 per
ounce sold in Q4 2024 and $1,285 per ounce sold in 2024, within the
tightened guidance range for the year, and marginally higher than
$1,207 per ounce sold in Q4 2023 and $1,220 per ounce sold in 2023.
Increases in both periods primarily reflect higher total cash costs
per ounce sold as discussed above, and the year-over-year
comparison was also impacted by higher sustaining capital
expenditures.
- Total
capital expenditures: $174.5 million in Q4 2024, and
$620.3 million in 2024, including $97.6 million and $324.7 million
of construction project capital invested at our Skouries
Project, respectively. Growth capital(1) at the operating mines of
$146.1 million in 2024 was primarily focused at Kisladag, including
waste stripping to support mine life extension, construction of the
second phase of the North Heap Leach Pad ("NHLP"), and construction
of the North Adsorption-Desorption-Recovery ("ADR") facilities.
Sustaining capital(1) at operating mines totaled $130.3
million in 2024, including $81.9 million at Lamaque primarily
related to underground development, equipment rebuilds, and
expansion of the tailings management facility.
Financial
-
Revenue: $435.7 million in Q4 2024, an increase of
42% from revenue of $306.9 million in Q4 2023, and $1,322.6 million
in 2024, an increase of 31% from revenue of $1,008.5 million in
2023, both due to higher average realized gold prices and higher
volumes sold.
- Net cash
generated from operating activities of continuing
operations: $257.3 million in Q4 2024, an increase from
$159.6 million in Q4 2023, and $645.7 million in 2024, an increase
from $382.9 million in 2023. Increases in both periods were due to
higher revenues, partially offset by higher production costs and
higher taxes paid.
- Cash flow
from operating activities, before changes in working
capital(2): $228.5 million in Q4 2024, an
increase from $138.0 million in Q4 2023 and $635.5 million in 2024,
an increase from $411.2 million in 2023. Increases in both periods
were primarily due to higher net cash generated from operating
activities of continuing operations.
- Cash and
cash equivalents: $856.8 million as at December 31,
2024, up from $540.5 million as at December 31, 2023.
- Net
earnings attributable to shareholders from continuing
operations: $108.2 million in Q4 2024, an increase from
$91.8 million in Q4 2023, and $300.9 million in 2024, an increase
from net earnings of $106.2 million in 2023. Increases in both
periods were primarily due to higher revenue, partially offset by
higher production costs and income tax expense.
- Adjusted
net earnings before interest, taxes, depreciation and amortization
("Adjusted EBITDA")(2): $246.7 million in
Q4 2024, an increase from $147.2 million in Q4 2023, and $691.6
million in 2024, an increase from $463.3 million in 2023. These
increases were primarily driven by higher net earnings in both
periods. Quarter over quarter higher adjusted EBITDA was partially
offset by the removal of $10.2 million of unrealized gains on
derivative instruments in Q4 2024, whereas year over year, higher
adjusted EBITDA was increased with the removal of $51.8 million of
unrealized losses on derivative instruments in 2024.
- Adjusted
net earnings from continuing
operations(2): $127.8 million or $0.62
per share in Q4 2024, an increase from $49.3 million or $0.24 per
share in Q4 2023, and $320.7 million or $1.57 per share in 2024, an
increase from $110.7 million or $0.57 per share in 2023. Adjusted
net earnings in 2024 removes a $14.6 million loss on foreign
exchange due to the translation of deferred tax balances, net of a
gain on deferred income taxes due to the Turkiye inflationary tax
basis, a $51.8 million unrealized loss on derivative instruments,
and a $50.1 million after-tax gain related to deferred
consideration from the sale of the Tocantinzinho property to G
Mining Ventures in 2021, among other things. Adjusted net earnings
in Q4 2024 removes a $26.5 million loss on foreign exchange due to
the translation of deferred tax balances, a $5.1 million loss on
the non-cash revaluation of the derivative related to redemption
options in the debt, and a $10.2 million unrealized gain on
derivative instruments.
- Free cash
flow(2): $74.6 million in Q4 2024, and
$6.8 million in 2024. Free cash flow excluding capital expenditures
at Skouries(2) was $176.2 million in Q4 2024 and $342.0 million in
2024, primarily due to higher revenues.
- Project
Term Facility: Drawdowns on the Skouries Term Facility
were €288.3 million in 2024, with cumulative drawdowns as of
December 31, 2024 totaling €441.6 million.
“With the strong finish to the year, as
anticipated, we delivered solid operational and financial
performance in 2024,” said George Burns, President and Chief
Executive Officer. “Gold production increased 7% to 520,293 ounces
of gold above the mid-point of the tightened full year guidance
range. Costs were also in line with the tightened guidance range,
reflecting solid performance across our global operations. The
strong operational performance combined with the robust gold price,
resulted in a number of financial milestones in 2024, including a
31% increase in revenue, to $1,322.6 million, and increased cash
flow from operating activities to $645.7 million a 69% increase
compared to 2023. We also generated $342.0 million of free cash
flow, excluding the capital invested at Skouries.”
“In 2024, we continued to focus on unlocking the
full potential of our operating assets through continuous
improvement. Highlights included record gold production at the
Lamaque Complex of 196,538 ounces, and the declaration of an
inaugural Mineral Reserve at Ormaque. Efemcukuru maintained
consistent performance, marking its 10th consecutive year of
meeting guidance, in addition to increasing Mineral Reserves by 23%
to extend its mine life. A strong fourth quarter at Kisladag was
driven by the implementation of optimization efforts. At Olympias,
the successful labour negotiations coupled with productivity
improvements supports the plant expansion from 500 ktpa to 650 ktpa
which is expected to drive long-term profitability.
“At Skouries, we continued to advance the
project through the year. However, as we announced on February 5,
2025, with a slower than expected ramp-up of personnel as a result
of the tight labour market for construction workers within Greece,
we have revised the schedule and construction project capital cost
estimate for the Skouries Project. First production is expected in
the first quarter of 2026 with commercial production expected in
mid-2026. Once into production, we believe that Skouries will offer
substantial long-term growth and deliver significant long-term
value for shareholders and the Greek economy.
“I want to express my gratitude to our global
team for their dedication and contributions this year. As we look
ahead, we remain fully focused on driving long-term value as we
continue to demonstrate our ability to grow our production profile,
optimize our operations and deliver sustainable value to our
shareholders, while maintaining our high standards of safety and
environmental stewardship.”
Skouries Highlights
Capital Estimate and
Schedule
On February 5, 2025, the Company announced an
update to the project schedule and construction project capital
cost estimate as a result of continued labour market tightness in
Greece. The construction project capital cost incorporates an
increase of approximately $143 million, to total $1.06 billion. In
addition, the Company expects to complete additional pre-commercial
production mining and has accelerated the purchase of higher
capacity mobile mining equipment (originally expected to be
purchased post commercial production), resulting in $154 million of
accelerated operational capital prior to commercial production.
First production of the copper-gold concentrate
is expected in Q1 2026, with 2026 gold production projected to be
between 135,000 and 155,000 ounces and copper production of between
45 and 60 million pounds. Commercial production is expected in
mid-2026.
Between the Term Facility related to the
Skouries project and the strength of the balance sheet, the project
remains fully funded.
Capital spend towards the second phase of
construction totalled $97.6 million in Q4 2024, and
$324.7 million in 2024.
Construction ActivitiesA
progress update video link can be found here:
https://youtu.be/yj92oFQgmzw
As at December 31, 2024 overall project
progress was 60% complete for Phase 2 of construction.
Filtered Tailings Facility
Work continues to advance on the filtered
tailings building, which is on the critical path. Piling has been
completed for the filtered tailings building and concrete work is
progressing to enable assembly and installation of the structural
steel. All filter press components inclusive of fabricated frames
have been delivered to the site. Structural steel pre-assembly
continues to advance.
Primary Crusher Building
Progress continues on the foundation
construction of the primary crusher with retaining walls and
stabilized excavations completed. Construction of the crusher
building structure has commenced. The fixed location construction
crane has been mobilized for the crusher build.
Process Plant
Work in the process plant continues and
re-lining of the flotation tanks was completed in Q3 2024 as
planned and structural and mechanical work is advancing. Off-site
pipe spool fabrication is progressing and delivery of high-density
polyethylene piping to the site is ongoing. Electrical cable tray
and mechanical installations have commenced and the contractor
continues to ramp up to support increasing levels of activity. Work
continues on the support infrastructure including the process
control room building, process plant sub-station, water pump
station, lime plant, flotation blowers building, compressor
building and flotation reagent areas. Structural steel installation
is complete at the water pump house and nearing completion for the
lime plant building and flotation blowers building.
Thickeners
Construction of the three thickeners progressed
on plan during Q4 2024. Concrete works for the first two thickeners
have reached approximately 85% and 65% respectively, and
construction of the third thickener has commenced.
Integrated Extractive Waste Management Facility
(the "IEWMF")
During Q4 2024, construction continued to
progress at the coffer dam site with excavation of the spillway and
foundation preparation. The coffer dam is expected to be completed
at the end of Q1 2025. At the KL embankment the foundation
placement preparation is expected to start in Q2 2025, once the
coffer dam is in place. Fill placement for water management pond 2
is advancing with excavations for water management pond 1
continuing as planned along with the development of the low-grade
ore stockpile.
Underground Development
Approximately 90% of the equipment and operator
licenses have been received to date and development mining is
ramping up. Access to the test stopes advanced ahead of plan at the
upper level. The total metres of underground development for 2024
totaled 571 metres, compared to the expected 2,200 total metres,
with the delay attributable to receiving all licenses and permits
later than planned. The two test stopes are expected to be
completed in 2025.
Engineering, Procurement, and
Operational Readiness
Engineering
Engineering works were substantially complete at
December 31, 2024. The focus has been on finalizing engineering to
support the construction schedule. The release of structural steel
for fabrication was substantially completed during Q4 2024.
Procurement
All major procurement is complete and the focus
is on managing and expediting deliveries to support
construction.
Operational Readiness
Operational readiness ("OR") has been
progressing with the addition of new staff for developing and
executing key tasks in mining and processing. In-depth sessions
have been conducted to ensure that detailed plans are in place to
manage progress in all operational areas, including finalizing a
fully integrated OR plan. Progress is being made by the OR asset
management team, particularly in identifying critical spares. The
Management Operating System (MOS) for the open pit mining function
is being implemented. Workforce training is advancing and a
training needs analysis is underway for the mining and processing
departments. Furthermore, content creation and onboarding of
internal and external service providers continues.
Workforce
In addition to the OR team, as at December 31,
2024, there were approximately 1,050 personnel working.
2024 Year in Review:
Enabled for Growth
- Health and
Safety: The Company’s lost-time injury frequency rate per
million person-hours worked ("LTIFR") was 1.02 in Q4 2024, an
increase from the LTIFR of 0.42 in Q4 2023 and overall was 0.99 in
2024, an increase from the LTIFR of 0.65 in 2023. The Company
continues to take proactive steps to improve workplace safety and
to ensure a safe working environment for employees and
contractors.
- Courageous Safety
Leadership: In November 2024, the Company successfully
launched a new health and safety initiative, Courageous Safety
Leadership (CSL), that will help shape the global health and safety
culture at Eldorado Gold. CSL is designed to challenge participants
to explore the impact of one’s own beliefs, attitudes, and
behaviors in creating a positive culture of health and safety both
at work and at home.
-
Sustainability: In May 2024, the Company completed
the first round of external verification against the Mining
Association of Canada’s ‘Towards Sustainable Mining’ protocols
across Eldorado’s global sites with the completion of verifications
at Kisladag and Efemcukuru. Notably, the Company scored “AAA” – the
highest rating possible for all the operating tailings
facilities.
- Increased
Mineral Reserves: In December 2024, the updated Mineral
Reserve and Mineral Resource statement was published showing that
in addition to replacing depletion, the Company increased Mineral
Reserves by 2%, with a 45% increase at the Lamaque Complex and a
23% increase at Efemcukuru, providing a solid foundation and
underpinning the Company’s production profile over the next decade
and beyond.
- Ormaque
Reserve Declaration: In December 2024, the inaugural
Mineral Reserve at Ormaque was announced. Since 2017, the Company
has successfully replaced Mineral Reserves annually at the Lamaque
Complex. This achievement and the reserve at Ormaque positions the
Company for long-term success with two underground mines and
substantial potential for converting Inferred Mineral Resources,
along with exploration opportunities. Additionally, a bulk sample
of Ormaque material was processed at the Sigma Mill in December
2024. Preliminary results from the bulk sample are in-line with
expectations and support the current Ormaque Mineral Reserves and
block model.
- Record Gold
Production in Quebec: The Lamaque Complex in Quebec
delivered another year of record gold production of 196,538 ounces
in 2024, an 11% increase over 2023, driven by higher grade ore and
mill throughput.
- Continuing
to Enhance Capacity at Kisladag: In October 2024,
processing of loaded carbon commenced at the new north
Adsorption-Desorption and Recovery plant. In addition, the planned
phased expansion of the North Heap Leach pad facilities
continued.
- Efemcukuru
Met Guidance for the 10th Consecutive Year: Since 2014,
Efemcukuru has met annual guidance expectations.
-
Olympias: In August 2024, a new, unified, and
mutually beneficial three-year Collective Bargaining Agreement was
completed with the unionized workforce at Olympias. This new
agreement, in conjunction with productivity improvements in the
underground operations, lays the necessary foundation for support
to increase mill capacity from the current capacity of 500 ktpa to
650 ktpa, positioning Olympias for long-term profitability.
- Progressed
with Strategic Investments: In July 2024, Eldorado signed
option agreements with Brixton Metals for its Atlin Goldfields
Project in Northern British Columbia, and with TRU Precious Metals
for its Golden Rose Project in Central Newfoundland. Both these
option agreements provide Eldorado increased exposure to
early-stage exploration opportunities.
- Extension
of Senior Secured Credit Facility: In June 2024, the
Company announced it had extended and increased its senior secured
credit facility to $350 million, with a $100 million accordion
feature and to a four-year term. While the focus remains on
delivering the Skouries Project, this facility provided additional
financial flexibility to continue to strengthen and grow the
business with value-creating opportunities for all Eldorado’s
stakeholders.
Notable Awards, Recognitions, and
Milestones Across the Business:
- The team at
Eldorado Gold Québec won the Mining Association of Canada’s
‘Towards Sustainable Mining’ Community Engagement Excellence Award
in 2024, the site’s first-ever TSM Award and a first for Eldorado.
The award was received in recognition of the Lamaque team’s social
and long-term closure planning.
- In Canada, the
Lamaque Complex celebrated the 5th anniversary of commercial
production. The Lamaque Complex has since produced nearly one
million ounces of gold since declaring commercial production.
- In Canada, ten of
Eldorado Gold Québec supervisors were recently recognized for
achieving between 50,000 and 200,000 hours without a lost-time
accident with their teams.
- In Greece,
Environmental Manager at Hellas Gold, Emmy Gazea, was recognized as
one of the 100 Global Inspirational Women in Mining by Women in
Mining UK.
- Hellas Gold had the
honour of hosting Deputy Minister of Environment and Energy –
Alexandra Sdoukou and Deputy Minister of the Interior –
Konstantinos Gioulekas at Skouries, both noting the crucial role
mining investments can play in the Greek economy as a whole, and
particularly in Northern Greece.
- Hellas Gold was
recognized among the “Leading Employers in Greece 2024” by ICAP
CRIF.
- Hellas Gold won the
Silver Award at the 2nd Annual Euromines Safety Awards recognizing
innovative virtual and augmented reality training programs deployed
at the state-of-the-art training center at Madem Lakkos.
- In Turkiye, members
of our mine rescue teams at Tuprag participated in the 3rd Mine
Rescue Competition organized by the Turkish Miners Association,
tying for 1st place in the ‘Best Mine Rescue Team’ award.
- Recognized as one
of 30 companies in the Globe & Mail’s ‘Road to Net Zero’ in the
Globe’s Report on Business Magazine.
- Eldorado placed 3rd
overall in the Materials sector that includes Mining in the Globe
& Mail's 2024 Board Games. Board Games ranks Canada’s corporate
boards in the S&P/TSX Composite Index to assess the quality of
their governance practice and disclosure. Since 2020, Eldorado has
improved its index-wide ranking from 104th to 36th.
- Simon Hille, EVP
Technical Services and Operations, raised over C$55,000 for
Covenant House Vancouver by participating in the Annual Executive
Sleep Out in Vancouver. This was the third time Simon participated
in the event to raise funds and awareness for youths experiencing
homelessness, and Eldorado's 6th consecutive year. Since 2018,
Eldorado, including employee matching campaigns, has raised
approximately C$245,000 for Covenant House Vancouver.
2025 Exploration Guidance
Eldorado's exploration activities in 2025 are
focused on the regions in which the Company operates and are
expected to include in-mine resource conversion and expansion
drilling, drill testing a range of near-mine and early-stage
targets, as well as generating new targets and projects through
generative initiatives. Across the portfolio, approximately 220,000
metres of drilling are planned. This includes capitalized
sustaining drilling of approximately 94,000 metres of resource
conversion and extension drilling at the Lamaque Operations
(Triangle and Ormaque), Efemcukuru and Olympias, capitalized growth
drilling of approximately 63,000 metres of resource conversion and
extension drilling at the Lamaque Operations (Ormaque) and
Efemcukuru (Kokarpinar). Additionally, over 90,000 metres of
drilling are planned to test early-stage targets across the
portfolio and are expensed.
CANADA
Lamaque Complex and Near Mine
Exploration
Triangle Mine: Resource expansion and resource
conversion drilling at the Triangle Mine will focus on the C8
through C10 zones with approximately 45,500 metres planned. This is
part of a multi-year plan that aims to convert resources at
shallower veins in Triangle Deep while in parallel testing for
extensions at deeper levels of the deposit.
Ormaque Deposit: The 2025 exploration program at
Ormaque is expected to include approximately 48,700 metres of
underground resource conversion drilling within existing Inferred
Mineral Resources. This drilling will continue to test the upper
portion of the deposit for further conversion from Inferred to
Indicated Mineral Resource. In addition, approximately 18,000
metres of surface drilling testing step-outs to the east of and
below the known deposit is planned.
Sigma-Lamaque early-stage targets: Approximately
13,000 metres of underground exploration drilling is planned from
platforms along the Sigma-Triangle decline, testing multiple
conceptual targets and step-outs from previous high-grade drill
intercepts in the Sigma-Lamaque-Ormaque area. In addition,
approximately 22,000 metres of surface drilling is planned to test
targets in the same area but away from the decline. The drilling
will target high-grade vein systems similar in geological setting
and mineralization style to those historically mined at both Sigma
and Lamaque, including testing new conceptual targets that have
been developed in recent years and following up zones of interest
tested during 2024.
Val d’Or district exploration: Eldorado is
advancing multiple early to advanced-stage exploration targets in
the Val-d’Or district that are expected to provide opportunities
for resource growth for the Lamaque Complex.
Bourlamaque early-stage targets: Currently no
drilling is planned, however the Exploration team has worked up
several target areas that require incremental workup (modelling
and/or field activities) ahead of prioritization for drill testing.
Once this work is completed, drill metres will be proposed or
re-assigned from elsewhere in the portfolio. Ongoing work and
subsequent drilling will target high-grade vein systems similar in
geological setting and mineralization style to those historically
mined at the Beaufor mine and the mines in the Herbin area.
Uniacke-Perestroika: The Uniake-Perestroika
properties, located approximately 45 kilometres northeast of the
Lamaque Complex, are being explored under an option agreement with
Val d’Or Mining Corp. ("VZZ"). Approximately 5,000 metres of
drilling are planned to test a target in the Héva-Cadillac area
that delivered encouraging results during 2024.
Abitibi Exploration
Eldorado's early-stage exploration in Canada is
currently focused on generating and testing target areas within the
greater Abitibi region that offer opportunities for standalone
development outside of the Lamaque Complex area. The Company’s
current exploration portfolio includes the Montgolfier project
located along the Harricana-Turgeon greenstone belt to the east of
the Casa Berardi mine, and a group of licenses in the Kirkland Lake
belt currently being explored under an option agreement with the
license holder VZZ. At Montgolfier, a staged diamond drill program
of up to 7,000 metres is currently underway which follows up 2024
drill results. In Ontario, following a winter geophysical survey, a
summer drill program of approximately 4,000 metres is planned to
test a target on the Baden Property. Other Kirkland Lake licenses
are at the target definition stage, and targeting work activities
are ongoing.
TURKIYE
2025 exploration in Turkiye is expected to be
focused on resource expansion drilling at Efemcukuru and advancing
several early-stage projects in highly prospective priority regions
throughout Turkiye.
Efemcukuru
During 2025, approximately 6,500 metres of
resource expansion drilling is planned at the Kokarpinar South vein
system. Approximately 9,000 metres of drilling is also planned to
test targets in the West Vein area. Geologic mapping and
geophysical surveys are also planned as part of assessing the wider
exploration potential on existing licenses, in addition to defining
areas for follow-up resource drilling.
Early-Stage Exploration
The Company continues to explore regions of
Turkiye that offer strong exploration potential for resource
exploration and development. Current programs are focused in the
Artvin (Hod Maden) district and along the Izmir-Ankara Suture Zone,
where approximately 8,000 metres of drilling are planned for 2025
to test early-stage targets. Project generation activities and
early-stage project work within the Central Anatolian Crystalline
Complex are also being conducted with a Turkish joint venture
partner.
GREECE
2025 Exploration activities in Greece are
expected to be focused in testing targets in the Olympias mine
area, along the Stratoni Corridor and at the Skouries Project, in
addition to undertaking basic field activities to define targets
for future drill testing across our exploration licenses.
Olympias
Approximately 8,800 metres of surface drilling
is planned to test for extensions to known mineralization at the
North Zone at Olympias, while 9,050 metres drilling is planned to
test extensions from underground in the East and West Zones.
Stratoni Skarn
Surface drilling is planned, following up some
2024 results, to test for copper-gold skarn potential along the
Stratoni Corridor at the Stratoni Skarn target. A 10,000 metre
program is expected to commence in the first half of the year.
Skouries
Underground drilling has commenced at Skouries,
with the objectives of converting and expanding resources.
Currently approximately 5,000 metres of drilling is planned.
Consolidated Financial and Operational
Highlights
Summarized Annual Financial Results
|
|
|
2024 |
|
2023 |
|
|
2022 |
|
|
Revenue |
$1,322.6 |
$1,008.5 |
|
$872.0 |
|
|
Gold produced (oz) |
|
520,293 |
|
485,139 |
|
|
453,916 |
|
|
Gold sold (oz) |
|
517,926 |
|
483,978 |
|
|
452,953 |
|
|
Average realized gold price ($/oz sold) (2) |
$2,405 |
$1,944 |
|
$1,787 |
|
|
Production costs |
|
564.2 |
|
478.9 |
|
|
459.6 |
|
|
Total cash costs ($/oz sold) (2,3) |
|
940 |
|
850 |
|
|
878 |
|
|
All-in sustaining costs ($/oz sold) (2,3) |
|
1,285 |
|
1,220 |
|
|
1,276 |
|
|
Net earnings (loss) for the period (1) |
|
289.1 |
|
104.6 |
|
|
(353.8 |
) |
|
Net earnings (loss) per share – basic ($/share) (1) |
|
1.42 |
|
0.54 |
|
|
(1.93 |
) |
|
Net earnings (loss) per share – diluted ($/share) (1) |
|
1.41 |
|
0.54 |
|
|
(1.93 |
) |
|
Net earnings (loss) for the period continuing operations (1,4) |
|
300.9 |
|
106.2 |
|
|
(49.2 |
) |
|
Net earnings (loss) per share continuing operations – basic
($/share) (1,4) |
|
1.48 |
|
0.55 |
|
|
(0.27 |
) |
|
Net earnings (loss) per share continuing operations – diluted
($/share) (1,4) |
|
1.46 |
|
0.54 |
|
|
(0.27 |
) |
|
Adjusted net earnings continuing operations – basic (1,2,4) |
|
320.7 |
|
110.7 |
|
|
10.1 |
|
|
Adjusted net earnings per share continuing operations - basic
($/share) (1,2,4) |
|
1.57 |
|
0.57 |
|
|
0.05 |
|
|
Net cash generated from operating activities (4) |
|
645.7 |
|
382.9 |
|
|
211.2 |
|
|
Cash flow from operating activities before changes in working
capital (2,4) |
|
635.5 |
|
411.2 |
|
|
239.5 |
|
|
Free cash flow (2,4) |
|
6.8 |
|
(47.2 |
) |
|
(104.5 |
) |
|
Free cash flow excluding Skouries (2,4) |
|
342.0 |
|
112.6 |
|
|
(69.4 |
) |
|
Cash and cash equivalents |
|
856.8 |
|
540.5 |
|
|
279.7 |
|
|
Total assets |
|
5,835.6 |
|
4,987.6 |
|
|
4,457.9 |
|
|
Debt |
|
915.4 |
|
636.1 |
|
|
494.4 |
|
|
(1) |
Attributable to shareholders of the Company. |
|
(2) |
These financial measures or ratios are non-IFRS financial measures
and ratios. Certain additional disclosures for non-IFRS financial
measures and ratios have been incorporated by reference and
additional detail can be found at the end of this press release and
in the section 'Non-IFRS and Other Financial Measures and Ratios'
in Eldorado's December 31, 2024 MD&A. |
|
(3) |
Revenues from silver, lead and zinc sales are offset against total
cash costs. |
|
(4) |
Amounts presented are from continuing operations only and exclude
the Romania segment. See Note 6 of our consolidated financial
statements. |
Summarized Quarterly Financial Results
|
2024 |
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
2024 |
|
|
Revenue |
$258.0 |
|
$297.1 |
|
$331.8 |
|
$435.7 |
$1,322.6 |
|
|
Gold produced (oz) (6) |
|
117,111 |
|
|
122,319 |
|
|
125,195 |
|
|
155,668 |
|
520,293 |
|
|
Gold sold (oz) |
|
116,008 |
|
|
121,226 |
|
|
123,828 |
|
|
156,864 |
|
517,926 |
|
|
Average realized gold price ($/oz sold) (2) |
$2,086 |
|
$2,336 |
|
$2,492 |
|
$2,625 |
$2,405 |
|
|
Production costs |
|
123.0 |
|
|
127.8 |
|
|
141.2 |
|
|
172.1 |
|
564.2 |
|
|
Total cash cost ($/oz sold) (2,3) |
|
922 |
|
|
940 |
|
|
953 |
|
|
944 |
|
940 |
|
|
All-in sustaining cost ($/oz sold) (2,3) |
|
1,262 |
|
|
1,331 |
|
|
1,335 |
|
|
1,226 |
|
1,285 |
|
|
Net earnings (4) |
|
33.6 |
|
|
55.5 |
|
|
95.0 |
|
|
105.1 |
|
289.1 |
|
|
Net earnings per share – basic ($/share) (4) |
|
0.17 |
|
|
0.27 |
|
|
0.46 |
|
|
0.51 |
|
1.42 |
|
|
Net earnings per share – diluted ($/share) (4) |
|
0.16 |
|
|
0.27 |
|
|
0.46 |
|
|
0.51 |
|
1.41 |
|
|
Net earnings for the period continuing operations (1,4) |
|
35.2 |
|
|
56.4 |
|
|
101.1 |
|
|
108.2 |
|
300.9 |
|
|
Net earnings per share continuing operations – basic ($/share)
(1,4) |
|
0.17 |
|
|
0.28 |
|
|
0.49 |
|
|
0.53 |
|
1.48 |
|
|
Net earnings per share continuing operations – diluted ($/share)
(1,4) |
|
0.17 |
|
|
0.27 |
|
|
0.49 |
|
|
0.52 |
|
1.46 |
|
|
Adjusted net earnings continuing operations (1,2,4) |
|
55.2 |
|
|
66.6 |
|
|
71.0 |
|
|
127.8 |
|
320.7 |
|
|
Adjusted net earnings per share continuing operations - basic
($/share) (1,2,4) |
|
0.27 |
|
|
0.33 |
|
|
0.35 |
|
|
0.62 |
|
1.57 |
|
|
Net cash generated from operating activities (1) |
|
95.3 |
|
|
112.2 |
|
|
180.9 |
|
|
257.3 |
|
645.7 |
|
|
Cash flow from operating activities before changes in working
capital (1,2) |
|
108.3 |
|
|
132.2 |
|
|
166.5 |
|
|
228.5 |
|
635.5 |
|
|
Free cash flow (1,2) |
|
(30.9 |
) |
|
(32.0 |
) |
|
(4.8 |
) |
|
74.6 |
|
6.8 |
|
|
Free cash flow excluding Skouries (1,2) |
|
33.7 |
|
|
33.9 |
|
|
98.3 |
|
|
176.2 |
|
342.0 |
|
|
Cash and cash equivalents |
|
514.7 |
|
|
595.1 |
|
|
676.6 |
|
|
856.8 |
|
856.8 |
|
|
Total assets |
|
5,065.5 |
|
|
5,280.6 |
|
|
5,565.1 |
|
|
5,835.6 |
|
5,835.6 |
|
|
Debt |
|
643.8 |
|
|
748.0 |
|
|
849.2 |
|
|
915.4 |
|
915.4 |
|
|
|
|
|
|
|
|
|
2023 |
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
2023 |
|
|
Revenue (6) |
$227.8 |
|
$229.0 |
|
$244.8 |
|
$306.9 |
$1,008.5 |
|
|
Gold produced (oz) (5) |
|
111,509 |
|
|
109,435 |
|
|
121,030 |
|
|
143,166 |
|
485,139 |
|
|
Gold sold (oz) |
|
109,817 |
|
|
110,134 |
|
|
119,200 |
|
|
144,827 |
|
483,978 |
|
|
Average realized gold price ($/oz sold) (2,3) |
$1,932 |
|
$1,953 |
|
$1,879 |
|
$1,999 |
$1,944 |
|
|
Production costs (5,6) |
|
109.7 |
|
|
116.1 |
|
|
115.5 |
|
|
137.6 |
|
478.9 |
|
|
Total cash cost ($/oz sold) (2,3,6) |
|
857 |
|
|
928 |
|
|
794 |
|
|
830 |
|
850 |
|
|
All-in sustaining cost ($/oz sold) (2,3,6) |
|
1,207 |
|
|
1,296 |
|
|
1,177 |
|
|
1,207 |
|
1,220 |
|
|
Net (loss) earnings (4,5,6) |
|
19.3 |
|
|
0.9 |
|
|
(8.0 |
) |
|
92.4 |
|
104.6 |
|
|
Net (loss) earnings per share – basic ($/share) (4,5,6) |
|
0.10 |
|
|
— |
|
|
(0.04 |
) |
|
0.46 |
|
0.54 |
|
|
Net (loss) earnings per share – diluted ($/share) (4,5,6) |
|
0.10 |
|
|
— |
|
|
(0.04 |
) |
|
0.45 |
|
0.54 |
|
|
Net (loss) earnings for the period continuing operations
(1,4,5,6) |
|
19.4 |
|
|
1.5 |
|
|
(6.6 |
) |
|
91.8 |
|
106.2 |
|
|
Net (loss) earnings per share continuing operations – basic
($/share) (1,4,5,6) |
|
0.11 |
|
|
0.01 |
|
|
(0.03 |
) |
|
0.45 |
|
0.55 |
|
|
Net (loss) earnings per share continuing operations – diluted
($/share) (1,4,5,6) |
|
0.10 |
|
|
0.01 |
|
|
(0.03 |
) |
|
0.45 |
|
0.54 |
|
|
Adjusted net earnings continuing operations (1,2,4,5,6) |
|
16.7 |
|
|
9.7 |
|
|
35.0 |
|
|
49.3 |
|
110.7 |
|
|
Adjusted net earnings per share continuing operations – basic
($/share) (1,2,4,5,6) |
|
0.09 |
|
|
0.05 |
|
|
0.17 |
|
|
0.24 |
|
0.57 |
|
|
Net cash flow from operating activities (1) |
|
41.0 |
|
|
74.6 |
|
|
107.7 |
|
|
159.6 |
|
382.9 |
|
|
Cash flow from operating activities before changes in working
capital (1,2,6) |
|
93.2 |
|
|
82.4 |
|
|
97.5 |
|
|
138.0 |
|
411.2 |
|
|
Free cash flow (1,2) |
|
(34.4 |
) |
|
(22.4 |
) |
|
(19.7 |
) |
|
29.3 |
|
(47.2 |
) |
|
Free cash flow excluding Skouries (1,2) |
|
(19.2 |
) |
|
13.0 |
|
|
36.8 |
|
|
82.0 |
|
112.6 |
|
|
Cash and cash equivalents |
|
262.3 |
|
|
456.6 |
|
|
476.6 |
|
|
540.5 |
|
540.5 |
|
|
Total assets |
|
4,501.0 |
|
|
4,742.1 |
|
|
4,812.2 |
|
|
4,987.6 |
|
4,987.6 |
|
|
Debt |
|
493.4 |
|
|
546.0 |
|
|
596.5 |
|
|
636.1 |
|
636.1 |
|
|
(1) |
Amounts presented are from continuing operations only and exclude
the Romania segment. See Note 6 of our consolidated financial
statements. |
|
(2) |
These financial measures or ratios are non-IFRS financial measures
and ratios. Certain additional disclosures for non-IFRS financial
measures and ratios have been incorporated by reference and
additional detail can be found at the end of this press release and
in the section 'Non-IFRS and Other Financial Measures and Ratios'
in Eldorado's December 31, 2024 MD&A. |
|
(3) |
By-product revenues are off-set against total cash costs. |
|
(4) |
Attributable to shareholders of the Company. |
|
(5) |
A concentrate weight-scale calibration correction at Olympias has
resulted in an adjustment to ending inventory as at March 31, 2023
of 1,024 gold ounces. Gold production in Q1 2023 has been reduced
by this amount, resulting in additional production costs of $1.3
million and additional depreciation expense of $0.7 million for Q1
2023. |
|
(6) |
Q1-Q3 2023 revenues and production costs have been adjusted to
reclassify freight-related concentrate sales pricing adjustments
from selling expenses to revenues. The reclassification was $1.5
million for Q1 2023, $0.9 million for Q2 2023, and $0.4 million for
Q3 2023, and has no impact on net income. |
Gold sales in 2024 totaled 517,926 ounces, an
increase of 7% from 483,978 ounces in 2023. The higher sales volume
in 2024 compared with the prior year primarily reflected higher
production at Kisladag and Lamaque, with increases of 18,668 and
18,175 ounces sold, respectively, as well as slightly higher
production and timely concentrate sales at Olympias with an
increase of 3,181 ounces. These increases were partially offset by
a decrease of 6,076 ounces sold at Efemcukuru due largely to lower
production as a result of lower average gold grade. Gold sales were
156,864 ounces in Q4 2024, an increase of 8% from 144,827 ounces in
Q4 2023, primarily due to increased production at Kisladag and
Lamaque in the quarter.
The average realized gold price(3) was $2,405
per ounce sold in 2024, an increase from $1,944 per ounce sold in
2023, as strong prices continued throughout the year. The average
realized gold price was $2,625 per ounce sold in Q4 2024 (compared
to $1,999 per ounce sold in Q4 2023).
Total revenue was $1,322.6 million in 2024, an
increase of 31% from revenue of $1,008.5 million in 2023. The
increase was due primarily to both higher sales volumes and the
average realized gold price. Total revenue was $435.7 million in Q4
2024, an increase of 42% from revenue of $306.9 million in Q4 2023,
for the same reasons.
Production costs of $564.2 million in 2024
increased from $478.9 million in 2023 and production costs of
$172.1 million in Q4 2024 increased from $137.6 million in Q4 2023.
Increases in both periods were the result of both higher sales
volumes and higher cash costs, the latter impacted by increased
royalties (due to higher gold sales and average gold price), as
well as increases in labour costs.
Production costs include royalty expense, which
increased to $79.4 million in 2024 from $51.8 million in 2023, and
increased to $26.4 million in Q4 2024 from $16.5 million in Q4
2023, primarily reflecting higher average gold prices combined with
higher sales volumes. In Turkiye, royalties are paid on revenue
less certain costs associated with ore haulage, mineral processing
and related depreciation and are calculated on the basis of a
sliding scale according to the average London Metal Exchange gold
price during the calendar year. In Greece, royalties are paid on
revenue and calculated on a sliding scale tied to international
gold and base metal prices and the EUR:USD exchange rate.
Total cash costs(3) averaged $940 per ounce sold
in 2024, an increase from $850 per ounce sold in 2023. In Q4 2024,
total cash costs averaged $944 per ounce sold, an increase from
$830 per ounce sold in Q4 2023. The increase in both periods was
primarily due to higher royalties (driven by higher gold prices)
and labour costs.
AISC per ounce sold(3) increased slightly to
$1,285 in 2024 from $1,220 in 2023, and to $1,226 in Q4 2024 from
$1,207 in Q4 2023. Increases in both periods primarily reflect
higher total cash costs per ounce sold as discussed above, and the
year-over-year comparison was also impacted by higher sustaining
capital expenditures.
We reported net earnings attributable to
shareholders from continuing operations of $300.9 million ($1.48
basic earnings per share) in 2024, compared to net earnings of
$106.2 million ($0.55 basic earnings per share) in 2023 and net
earnings of $108.2 million ($0.53 basic earnings per share) in Q4
2024, compared to net earnings of $91.8 million ($0.45 basic
earnings per share) in Q4 2023. Net earnings increased in 2024 and
Q4 2024 primarily due to higher revenue, partially offset by higher
production costs and income tax expense.
Adjusted net earnings from continuing
operations(4) were $320.7 million ($1.57 per share) in 2024,
compared to $110.7 million ($0.57 per share) in 2023. Adjusted net
earnings in 2024 removes a $14.6 million loss on foreign exchange
due to the translation of deferred tax balances, net of a gain on
deferred income taxes due to the Turkiye inflationary tax basis, a
$51.8 million unrealized loss on derivative instruments, and a
$50.1 million after-tax gain related to deferred consideration from
the sale of the Tocantinzinho property to G Mining Ventures in
2021, among other things. Adjusted net earnings were $127.8 million
($0.62 per share) in Q4 2024 after adjusting for a $26.5 million
loss on foreign exchange due to the translation of deferred tax
balances, a $5.1 million loss on the non-cash revaluation of the
derivative related to redemption options in the debt, and a $10.2
million unrealized gain on derivative instruments.
Higher sales volumes in 2024, combined with
higher average realized prices, resulted in EBITDA(4) of $689.5
million, including $257.2 million in Q4 2024. Adjusted EBITDA(4) of
$691.6 million in 2024 and $246.7 million in Q4 2024 exclude, among
other things, share-based payments, gain on deferred consideration,
and gains and losses on derivative instruments.
Operations Update
Gold Operations
|
|
3 months ended December 31, |
12 months ended December 31, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Total |
|
|
|
|
|
Ounces produced |
|
155,668 |
|
143,166 |
|
520,293 |
|
485,139 |
|
Ounces sold |
|
156,864 |
|
144,827 |
|
517,926 |
|
483,978 |
|
Production costs |
$172.1 |
$137.6 |
$564.2 |
$478.9 |
|
Total cash costs ($/oz sold) (1,2) |
$944 |
$830 |
$940 |
$850 |
|
All-in sustaining costs ($/oz sold) (1,2) |
$1,226 |
$1,207 |
$1,285 |
$1,220 |
|
Sustaining capital expenditures (2) |
$31.0 |
$37.9 |
$124.3 |
$121.8 |
|
Kisladag |
|
|
|
|
|
Ounces produced |
|
56,483 |
|
46,291 |
|
174,080 |
|
154,849 |
|
Ounces sold |
|
56,056 |
|
46,051 |
|
173,124 |
|
154,456 |
|
Production costs |
$56.1 |
$36.1 |
$162.7 |
$122.8 |
|
Total cash costs ($/oz sold) (1,2) |
$978 |
$767 |
$918 |
$775 |
|
All-in sustaining costs ($/oz sold) (1,2) |
$1,073 |
$909 |
$1,025 |
$900 |
|
Sustaining capital expenditures (2) |
$3.8 |
$5.6 |
$12.7 |
$16.0 |
|
Lamaque |
|
|
|
|
|
Ounces produced |
|
63,742 |
|
56,619 |
|
196,538 |
|
177,069 |
|
Ounces sold |
|
61,894 |
|
57,040 |
|
194,670 |
|
176,495 |
|
Production costs |
$38.7 |
$35.1 |
$140.3 |
$119.5 |
|
Total cash costs ($/oz sold) (1,2) |
$615 |
$606 |
$711 |
$667 |
|
All-in sustaining costs ($/oz sold) (1,2) |
$933 |
$977 |
$1,134 |
$1,089 |
|
Sustaining capital expenditures (2) |
$19.2 |
$20.7 |
$80.3 |
$72.7 |
|
Efemcukuru |
|
|
|
|
|
Ounces produced |
|
19,451 |
|
22,374 |
|
80,143 |
|
86,088 |
|
Ounces sold |
|
19,185 |
|
22,497 |
|
80,002 |
|
86,078 |
|
Production costs |
$26.9 |
$21.4 |
$99.9 |
$80.1 |
|
Total cash costs ($/oz sold) (1,2) |
$1,376 |
$973 |
$1,231 |
$954 |
|
All-in sustaining costs ($/oz sold) (1,2) |
$1,650 |
$1,201 |
$1,411 |
$1,154 |
|
Sustaining capital expenditures (2) |
$5.1 |
$4.4 |
$15.9 |
$14.0 |
|
Olympias |
|
|
|
|
|
Ounces produced |
|
15,992 |
|
17,882 |
|
69,532 |
|
67,133 |
|
Ounces sold |
|
19,729 |
|
19,239 |
|
70,130 |
|
66,949 |
|
Production costs |
$50.4 |
$44.9 |
$161.3 |
$156.5 |
|
Total cash costs ($/oz sold) (1,2) |
$1,463 |
$1,478 |
$1,304 |
$1,369 |
|
All-in sustaining costs ($/oz sold) (1,2) |
$1,669 |
$1,872 |
$1,562 |
$1,688 |
|
Sustaining capital expenditures (2) |
$2.9 |
$7.2 |
$15.4 |
$19.0 |
|
(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
and ratios. Certain additional disclosures for non-IFRS financial
measures and ratios have been incorporated by reference and
additional detail can be found at the end of this press release and
in the section 'Non-IFRS and Other Financial Measures and Ratios'
in Eldorado's December 31, 2024 MD&A. |
Kisladag
Kisladag produced 174,080 ounces of gold in
2024, a 12% increase from 154,849 ounces in 2023 benefiting from
both a higher average grade and higher stacking rates from earlier
in the year. Gold production of 56,483 ounces in the quarter
increased 22% from 46,291 ounces in Q4 2023, as a result of
drawdown from previously stacked ounces. For the year, the average
grade increased to 0.81 grams per tonne, from an average grade of
0.78 grams per tonne in 2023 while throughput remained consistent
with the prior year.
Production in the fourth quarter benefited from
the North ADR facility commencing operations, which enables
optimization of carbon loading, recovery and regeneration. In
addition, the North ADR facility has a higher capacity for carbon
management compared to the South ADR facility, The commencement of
the North ADR operations was combined with steady performance in
stacking and leaching, which in turn was aided by irrigation
optimization activities that have been implemented to address the
longer than planned leach cycles.
It is expected, as in prior years, that the
first quarter of 2025 will be a lower production quarter as leach
kinetics slow during the colder months. In addition, a planned
6-day HPGR roll change was completed during January 2025.
Throughout 2025, the wear components of the HPGR rolls will
continue to be monitored and optimized.
Additionally, as previously discussed, an
engineering study has commenced with drilling continuing through
the fourth quarter in addition to geometallurgical characterization
testwork. The study is expected to be completed in mid-2025.
Revenue increased to $423.5 million in 2024 from
$304.8 million in 2023 and increased to $150.3 million from $92.9
million in Q4 2023, reflecting a combination of higher gold sales
and higher average realized prices in the current year and
quarter.
Production costs increased to $162.7 million in
2024 from $122.8 million in 2023 primarily due to increased sales
volume, higher royalties due to higher average gold prices, and
higher labour costs. Production costs during the quarter increased
to $56.1 million from $36.1 million in Q4 2023 also as a result of
higher gold production and ounces sold, and higher labour costs.
Local cost inflation was not fully offset by the depreciation of
the Lira against the U.S. dollar. As a result, total cash costs per
ounce sold increased to $918 in 2024 from $775 in 2023 and $978 in
Q4 2024 from $767 in Q4 2023.
Depreciation expense increased to $93.7 million
in 2024 from $79.9 million in 2023 in line with higher ounces
produced and sold during the year. This expense increased due to a
higher depreciable base of assets since the NHLP and North ADR
plant were put into use. In addition, accelerated depreciation of
the South Heap Leach Pad was recorded in 2024 as this leach pad is
approaching the end of its useful life.
AISC per ounce sold increased to $1,025 in 2024
from $900 in 2023 and in the quarter increased to $1,073 from $909
in Q4 2023 primarily due to higher total cash costs per ounce sold,
partly offset by lower sustaining capital expenditure.
Sustaining capital expenditure was $12.7 million
in 2024, including $3.8 million in Q4 2024, primarily related to
equipment rebuilds, and processing and infrastructure improvements.
Growth capital investment was $107.3 million in 2024, including
$22.2 million in Q4 2024, primarily for waste stripping and
associated equipment costs to support the mine life extension,
continued construction of the second phase of the NHLP and North
ADR plant infrastructure, and preparation work for building
relocation due to pit expansion.
Lamaque
Lamaque produced 196,538 ounces of gold in 2024,
an 11% increase from 177,069 ounces in 2023 as a result of higher
mining rates and ore throughput during the year. Gold production of
63,742 ounces in the quarter was higher compared to 56,619 ounces
in Q4 2023 due to higher throughput rates, higher grade, and the
processing of additional ore from the Ormaque bulk sample. The
average grade of 8.05 grams per tonne in the quarter was higher
compared to Q4 2023 due to the high-grade Ormaque bulk sample,
while the average grade of 6.74 grams per tonne in 2024 was
comparable to that of the prior year.
Revenue increased to $473.0 million in 2024 from
$346.3 million in 2023 and increased to $165.2 million from $114.9
million in Q4 2023. The increase in both periods primarily reflects
a higher average realized gold price as well as higher sales
volumes.
Production costs increased to $140.3 million in
2024 from $119.5 million in 2023, and to $38.7 million in the
quarter from $35.1 million in Q4 2023, primarily due to higher gold
sales, as well as additional costs incurred for labour,
contractors, and equipment rentals. As a result, total cash costs
per ounce sold increased to $711 in 2024 from $667 in 2023.
However, in Q4 2024, total cash costs per ounce sold only slightly
increased to $615 from $606 in Q4 2023, as the impact of higher
production costs were almost entirely offset by higher ounces
sold.
AISC per ounce sold increased to $1,134 in 2024
from $1,089 in 2023 primarily reflecting higher total cash costs
per ounce sold and higher sustaining capital expenditure during the
year, partially offset by higher ounces sold. AISC per ounce sold
decreased to $933 in Q4 2024 from $977 in Q4 2023, primarily due to
lower sustaining capital expenditures and higher ounces sold,
partially offset by higher production costs.
Sustaining capital expenditures were $80.3
million in 2024, including $19.2 million in Q4 2024, primarily
related to underground development, equipment rebuilds, and
expenditures on the expansion of the tailings management facility.
Growth capital investments totalled $23.0 million in 2024,
including $4.1 million in Q4 2024, primarily related to development
at Ormaque.
Efemcukuru
Efemcukuru produced 80,143 payable ounces of
gold in 2024, a 7% decrease from 86,088 payable ounces in 2023,
reflecting lower grades and recoveries in the year, while
throughput also decreased slightly. Gold production of 19,451
payable ounces in the quarter was 13% lower than 22,374 payable
ounces produced in Q4 2023, for the same reasons.
Revenue increased to $199.9 million in 2024 from
$170.5 million in 2023 and to $51.0 million in Q4 2024 from $46.7
million in Q4 2023. Increases in both periods were driven primarily
by higher average realized gold prices, partially offset by lower
sales volumes.
Production costs increased to $99.9 million in
2024 from $80.1 million in 2023 and to $26.9 million in Q4 2024
from $21.4 million in Q4 2023, primarily driven by rising costs of
labour and increased royalties due to higher average realized gold
prices. Local cost inflation was not fully offset by the
depreciation of the Lira against the U.S. dollar. Operating cost
increases and lower gold production in the year resulted in an
increase in total cash costs per ounce sold in the year to $1,231
in 2024, from $954 in 2023 and similarly in the quarter to $1,376
in Q4 2024 from $973 in Q4 2023.
AISC per ounce sold increased to $1,411 in 2024
from $1,154 in 2023 and to $1,650 in Q4 2024 from $1,201 in Q4
2023, primarily reflecting higher total cash costs per ounce sold
and higher sustaining capital expenditures.
Sustaining capital expenditure was $15.9 million
in 2024, including $5.1 million in Q4 2024, related primarily to
underground development and equipment rebuilds. Growth capital
investment was $4.6 million in 2024, including $1.2 million in Q4
2024 to support underground development at Kokarpinar.
Olympias
Olympias produced 69,532 ounces of gold in 2024,
a 4% increase from 67,133 ounces in 2023, primarily reflecting a
higher average gold grade during the year. Throughput in 2024 was
slightly lower than in 2023 due to plant equipment downtime in Q4
2024 and work stoppages experienced in Q2 2024, but this was almost
completely offset by more efficient production. Gold production of
15,992 ounces in Q4 2024 decreased from 17,882 ounces in Q4 2023 as
a result of slightly lower throughput and lower gold grades in the
quarter. Lower throughput was a result of planned equipment
downtime and unplanned maintenance related to the gold concentrate
filter presses which negatively impacted the mill throughput. Lead
and silver production increased in the period compared to Q4 2023,
primarily reflecting higher grades.
Revenue increased to $226.2 million in 2024 from
$186.8 million in 2023 and increased to $69.3 million in Q4 2024
from $52.4 million in Q4 2023, as a result of a higher average
realized gold price and slightly higher sales volumes in both
periods.
Production costs increased slightly to $161.3
million in 2024 from $156.5 million in 2023 and to $50.4 million in
Q4 2024 from $44.9 million in Q4 2023. Increases in both periods
reflect higher labour costs and higher royalty expenses as a result
of higher realized gold prices, as well as higher gold ounces sold.
However, higher base metals revenues partially offset the higher
unit costs and as a result, total cash cost per ounce sold has
decreased slightly in the year and the quarter compared to
2023.
Sustaining capital expenditure decreased to
$15.4 million in 2024 from $19.0 million in 2023 and to $2.9
million in Q4 2024 from $7.2 million in Q4 2023. Spending in both
periods primarily included underground development and underground
infrastructure improvements. Growth capital investments in 2024
relate to long-lead items for the 650 ktpa expansion and capital
development underground.
For further information on the Company’s
operating results for the year-end and fourth quarter of 2024,
please see the Company’s Management’s Discussion and Analysis 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 Fourth Quarter and Year-End 2024 Results will be held by
senior management on Friday, February 21, 2025 at 8:30 AM PT (11:30
AM ET). The call will be webcast and can be accessed at Eldorado
Gold’s website: www.eldoradogold.com and via this link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=dSeOP9wo.
Participants may elect to pre-register for the
conference call via this link:
https://dpregister.com/sreg/10195094/fe1e08e6f4.
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 March 28, 2025) |
|
Date: |
February 21, 2025 |
|
Toronto: |
+1 412 317 0088 |
| Time: |
8:30 am PT (11:30 am ET) |
|
Toll Free: |
+1 855 669 9658 |
| Dial in: |
+1 647 484 8814 |
|
Access code: |
4253753 |
| Toll free: |
1 844 763 8274 |
|
|
|
About Eldorado Gold
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 and External Affairs647 271 2827 or 1 888 353 8166
lynette.gould@eldoradogold.com
Media
Chad Pederson, Director, Communications236 885
6251 or 1 888 353 8166 chad.pederson@eldoradogold.com
Non-IFRS and Other Financial Measures and
Ratios
Certain non-IFRS financial measures and ratios
are included in this press release, including total cash costs and
total cash costs per ounce sold, all-in sustaining costs ("AISC")
and AISC per ounce sold, sustaining and growth capital, average
realized gold price per ounce sold, adjusted net earnings/(loss)
attributable to shareholders, adjusted net earnings/(loss) per
share attributable to shareholders, earnings before interest,
taxes, depreciation and amortization (“EBITDA”), adjusted earnings
before interest, taxes, depreciation and amortization ("Adjusted
EBITDA"), free cash flow, free cash flow excluding Skouries, and
cash flow from operating activities before changes in working
capital.
Please see the December 31, 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 with 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 those of 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
December 31, 2024 MD&A available on SEDAR+ at
www.sedarplus.com and on the Company's website under the
'Investors' section.
Total Cash Cost, Total Cash Costs per Ounce
Sold
Our reconciliation of total cash costs and
total cash costs per ounce sold to production costs, the most
directly comparable IFRS measure, is presented below.
|
|
|
Q4 2024 |
|
|
Q4 2023 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
Production costs |
$172.1 |
|
$137.6 |
|
$564.2 |
|
$478.9 |
|
$459.6 |
|
|
Stratoni production costs (1) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.1 |
) |
|
Production costs – excluding Stratoni |
|
172.1 |
|
|
137.6 |
|
|
564.2 |
|
|
478.9 |
|
|
459.4 |
|
|
By-product credits (2) |
|
(27.8 |
) |
|
(21.9 |
) |
|
(92.2 |
) |
|
(83.4 |
) |
|
(77.3 |
) |
|
Concentrate deductions (3) |
|
3.9 |
|
|
4.5 |
|
|
15.1 |
|
|
15.7 |
|
|
15.5 |
|
|
Total cash costs |
$148.2 |
|
$120.2 |
|
$487.1 |
|
$411.3 |
|
$397.6 |
|
|
Gold ounces sold |
|
156,864 |
|
|
144,827 |
|
|
517,926 |
|
|
483,978 |
|
|
452,953 |
|
|
Total cash cost per ounce sold |
$944 |
|
$830 |
|
$940 |
|
$850 |
|
$878 |
|
|
(1) |
Base metals production, presented for 2022. Operations at Stratoni
were suspended at the end of 2021. |
|
(2) |
Revenue from silver, lead and zinc sales. |
|
(3) |
Included in revenue. |
For the three months ended December 31,
2024:
|
|
Direct mining 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 |
$40.9 |
|
|
($1.3 |
) |
|
$0.4 |
|
$2.2 |
|
|
$12.7 |
|
$54.8 |
|
56,056 |
|
$978 |
|
Lamaque |
|
37.6 |
|
|
(0.6 |
) |
|
|
0.2 |
|
|
(1.1 |
) |
|
|
1.9 |
|
|
38.1 |
|
61,894 |
|
|
615 |
|
Efemcukuru |
|
19.3 |
|
|
(1.7 |
) |
|
|
3.7 |
|
|
0.1 |
|
|
|
5.0 |
|
|
26.4 |
|
19,185 |
|
|
1,376 |
|
Olympias |
|
37.7 |
|
|
(24.2 |
) |
|
|
4.8 |
|
|
3.8 |
|
|
|
6.7 |
|
|
28.9 |
|
19,729 |
|
|
1,463 |
|
Total consolidated |
$135.5 |
|
|
($27.8 |
) |
|
$9.1 |
|
$5.1 |
|
|
$26.4 |
|
$148.1 |
|
156,864 |
|
$944 |
|
(1) |
Inventory change adjustments result from timing differences between
when inventory is produced and when it is sold. |
For the year ended December 31, 2024:
|
|
Direct mining 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 |
$146.2 |
|
|
($3.8 |
) |
|
$0.9 |
|
|
($17.2 |
) |
|
$32.8 |
|
$158.9 |
|
173,124 |
|
$918 |
|
Lamaque |
|
138.5 |
|
|
(1.9 |
) |
|
|
0.5 |
|
|
(4.3 |
) |
|
|
5.7 |
|
|
138.4 |
|
194,670 |
|
|
711 |
|
Efemcukuru |
|
70.3 |
|
|
(6.4 |
) |
|
|
15.1 |
|
|
(0.5 |
) |
|
|
20.0 |
|
|
98.5 |
|
80,002 |
|
|
1,231 |
|
Olympias |
|
134.2 |
|
|
(80.0 |
) |
|
|
18.7 |
|
|
(2.4 |
) |
|
|
20.9 |
|
|
91.4 |
|
70,130 |
|
|
1,304 |
|
Total consolidated |
$489.1 |
|
|
($92.2 |
) |
|
$35.2 |
|
|
($24.4 |
) |
|
$79.4 |
|
$487.1 |
|
517,926 |
|
$940 |
|
(1) |
Inventory change adjustments result from timing differences between
when inventory is produced and when it is sold. |
For the three months ended December 31,
2023:
|
|
Direct mining 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 |
$37.4 |
|
|
($0.8 |
) |
|
$0.2 |
|
|
($8.1 |
) |
|
$6.6 |
|
$35.3 |
|
46,051 |
|
$767 |
|
Lamaque |
|
32.7 |
|
|
(0.5 |
) |
|
|
0.1 |
|
|
0.8 |
|
|
|
1.5 |
|
|
34.5 |
|
57,040 |
|
|
606 |
|
Efemcukuru |
|
16.0 |
|
|
(1.1 |
) |
|
|
3.7 |
|
|
(0.3 |
) |
|
|
3.5 |
|
|
21.9 |
|
22,497 |
|
|
973 |
|
Olympias |
|
35.5 |
|
|
(19.4 |
) |
|
|
6.3 |
|
|
1.2 |
|
|
|
4.9 |
|
|
28.4 |
|
19,239 |
|
|
1,478 |
|
Total consolidated |
$121.6 |
|
|
($21.9 |
) |
|
$10.3 |
|
|
($6.3 |
) |
|
$16.5 |
|
$120.2 |
|
144,827 |
|
$830 |
|
(1) |
Inventory change adjustments result from timing differences between
when inventory is produced and when it is sold. |
For the year ended December 31, 2023:
|
|
Direct mining 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 |
$128.0 |
|
|
($3.1 |
) |
|
$0.7 |
|
|
($24.1 |
) |
|
$18.2 |
|
$119.7 |
|
154,456 |
|
$775 |
|
Lamaque |
|
116.3 |
|
|
(1.7 |
) |
|
|
0.4 |
|
|
(1.5 |
) |
|
|
4.3 |
|
|
117.8 |
|
176,495 |
|
|
667 |
|
Efemcukuru |
|
59.1 |
|
|
(4.4 |
) |
|
|
14.0 |
|
|
(0.1 |
) |
|
|
13.4 |
|
|
82.1 |
|
86,078 |
|
|
954 |
|
Olympias |
|
126.3 |
|
|
(74.1 |
) |
|
|
23.0 |
|
|
0.7 |
|
|
|
15.8 |
|
|
91.7 |
|
66,949 |
|
|
1,369 |
|
Total consolidated |
$429.7 |
|
|
($83.4 |
) |
|
$38.1 |
|
|
($25.0 |
) |
|
$51.8 |
|
$411.2 |
|
483,978 |
|
$850 |
|
(1) |
Inventory change adjustments result from timing differences between
when inventory is produced and when it is sold. |
All-in Sustaining Costs, All-in Sustaining Costs
per Ounce Sold
Our reconciliation of AISC and AISC per ounce
sold to total cash costs is presented below. The reconciliations of
total cash costs to production costs, the most directly comparable
IFRS measure, are presented below.
|
|
Q4 2024 |
Q4 2023 |
|
2024 |
|
2023 |
|
2022 |
|
Total cash costs |
$148.1 |
$120.2 |
$487.1 |
$411.2 |
$397.6 |
|
Corporate and allocated G&A |
|
9.8 |
|
14.1 |
|
45.1 |
|
46.7 |
|
45.6 |
|
Exploration and evaluation costs |
|
1.1 |
|
0.3 |
|
3.9 |
|
1.2 |
|
1.1 |
|
Reclamation costs and amortization |
|
2.2 |
|
2.2 |
|
5.0 |
|
9.3 |
|
7.1 |
|
Sustaining capital expenditure |
|
31.0 |
|
37.9 |
|
124.3 |
|
121.8 |
|
126.5 |
|
AISC |
$192.3 |
$174.7 |
$665.4 |
$590.3 |
$577.9 |
|
Gold ounces sold |
|
156,864 |
|
144,827 |
|
517,926 |
|
483,978 |
|
452,953 |
|
AISC per ounce sold |
$1,226 |
$1,207 |
$1,285 |
$1,220 |
$1,276 |
Reconciliations of adjustments within AISC to the most directly
comparable IFRS measures are presented below.
Reconciliation of general and administrative
expenses included in All-in Sustaining Costs:
|
|
|
Q4 2024 |
|
|
Q4 2023 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
General and administrative expenses (from
consolidated statement of operations) |
$9.2 |
|
$10.5 |
|
$36.2 |
|
$39.8 |
|
$37.0 |
|
|
Add: |
|
|
|
|
|
|
Share based payments expense |
|
2.1 |
|
|
4.6 |
|
|
11.9 |
|
|
10.2 |
|
|
10.7 |
|
|
Employee benefit pension plan expense from corporate and operating
gold mines |
|
0.4 |
|
|
0.7 |
|
|
3.6 |
|
|
4.2 |
|
|
6.0 |
|
|
Less: |
|
|
|
|
|
|
General and administrative expenses related to non-gold mines and
in-country offices |
|
— |
|
|
(0.2 |
) |
|
(1.0 |
) |
|
(0.9 |
) |
|
(0.6 |
) |
|
Depreciation in G&A |
|
(0.9 |
) |
|
(0.8 |
) |
|
(3.5 |
) |
|
(3.2 |
) |
|
(2.2 |
) |
|
Business development |
|
(0.5 |
) |
|
(0.3 |
) |
|
(1.4 |
) |
|
(2.7 |
) |
|
(2.2 |
) |
|
Development projects |
|
(0.3 |
) |
|
(0.4 |
) |
|
(1.1 |
) |
|
(0.7 |
) |
|
(3.4 |
) |
|
Adjusted corporate general and administrative
expenses |
$9.9 |
|
$14.2 |
|
$44.8 |
|
$46.7 |
|
$45.4 |
|
|
Regional general and administrative costs allocated to gold
mines |
|
— |
|
|
— |
|
|
0.5 |
|
|
0.2 |
|
|
0.2 |
|
|
Corporate and allocated general and administrative expenses
per AISC |
$9.9 |
|
$14.2 |
|
$45.2 |
|
$46.9 |
|
$45.6 |
|
Reconciliation of exploration and evaluation costs included in
All-in Sustaining Costs:
|
|
Q4 2024 |
Q4 2023 |
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
Exploration and evaluation expense (1)(from
consolidated statement of operations) |
$7.7 |
|
$5.7 |
|
$23.8 |
|
$22.4 |
|
$19.6 |
|
|
Add: |
|
|
|
|
|
|
Capitalized evaluation cost related to operating gold mines |
|
1.1 |
|
|
0.3 |
|
|
3.9 |
|
|
1.2 |
|
|
1.1 |
|
|
Less: |
|
|
|
|
|
|
Exploration and evaluation expenses related to non-gold mines and
other sites (1) |
|
(7.7 |
) |
|
(5.7 |
) |
|
(23.8 |
) |
|
(22.4 |
) |
|
(19.6 |
) |
|
Exploration costs per AISC |
$1.1 |
|
$0.3 |
|
$3.9 |
|
$1.2 |
|
$1.1 |
|
|
(1) |
Amounts presented are from continuing operations only and exclude
the Romania segment. See Note 6 of our consolidated financial
statements. |
Reconciliation of reclamation costs and
amortization included in All-in Sustaining Costs:
|
|
Q4 2024 |
Q4 2023 |
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
Asset retirement obligation accretion (1)(from
notes to the consolidated financial statements) |
$1.2 |
|
$1.1 |
|
$4.9 |
|
$4.3 |
|
$2.0 |
|
|
Add: |
|
|
|
|
|
|
Depreciation related to asset retirement obligation assets |
|
1.2 |
|
|
1.3 |
|
|
1.0 |
|
|
5.8 |
|
|
5.4 |
|
|
Less: |
|
|
|
|
|
|
Asset retirement obligation accretion related to non-gold mines and
other sites |
|
(0.2 |
) |
|
(0.2 |
) |
|
(0.9 |
) |
|
(0.7 |
) |
|
(0.3 |
) |
|
Reclamation costs and amortization per AISC |
$2.2 |
|
$2.2 |
|
$5.0 |
|
$9.3 |
|
$7.1 |
|
|
(1) |
Amounts presented are from continuing operations only and exclude
the Romania segment. See Note 6 of our consolidated financial
statements. |
Sustaining and Growth Capital
Our reconciliation of growth capital and
sustaining capital expenditure at operating gold mines to additions
to property, plant and equipment, the most directly comparable IFRS
measure, is presented below.
|
|
Q4 2024 |
Q4 2023 |
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
Additions to property, plant and equipment
(1)(from notes to the consolidated financial statements) |
$174.5 |
|
$137.2 |
|
$620.3 |
|
$411.2 |
|
$305.8 |
|
|
Growth and development project capital investment - gold mines |
|
(32.0 |
) |
|
(41.3 |
) |
|
(146.1 |
) |
|
(122.3 |
) |
|
(111.3 |
) |
|
Growth and development project capital investment - other (2) |
|
(108.3 |
) |
|
(58.6 |
) |
|
(343.2 |
) |
|
(168.6 |
) |
|
(66.0 |
) |
|
Sustaining capitalized depreciation |
|
(2.2 |
) |
|
— |
|
|
(2.2 |
) |
|
— |
|
|
— |
|
|
Sustaining capital expenditure equipment leases (3) |
|
0.2 |
|
|
0.5 |
|
|
(0.6 |
) |
|
1.6 |
|
|
(2.0 |
) |
|
Capitalized exploration related to gold mines |
|
(1.1 |
) |
|
— |
|
|
(3.9 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|
Sustaining capital expenditure at operating gold
mines |
$31.0 |
|
$37.9 |
|
$124.3 |
|
$121.8 |
|
$126.5 |
|
|
(1) |
Amounts presented are from continuing operations only and exclude
the Romania segment. See Note 6 of our consolidated financial
statements. |
|
(2) |
Includes growth capital expenditures and capital expenditures
relating to Skouries, Stratoni and Other Projects, excluding
non-cash sustaining lease additions. |
|
(3) |
Non-cash sustaining lease additions, net of sustaining lease
principal and interest payments. |
Our reconciliation by asset of AISC and AISC per
ounce sold to total cash costs is presented below.
For the three months ended December 31, 2024:
|
|
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
Reclamation costs and amortization |
Sustaining capital |
Total AISC |
Gold oz sold |
TotalAISC/ oz
sold |
|
Kisladag |
$54.8 |
|
$— |
|
$— |
$1.5 |
$3.8 |
$60.1 |
56,056 |
$1,073 |
|
Lamaque |
|
38.1 |
|
— |
|
0.4 |
|
0.1 |
|
19.2 |
|
57.8 |
61,894 |
|
933 |
|
Efemcukuru |
|
26.4 |
|
— |
|
— |
|
0.2 |
|
5.1 |
|
31.7 |
19,185 |
|
1,650 |
|
Olympias |
|
28.9 |
|
— |
|
0.7 |
|
0.4 |
|
2.9 |
|
32.9 |
19,729 |
|
1,669 |
|
Corporate (1) |
|
— |
|
9.8 |
|
— |
|
— |
|
— |
|
9.8 |
— |
|
62 |
|
Total consolidated |
$148.1 |
$9.8 |
$1.1 |
$2.2 |
$31.0 |
$192.3 |
156,864 |
$1,226 |
|
(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. |
For the year ended December 31, 2024:
|
|
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
Reclamation costs and amortization |
Sustaining capital |
Total AISC |
Gold oz sold |
TotalAISC/ oz
sold |
|
Kisladag |
$158.9 |
|
$— |
|
$— |
$5.9 |
|
$12.7 |
$177.4 |
173,124 |
$1,025 |
|
Lamaque |
|
138.4 |
|
— |
|
1.6 |
|
0.6 |
|
|
80.3 |
|
220.8 |
194,670 |
|
1,134 |
|
Efemcukuru |
|
98.5 |
|
0.5 |
|
1.1 |
|
(3.0 |
) |
|
15.9 |
|
112.9 |
80,002 |
|
1,411 |
|
Olympias |
|
91.4 |
|
— |
|
1.2 |
|
1.5 |
|
|
15.4 |
|
109.5 |
70,130 |
|
1,562 |
|
Corporate (1) |
|
— |
|
44.6 |
|
— |
|
— |
|
|
— |
|
44.6 |
— |
|
86 |
|
Total consolidated |
$487.1 |
$45.1 |
$3.9 |
$5.0 |
|
$124.3 |
$665.4 |
517,926 |
$1,285 |
|
(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. |
For the three months ended December 31, 2023:
|
|
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
Reclamation costs and amortization |
Sustaining capital |
Total AISC |
Gold oz sold |
TotalAISC/ oz
sold |
|
Kisladag |
$35.3 |
|
$— |
|
$— |
$1.0 |
$5.6 |
$41.9 |
46,051 |
$909 |
|
Lamaque |
|
34.5 |
|
— |
|
0.3 |
|
0.1 |
|
20.7 |
|
55.7 |
57,040 |
|
977 |
|
Efemcukuru |
|
21.9 |
|
— |
|
— |
|
0.7 |
|
4.4 |
|
27.0 |
22,497 |
|
1,201 |
|
Olympias |
|
28.4 |
|
— |
|
— |
|
0.4 |
|
7.2 |
|
36.0 |
19,239 |
|
1,872 |
|
Corporate (1) |
|
— |
|
14.1 |
|
— |
|
— |
|
— |
|
14.1 |
— |
|
97 |
|
Total consolidated |
$120.2 |
$14.1 |
$0.3 |
$2.2 |
$37.9 |
$174.7 |
144,827 |
$1,207 |
|
(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. |
For the year ended December 31, 2023:
|
|
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
Reclamation costs and amortization |
Sustaining capital |
Total AISC |
Gold oz sold |
TotalAISC/ oz
sold |
|
Kisladag |
$119.7 |
|
$— |
|
$— |
$3.3 |
$16.0 |
$139.1 |
154,456 |
$900 |
|
Lamaque |
|
117.8 |
|
— |
|
1.2 |
|
0.6 |
|
72.7 |
|
192.3 |
176,495 |
|
1,089 |
|
Efemcukuru |
|
82.1 |
|
0.2 |
|
— |
|
3.1 |
|
14.0 |
|
99.3 |
86,078 |
|
1,154 |
|
Olympias |
|
91.7 |
|
— |
|
— |
|
2.4 |
|
19.0 |
|
113.0 |
66,949 |
|
1,688 |
|
Corporate (1) |
|
— |
|
46.6 |
|
— |
|
— |
|
— |
|
46.6 |
— |
|
96 |
|
Total consolidated |
$411.2 |
$46.7 |
$1.2 |
$9.3 |
$121.8 |
$590.3 |
483,978 |
$1,220 |
|
(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. |
Average Realized Gold Price per Ounce Sold
Our reconciliation of average realized gold
price per ounce sold to revenue, the most directly comparable IFRS
measure, is presented below.
For the three months ended December 31,
2024:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$150.3 |
|
$— |
|
($1.3 |
) |
$148.9 |
56,056 |
$2,657 |
|
Lamaque |
|
165.2 |
|
— |
|
(0.6 |
) |
|
164.6 |
61,894 |
|
2,659 |
|
Efemcukuru |
|
51.0 |
|
1.2 |
|
(1.7 |
) |
|
50.5 |
19,185 |
|
2,631 |
|
Olympias |
|
69.3 |
|
2.7 |
|
(24.2 |
) |
|
47.8 |
19,729 |
|
2,422 |
|
Total consolidated |
$435.7 |
$3.9 |
|
($27.8 |
) |
$411.8 |
156,864 |
$2,625 |
|
(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 year ended December 31, 2024:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$423.5 |
|
$— |
|
($3.8 |
) |
$419.7 |
173,124 |
$2,424 |
|
Lamaque |
|
473.0 |
|
— |
|
(1.9 |
) |
|
471.1 |
194,670 |
|
2,420 |
|
Efemcukuru |
|
199.9 |
|
5.0 |
|
(6.4 |
) |
|
198.4 |
80,002 |
|
2,480 |
|
Olympias |
|
226.2 |
|
10.1 |
|
(80.0 |
) |
|
156.3 |
70,130 |
|
2,228 |
|
Total consolidated |
$1,322.6 |
$15.1 |
|
($92.2 |
) |
$1,245.5 |
517,926 |
$2,405 |
|
(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 December 31,
2023:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$92.9 |
|
$— |
|
($0.8 |
) |
$92.1 |
46,051 |
$1,999 |
|
Lamaque |
|
114.9 |
|
— |
|
(0.5 |
) |
|
114.4 |
57,040 |
|
2,006 |
|
Efemcukuru |
|
46.7 |
|
1.7 |
|
(1.1 |
) |
|
47.2 |
22,497 |
|
2,098 |
|
Olympias |
|
52.4 |
|
2.9 |
|
(19.4 |
) |
|
35.8 |
19,239 |
|
1,863 |
|
Total consolidated |
$306.9 |
$4.5 |
|
($21.9 |
) |
$289.5 |
144,827 |
$1,999 |
|
(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 year ended December 31, 2023:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$304.8 |
|
$— |
|
($3.1 |
) |
$301.7 |
154,456 |
$1,953 |
|
Lamaque |
|
346.3 |
|
— |
|
(1.7 |
) |
|
344.6 |
176,495 |
|
1,953 |
|
Efemcukuru |
|
170.5 |
|
6.4 |
|
(4.4 |
) |
|
172.5 |
86,078 |
|
2,004 |
|
Olympias |
|
186.8 |
|
9.2 |
|
(74.1 |
) |
|
122.0 |
66,949 |
|
1,822 |
|
Total consolidated |
$1,008.5 |
$15.7 |
|
($83.4 |
) |
$940.8 |
483,978 |
$1,944 |
|
(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 year ended December 31, 2022:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
Gold revenue (2) |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$243.3 |
|
$— |
|
($2.8 |
) |
$240.5 |
134,213 |
$1,792 |
|
Lamaque |
|
313.0 |
|
— |
|
(1.4 |
) |
|
311.5 |
173,409 |
|
1,797 |
|
Efemcukuru |
|
155.3 |
|
5.4 |
|
(3.3 |
) |
|
157.5 |
88,784 |
|
1,774 |
|
Olympias |
|
159.9 |
|
10.1 |
|
(69.9 |
) |
|
100.1 |
56,547 |
|
1,771 |
|
Stratoni |
|
0.5 |
|
— |
|
(0.5 |
) |
|
— |
N/A |
N/A |
|
Total consolidated |
$872.0 |
$15.5 |
|
($77.8 |
) |
$809.6 |
452,953 |
$1,787 |
|
(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. |
Adjusted Net Earnings Attributable to
Shareholders
Our reconciliation of adjusted net earnings
(loss) and adjusted net earnings (loss) per share to net earnings
(loss) from continuing operations attributable to shareholders of
the Company, the most directly comparable IFRS measure, is
presented below.
|
Continuing Operations (1) |
Q4 2024 |
Q4 2023 |
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
Net earnings (loss) attributable to shareholders of the
Company (1) |
$108.2 |
|
$91.8 |
|
$300.9 |
|
$106.2 |
|
|
($49.2 |
) |
|
Gain on sale of mining licenses |
|
(1.9 |
) |
|
— |
|
|
(1.9 |
) |
|
— |
|
|
— |
|
|
Current tax expense due to Turkiye earthquake relief tax law change
(2) |
|
— |
|
|
— |
|
|
— |
|
|
4.3 |
|
|
— |
|
|
Loss (gain) on foreign exchange translation of deferred tax
balances net of inflation accounting (3) |
|
26.5 |
|
|
(63.1 |
) |
|
14.6 |
|
|
(30.0 |
) |
|
35.9 |
|
|
Decrease (increase) in fair value of redemption option
derivative |
|
5.1 |
|
|
(4.0 |
) |
|
(1.9 |
) |
|
(2.0 |
) |
|
4.4 |
|
|
Unrealized (gain) loss on derivative instruments |
|
(10.2 |
) |
|
24.6 |
|
|
51.8 |
|
|
9.6 |
|
|
— |
|
|
Loss (gain) on deferred tax due to changes in tax rates (4) |
|
— |
|
|
— |
|
|
— |
|
|
22.6 |
|
|
(1.0 |
) |
|
Gain on deferred consideration, net of tax (5) |
|
— |
|
|
— |
|
|
(50.1 |
) |
|
— |
|
|
— |
|
|
Non-recurring current tax and interest accrual (6) |
|
— |
|
|
— |
|
|
7.2 |
|
|
— |
|
|
— |
|
|
Write-down of assets, net of tax (7) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
20.0 |
|
|
Total adjusted net earnings(1,2) |
$127.8 |
|
$49.3 |
|
$320.7 |
|
$110.7 |
|
$10.1 |
|
|
Weighted average shares outstanding (thousands) |
|
204,619 |
|
|
202,340 |
|
|
203,983 |
|
|
194,448 |
|
|
183,446 |
|
|
Adjusted net earnings per share ($/share) (1) |
$0.62 |
|
$0.24 |
|
$1.57 |
|
$0.57 |
|
$0.05 |
|
|
(1) |
Amounts presented are from continuing operations only and exclude
the Romania segment. See Note 6 of our consolidated financial
statements. |
|
(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) |
Q4 2024 includes $29.1 million loss (2023 - $3.7 million gain) on
foreign exchange translation of deferred tax balances and $2.6
million gain (2023 - $59.4 million gain) on inflation accounting.
Year ended December 31, 2024 includes $45.9 million loss (2023 -
$29.3 million loss) on foreign exchange translation of deferred tax
balances and $31.2 million gain (2023 - $59.4 million gain) on
inflation accounting. |
|
(4) |
The deferred tax expense adjustment in 2023 is due to the income
tax rate increase in Turkiye enacted in Q3 2023. Rate increase from
20% to 25% for general rate, from 19% to 24% for certain
manufacturing activities (including mining) and from 19% to 20% for
export income and is applicable retroactively to January 1, 2023.
The deferred tax recovery adjustment in 2022 is relating to the
adjustment of opening balances for the tax rate decrease in Turkiye
enacted in Q1 2022. |
|
(5) |
In Q3 2024, a $60 million gain, net of tax expense of $9.9 million,
was recognized in the period related to deferred consideration from
the sale of the Tocantinzinho property to G Mining Ventures in
2021 |
|
(6) |
In Q3 2024, a provision of $7.2 million was recorded for potential
non-recurring tax reassessments representing $5.9 million of tax
and $1.4 million of interest. These relate to historical
intercompany loan balances in 2020 and 2021 which have since been
capitalized. |
|
(7) |
Non-recurring write-downs in 2022 include a $5.2 million
write-down, net of tax, related to the existing heap leach pad and
ADR plant at Kisladag , a $16.0 million write-down, net of tax,
related to decommissioned equipment at Kisladag as a result of
installation and commissioning of the HPGR in Q1, and a partial
reversal of equipment at Stratoni previously written down, net of
tax. |
EBITDA, Adjusted EBITDA
Our reconciliation of EBITDA and Adjusted EBITDA
to earnings (loss) from continuing operations before income tax,
the most directly comparable IFRS measure, is presented below.
|
|
|
Q4 2024 |
|
|
Q4 2023 |
|
|
2024 |
|
|
2023 |
|
|
Earnings before income tax (1) |
$176.9 |
|
$45.7 |
|
$435.4 |
|
$163.4 |
|
|
Depreciation, depletion and amortization (1,2) |
|
74.4 |
|
|
72.5 |
|
|
255.0 |
|
|
264.3 |
|
|
Interest income |
|
(6.6 |
) |
|
(5.9 |
) |
|
(23.9 |
) |
|
(17.6 |
) |
|
Finance costs (1) |
|
12.5 |
|
|
5.8 |
|
|
23.0 |
|
|
32.8 |
|
|
EBITDA |
$257.2 |
|
$118.1 |
|
$689.5 |
|
$442.9 |
|
|
Share-based payments |
|
2.1 |
|
|
4.6 |
|
|
11.9 |
|
|
10.2 |
|
|
Loss (gain) on disposal of assets (1) |
|
(2.4 |
) |
|
(0.1 |
) |
|
(1.5 |
) |
|
0.6 |
|
|
Unrealized (gain) loss on derivative instruments |
|
(10.2 |
) |
|
24.6 |
|
|
51.8 |
|
|
9.6 |
|
|
Gain on recognition of deferred consideration (3) |
|
— |
|
|
— |
|
|
(60.0 |
) |
|
— |
|
|
Adjusted EBITDA |
$246.7 |
|
$147.2 |
|
$691.6 |
|
$463.3 |
|
|
(1) |
Amounts presented are from continuing operations only and exclude
the Romania segment. See Note 6 of our consolidated financial
statements. |
|
(2) |
Includes depreciation within general and administrative
expenses. |
|
(3) |
A $60 million gain was recognized in the period related to deferred
consideration from the sale of the Tocantinzinho property to G
Mining Ventures. |
Free Cash Flow and Free Cash Flow Excluding
Skouries
Our reconciliations of free cash flow and free
cash flow excluding Skouries to net cash generated from (used in)
operating activities from continuing operations, the most directly
comparable IFRS measure, is presented below.
|
|
|
Q4 2024 |
|
|
Q4 2023 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
Cash generated from operating activities
(1) |
$257.3 |
|
$159.6 |
|
$645.7 |
|
$382.9 |
|
$211.2 |
|
|
Less: Cash used in investing activities (1) |
|
(165.9 |
) |
|
(130.3 |
) |
|
(630.6 |
) |
|
(395.7 |
) |
|
(370.9 |
) |
|
Add back: (Decrease) increase in term deposits |
|
(2.7 |
) |
|
— |
|
|
(3.8 |
) |
|
(35.0 |
) |
|
35.0 |
|
|
Add back: Purchase of marketable securities |
|
0.3 |
|
|
— |
|
|
11.4 |
|
|
0.6 |
|
|
20.2 |
|
|
Less: Proceeds from sale of marketable securities |
|
(10.3 |
) |
|
— |
|
|
(10.3 |
) |
|
— |
|
|
— |
|
|
Less: Proceeds from sale of mining licenses |
|
(4.1 |
) |
|
— |
|
|
(5.6 |
) |
|
— |
|
|
— |
|
|
Free cash flow |
$74.6 |
|
$29.3 |
|
$6.8 |
|
|
($47.2 |
) |
|
($104.5 |
) |
|
Add back: Skouries cash capital expenditures (2) |
|
94.4 |
|
|
49.7 |
|
|
304.8 |
|
|
149.0 |
|
|
35.1 |
|
|
Add back: Capitalized interest paid (3) |
|
7.2 |
|
|
3.0 |
|
|
30.5 |
|
|
10.8 |
|
|
— |
|
|
Free Cash Flow excluding Skouries |
$176.2 |
|
$82.0 |
|
$342.0 |
|
$112.6 |
|
|
($69.4 |
) |
|
(1) |
Amounts presented are from continuing operations only and exclude
the Romania segment. See Note 6 of our consolidated financial
statements. |
|
(2) |
Inclusive of construction project capital and accelerated operating
capital spend. |
|
(3) |
Includes interest from the Term Facility of $7.2 million in Q4 2024
($3.0 million in Q4 2023) and $12.4 million in 2024 ($3.5 million
in 2023), with the remainder of interest from Senior Notes. |
Cash Flow from Operating Activities before
Changes in Working Capital
Our reconciliation of cash flow from operating
activities before changes in working capital to net cash generated
from operating activities from continuing operations, the most
directly comparable IFRS measure, is presented below.
|
|
Q4 2024 |
Q4 2023 |
|
2024 |
|
2023 |
|
|
2022 |
|
|
Net cash generated from operating activities
(1) |
$257.3 |
$159.6 |
$645.7 |
$382.9 |
|
$211.2 |
|
|
Less: Changes in non-cash working capital |
|
28.8 |
|
21.6 |
|
10.2 |
|
(28.3 |
) |
|
(28.3 |
) |
|
Cash flow from operating activities before changes in
working capital |
$228.5 |
$138.0 |
$635.5 |
$411.2 |
|
$239.5 |
|
|
(1) |
Amounts presented are from continuing operations only and exclude
the Romania segment. See Note 6 of our consolidated financial
statements. |
Cautionary Note About Forward Looking
Statements and Information
Certain of the statements made and information
provided in this news release are forward-looking statements or
information within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws. Often, these forward-looking statements and
forward-looking information can be identified by the use of words
such as “anticipates”, “believes”, “budgets” , “continue”,
“commitment”, “confident”, “estimates”, “expects”, “forecasts”,
“guidance”, “intends”, “outlook”, “plans”, “potential”,
“projected”, “prospective”, or “schedule” or the negatives thereof
or variations of such words and phrases or statements that certain
actions, events or results “can”, “could”, “likely”, “may”,
“might”, “will” or “would” be taken, occur or be achieved.
Forward-looking statements or information
contained in this news release include, but are not limited to,
statements or information with respect to: our beliefs for reserve
growth; our jurisdictional and overall strategy; in respect of the
Skouries Project: expected continued impacts of labour market
tightness in Greece, construction project capital cost and
accelerated operational capital estimates; expectations to complete
additional pre-commercial production mining; expected schedules;
expected timelines for first production and commercial production
at Skouries; growth capital investment in 2025; expected spend of
accelerated operating capital in 2025; funding requirements for
Skouries, including the sources thereof; impacts to the letter of
credit as the Company invests in Skouries; mine life and production
estimates for the Reserve Case contained in the Lamaque Technical
Report; future strategic focus and health and safety objectives and
initiatives; activities to extend mine life, construct the second
phase of the NHLP and ADR plant and building relocation work due to
pit expansion; the impact of reserves on the Company’s future
production profile; the impact of the declaration of first reserves
at Ormaque; planned expansion of the North Heap Leach pad
facilities; in respect of Lamaque, plans to develop the Ormaque
deposit; future expansion of mill capacity at Olympias to 650 ktpa,
future exploration activities under option agreements; expected
benefits of the senior secured credit facility; 2025 exploration
guidance, both with respect to overall spending and at specific
operating assets and exploration sites and targets; with respect to
Kisladag: expectations for Q1 2025 production, expected positive
impact from the HGPR repair, continued construction of
infrastructure and expected pit expansion; with respect to Lamaque:
expected development at Ormaque; with respect to Efemcukuru: plans
for underground development at Kokarpinar; with respect to
Olympias: future mill expansion to 650 ktpa and plans to continue
underground development; expected mining methods if the Perama Hill
property is developed; future exploration activities with respect
to working capital capacity; non-IFRS financial measures and
ratios; capital projects at our properties, including anticipated
timing and benefits; risk factors affecting our business; our
expectations as to our future financial and operating performance,
including future cash flow, estimated cash costs, expected
metallurgical recoveries and commodity price outlook; and our
strategy, plans and goals, including our proposed exploration,
development, construction, permitting, financing, and operating
potential, plans and priorities, and related timelines and
schedules. Forward-looking statements and forward-looking
information by their nature are based on assumptions and involve
known and unknown risks, uncertainties, and other factors, which
may cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information.
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 to be materially
different from those described in the forward-looking statements or
information. These include assumptions concerning: timing, cost,
results of our construction and development activities,
improvements, and exploration; the future price of gold and other
commodities; the global concentrate market; exchange rates;
anticipated values, costs, expenses and working capital
requirements; production and metallurgical recoveries; Mineral
Reserves and Mineral Resources; 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).
More specifically, with respect to the Skouries
Project and updates, we have made additional assumptions regarding
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 estimated existing project timeline and
consistent with the current planned project scope (including our
anticipated progress regarding the IEWMF and two test stopes); the
timeliness of shipping for important or critical items (such as the
framing for filter press plates); 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 news
release.
Even though we believe that the assumptions made
and the expectations represented by such statements or information
are reasonable, there can be no assurance that the forward-looking
statement or information will prove to be accurate. Many
assumptions may be difficult to predict and are beyond our
control.
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. Generally, these risks, uncertainties and other
factors include, among others, the following: risks relating to our
operations in foreign jurisdictions; 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, and 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); the Company's ability to satisfy
covenants under its agreements, including its project funding
agreements; government regulation; the Sarbanes-Oxley Act;
commodity price risk; mineral tenure; ability to secure the
required permits, licenses and authorizations in a timely manner;
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; the ongoing potential for
material impairment and/or write-downs of assets; 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.
With respect to the Skouries Project, these
risks, uncertainties and other factors may cause further delays in
the completion of the construction and commissioning at the
Skouries Project which in turn may cause delays in the commencement
of production, and further increase the costs of the Skouries
Project. The specific risks, uncertainties and other factors
include, among others: our ability to recruit the required number
of personnel within the required timelines, and to manage changes
to workforce numbers through the construction of the Skouries
Project; our ability to recruit personnel having the requisite
skills, experience and ability to work on site; our ability to
increase productivity by adding or modifying labour shifts; rising
labour costs or costs of key inputs such as materials, power and
fuel; risks related to third-party contractors, including reduced
control over aspects of the Company's operations and/or the ability
of contractors to perform; the ability of key suppliers to meet key
contractual commitments in terms of schedules, amount of product
delivered, cost or quality; our ability to construct key
infrastructure within the required timelines including the process
plant, filter plant, waste management facilities and embankments;
differences between projected and actual degree of pre-strip
required in the open pit; variability in metallurgical recoveries
and concentrate quality due to factors such as extent and intensity
of oxidation or presence of transition minerals; presence of
additional structural features impacting hydrological and
geotechnical considerations; variability in minerals or presence of
substances that may have an impact on filtered tails performance
and resulting bulk density of stockpiles or filtered tails;
distribution of sulfides that may dilute concentrate and change the
characteristics of tailings; unexpected disruptions to operations
due to protests, non-routine regulatory inspections, road
conditions or labour unrest; unexpected inclement weather and
climate events including short and long duration rainfall and
floods; our ability to meet pre-commercial producing mining or
underground development targets; unexpected results from
underground stopes; new archaeological finds on site requiring the
completion of a regulatory process; changes in support from local
communities, and our ability to meet the expectations of
communities, governments and stakeholders related to the Skouries
Project; and timely receipt of necessary permits and
authorizations.
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 news 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 news 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.
Financial information and condensed statements contained herein or
attached hereto may not be suitable for readers that are unfamiliar
with the Company and are not a substitute for reading the Company’s
financial statements and related MD&A available on our website
and on SEDAR+ and EDGAR under our Company name. The reader is
directed to carefully review such documents for a full
understanding of the financial information summarized herein.
Except as otherwise noted, scientific and
technical information contained in this news release was reviewed
and approved by Simon Hille, FAusIMM and EVP Technical Services and
Operations for the Company, and a "qualified person" under NI
43-101.
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 news release for the Quebec projects.
|
|
|
Eldorado Gold CorporationConsolidated Statements
of Financial Position As at December 31, 2024 and December 31,
2023(In thousands of U.S. dollars) |
|
|
Note |
|
|
December 31, 2024 |
|
|
|
December 31, 2023 |
|
| ASSETS |
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
7 |
|
$ |
856,797 |
|
|
$ |
540,473 |
|
|
Accounts receivable and other |
8 |
|
|
190,676 |
|
|
|
121,082 |
|
|
Inventories |
9 |
|
|
278,995 |
|
|
|
235,890 |
|
|
Current other assets |
10 |
|
|
138,932 |
|
|
|
2,832 |
|
|
Current derivative assets |
28 |
|
|
52 |
|
|
|
2,502 |
|
|
Assets held for sale |
6 |
|
|
16,686 |
|
|
|
27,627 |
|
| |
|
|
|
1,482,138 |
|
|
|
930,406 |
|
| Restricted cash |
|
|
|
2,177 |
|
|
|
2,085 |
|
| Deferred tax assets |
|
|
|
19,487 |
|
|
|
14,748 |
|
| Other assets |
10 |
|
|
120,418 |
|
|
|
185,209 |
|
| Non-current derivative
assets |
28 |
|
|
— |
|
|
|
7,036 |
|
| Property, plant and
equipment |
12 |
|
|
4,118,782 |
|
|
|
3,755,559 |
|
| Goodwill |
13 |
|
|
92,591 |
|
|
|
92,591 |
|
| |
|
|
$ |
5,835,593 |
|
|
$ |
4,987,634 |
|
| LIABILITIES &
EQUITY |
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
15 |
|
$ |
366,690 |
|
|
$ |
254,030 |
|
|
Current portion of lease liabilities |
|
|
|
4,693 |
|
|
|
5,020 |
|
|
Current portion of asset retirement obligations |
17 |
|
|
5,071 |
|
|
|
4,019 |
|
|
Current derivative liabilities |
28 |
|
|
25,587 |
|
|
|
279 |
|
|
Liabilities associated with assets held for sale |
6 |
|
|
10,133 |
|
|
|
10,867 |
|
| |
|
|
|
412,174 |
|
|
|
274,215 |
|
| Debt |
16 |
|
|
915,425 |
|
|
|
636,059 |
|
| Lease liabilities |
|
|
|
10,030 |
|
|
|
12,092 |
|
| Employee benefit plan
obligations |
|
|
|
10,910 |
|
|
|
10,261 |
|
| Asset retirement
obligations |
17 |
|
|
127,925 |
|
|
|
125,090 |
|
| Non-current derivative
liabilities |
28 |
|
|
35,743 |
|
|
|
18,843 |
|
| Deferred income tax
liabilities |
|
|
|
434,939 |
|
|
|
399,109 |
|
| |
|
|
|
1,947,146 |
|
|
|
1,475,669 |
|
| Equity |
|
|
|
|
|
| Share capital |
21 |
|
|
3,433,778 |
|
|
|
3,413,365 |
|
| Treasury stock |
|
|
|
(12,970 |
) |
|
|
(19,263 |
) |
| Contributed surplus |
|
|
|
2,612,762 |
|
|
|
2,617,216 |
|
| Accumulated other
comprehensive income (loss) |
|
|
|
56,183 |
|
|
|
(4,751 |
) |
| Deficit |
|
|
|
(2,193,163 |
) |
|
|
(2,488,420 |
) |
| Total equity
attributable to shareholders of the Company |
|
|
|
3,896,590 |
|
|
|
3,518,147 |
|
| Attributable to
non-controlling interests |
|
|
|
(8,143 |
) |
|
|
(6,182 |
) |
| |
|
|
|
3,888,447 |
|
|
|
3,511,965 |
|
| |
|
|
$ |
5,835,593 |
|
|
$ |
4,987,634 |
|
|
Commitments and contractual obligations (Note 25) Contingencies
(Note 26)Subsequent events (Note 10(i), Note 16(b)) |
|
|
|
Approved on behalf of the Board of Directors |
|
|
|
|
|
|
|
|
|
|
(signed) |
Teresa Conway |
Director |
(signed) |
George Burns |
Director |
|
|
|
Date of approval: February 20, 2025 |
|
|
|
Please see the Consolidated Financial Statements dated December 31,
2024 for notes to the accounts. |
| |
| Eldorado
Gold CorporationConsolidated Statements of Operations For
the years ended December 31, 2024 and December 31, 2023 (In
thousands of U.S. dollars except share and per share amounts) |
| |
Note |
|
|
Year ended |
|
|
|
Year ended |
|
| |
|
|
|
December 31, 2024 |
|
|
|
December 31, 2023 |
|
| Revenue |
|
|
|
|
|
|
Metal sales |
30 |
|
$ |
1,322,581 |
|
|
$ |
1,008,501 |
|
| |
|
|
|
|
|
| Cost of
sales |
|
|
|
|
|
|
Production costs |
31 |
|
|
564,158 |
|
|
|
478,947 |
|
|
Depreciation and amortization |
|
|
|
251,450 |
|
|
|
261,087 |
|
| |
|
|
|
815,608 |
|
|
|
740,034 |
|
| |
|
|
|
|
|
|
Earnings from mine operations |
|
|
|
506,973 |
|
|
|
268,467 |
|
| |
|
|
|
|
|
| Exploration and evaluation
expenses |
|
|
|
23,788 |
|
|
|
22,422 |
|
| Mine standby costs |
32 |
|
|
11,269 |
|
|
|
16,106 |
|
| General and administrative
expenses |
|
|
|
36,240 |
|
|
|
39,788 |
|
| Employee benefit plan
expense |
|
|
|
3,584 |
|
|
|
4,228 |
|
| Share-based payments
expense |
22 |
|
|
11,872 |
|
|
|
10,195 |
|
| Write-down of assets |
|
|
|
6,135 |
|
|
|
9,719 |
|
| Foreign exchange gain |
|
|
|
(5,308 |
) |
|
|
(16,000 |
) |
| Earnings from
operations |
|
|
|
419,393 |
|
|
|
182,009 |
|
| |
|
|
|
|
|
| Other income |
18 |
|
|
39,050 |
|
|
|
14,195 |
|
| Finance costs |
19 |
|
|
(23,049 |
) |
|
|
(32,839 |
) |
| |
|
|
|
|
|
| Earnings from
continuing operations before income tax |
|
|
|
435,394 |
|
|
|
163,365 |
|
| Income tax expense |
20 |
|
|
134,758 |
|
|
|
57,575 |
|
| Net earnings from
continuing operations |
|
|
|
300,636 |
|
|
|
105,790 |
|
| Net loss from
discontinued operations, net of tax |
6 |
|
|
(13,676 |
) |
|
|
(4,407 |
) |
| Net earnings for the
year |
|
|
$ |
286,960 |
|
|
$ |
101,383 |
|
| |
|
|
|
|
|
| Net earnings (loss)
attributable to: |
|
|
|
|
|
| Shareholders of the
Company |
|
|
|
289,121 |
|
|
|
104,630 |
|
| Non-controlling interests |
|
|
|
(2,161 |
) |
|
|
(3,247 |
) |
| Net earnings for the
year |
|
|
$ |
286,960 |
|
|
$ |
101,383 |
|
| |
|
|
|
|
|
| Net earnings (loss)
attributable to shareholders of the Company: |
|
|
|
|
|
| Continuing operations |
|
|
|
300,909 |
|
|
|
106,183 |
|
| Discontinued operations |
|
|
|
(11,788 |
) |
|
|
(1,553 |
) |
| |
|
|
$ |
289,121 |
|
|
$ |
104,630 |
|
| |
|
|
|
|
|
| Net loss attributable
to non-controlling interests: |
|
|
|
|
|
| Continuing operations |
|
|
|
(273 |
) |
|
|
(393 |
) |
| Discontinued operations |
|
|
|
(1,888 |
) |
|
|
(2,854 |
) |
| |
|
|
$ |
(2,161 |
) |
|
$ |
(3,247 |
) |
| |
|
|
|
|
|
| Weighted average number of
shares outstanding: |
|
|
|
|
|
| Basic |
33 |
|
|
203,983,457 |
|
|
|
194,448,367 |
|
| Diluted |
33 |
|
|
205,541,542 |
|
|
|
195,328,506 |
|
| Net earnings per share
attributable to shareholders of the Company: |
|
|
|
|
|
| Basic earnings per share |
|
|
$ |
1.42 |
|
|
$ |
0.54 |
|
| Diluted earnings per
share |
|
|
$ |
1.41 |
|
|
$ |
0.54 |
|
| Net earnings per share
attributable to shareholders of the Company - Continuing
operations: |
|
|
|
|
|
| Basic earnings per share |
|
|
$ |
1.48 |
|
|
$ |
0.55 |
|
| Diluted earnings per
share |
|
|
$ |
1.46 |
|
|
$ |
0.54 |
|
| |
|
|
|
|
|
|
Please see the Consolidated Financial Statements dated December 31,
2024 for notes to the accounts. |
| |
| Eldorado
Gold CorporationConsolidated Statements of Comprehensive
Income (Loss) For the years ended December 31, 2024 and December
31, 2023 (In thousands of U.S. dollars) |
| |
|
|
|
Year ended |
|
|
|
Year ended |
|
| |
|
|
|
December 31, 2024 |
|
|
|
December 31, 2023 |
|
| |
|
|
|
|
|
|
Net earnings for the year |
|
|
$ |
286,960 |
|
|
$ |
101,383 |
|
| Other comprehensive
income (loss): |
|
|
|
|
|
| Items that will not be
reclassified to earnings or (loss): |
|
|
|
|
|
|
Change in fair value of investments in marketable securities |
|
|
|
77,695 |
|
|
|
44,437 |
|
|
Income tax expense on change in fair value of investments in
marketable securities |
|
|
|
(10,463 |
) |
|
|
(3,449 |
) |
|
Actuarial losses on employee benefit plans |
|
|
|
(206 |
) |
|
|
(4,476 |
) |
|
Income tax recovery on actuarial losses on employee benefit
plans |
|
|
|
44 |
|
|
|
1,021 |
|
| Total other
comprehensive income for the period |
|
|
|
67,070 |
|
|
|
37,533 |
|
| Total comprehensive
income for the year |
|
|
$ |
354,030 |
|
|
$ |
138,916 |
|
| |
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
| Shareholders of the
Company |
|
|
|
356,191 |
|
|
|
142,163 |
|
| Non-controlling interests |
|
|
|
(2,161 |
) |
|
|
(3,247 |
) |
| |
|
|
$ |
354,030 |
|
|
$ |
138,916 |
|
|
|
|
Please see the Consolidated Financial Statements dated December 31,
2024 for notes to the accounts. |
| |
| Eldorado
Gold CorporationConsolidated Statements of Cash Flows For
the years ended December 31, 2024 and December 31, 2023 (In
thousands of U.S. dollars) |
| |
Note |
|
|
Year ended |
|
|
|
Year ended |
|
| |
|
|
|
December 31, 2024 |
|
|
|
December 31, 2023 |
|
| Cash flows generated
from (used in): |
|
|
|
|
|
| Operating
activities |
|
|
|
|
|
|
Net earnings for the year from continuing operations |
|
|
$ |
300,636 |
|
|
$ |
105,790 |
|
| Adjustments for: |
|
|
|
|
|
| Depreciation and
amortization |
|
|
|
254,991 |
|
|
|
264,325 |
|
| Finance costs |
19 |
|
|
23,049 |
|
|
|
32,839 |
|
| Interest income |
18 |
|
|
(23,949 |
) |
|
|
(17,640 |
) |
| Unrealized foreign exchange
loss (gain) |
|
|
|
174 |
|
|
|
(15,167 |
) |
| Income tax expense |
20 |
|
|
134,758 |
|
|
|
57,575 |
|
| (Gain) loss on disposal of
assets |
|
|
|
(1,624 |
) |
|
|
605 |
|
| Unrealized loss on derivative
contracts |
18 |
|
|
51,751 |
|
|
|
9,584 |
|
| Realized gain on derivative
contracts |
18 |
|
|
(150 |
) |
|
|
(431 |
) |
| Write-down of assets |
|
|
|
6,135 |
|
|
|
9,719 |
|
| Share-based payments
expense |
22 |
|
|
11,872 |
|
|
|
10,195 |
|
| Non-cash gain on deferred
consideration |
8 |
|
|
(60,000 |
) |
|
|
— |
|
| Employee benefit plan
expense |
|
|
|
3,584 |
|
|
|
4,228 |
|
| |
|
|
|
701,227 |
|
|
|
461,622 |
|
| Property reclamation
payments |
|
|
|
(3,688 |
) |
|
|
(3,591 |
) |
| Employee benefit plan
payments |
|
|
|
(3,003 |
) |
|
|
(5,084 |
) |
| Settlement of derivative
contracts |
18 |
|
|
150 |
|
|
|
431 |
|
| Income taxes paid |
|
|
|
(83,162 |
) |
|
|
(59,839 |
) |
| Interest received |
|
|
|
23,949 |
|
|
|
17,640 |
|
| Changes in non-cash operating
working capital |
23 |
|
|
10,189 |
|
|
|
(28,282 |
) |
| Net cash generated
from operating activities of continuing operations |
|
|
|
645,662 |
|
|
|
382,897 |
|
| Net cash (used in)
generated from operating activities of discontinued
operations |
|
|
|
(416 |
) |
|
|
414 |
|
| Investing
activities |
|
|
|
|
|
| Additions to property, plant
and equipment |
|
|
|
(594,142 |
) |
|
|
(401,870 |
) |
| Capitalized interest paid |
|
|
|
(30,461 |
) |
|
|
(10,782 |
) |
| Proceeds from the sale of
property, plant and equipment |
|
|
|
562 |
|
|
|
1,647 |
|
| Value added taxes related to
mineral property expenditures |
|
|
|
(9,756 |
) |
|
|
(17,906 |
) |
| Proceeds from the sale of
mining licenses |
|
|
|
5,600 |
|
|
|
— |
|
| Purchase of marketable
securities and investment in debt securities |
|
|
|
(11,416 |
) |
|
|
(633 |
) |
| Proceeds from the sale of
investments in marketable and debt securities |
|
|
|
10,277 |
|
|
|
— |
|
| Deposit on property, plant and
equipment |
|
|
|
(5,098 |
) |
|
|
— |
|
| Decrease in other
investments |
|
|
|
3,826 |
|
|
|
33,864 |
|
| Net cash used in
investing activities of continuing operations |
|
|
|
(630,608 |
) |
|
|
(395,680 |
) |
| Financing
activities |
|
|
|
|
|
| Issuance of common shares for
cash, net of share issuance costs |
|
|
|
14,112 |
|
|
|
168,664 |
|
| Contributions from
non-controlling interests |
|
|
|
201 |
|
|
|
265 |
|
| Proceeds from Term Facility -
commercial loans and RRF loans |
16 |
|
|
310,918 |
|
|
|
166,738 |
|
| Proceeds from Term Facility -
VAT facility |
16 |
|
|
56,022 |
|
|
|
14,588 |
|
| Repayments of Term Facility -
VAT facility |
16 |
|
|
(47,304 |
) |
|
|
(11,328 |
) |
| Term Facility loan financing
costs |
|
|
|
— |
|
|
|
(22,084 |
) |
| Term Facility commitment
fees |
|
|
|
(3,806 |
) |
|
|
(5,066 |
) |
| Senior Secured Credit Facility
refinancing costs |
|
|
|
(2,210 |
) |
|
|
— |
|
| Interest paid |
|
|
|
(19,905 |
) |
|
|
(29,490 |
) |
| Principal portion of lease
liabilities |
|
|
|
(4,796 |
) |
|
|
(3,968 |
) |
| Purchase of treasury
stock |
|
|
|
(1,962 |
) |
|
|
(4,442 |
) |
| Net cash generated
from financing activities of continuing operations |
|
|
|
301,270 |
|
|
|
273,877 |
|
| Net increase in cash
and cash equivalents |
|
|
|
315,908 |
|
|
|
261,508 |
|
| Cash and cash
equivalents - beginning of year |
|
|
|
540,473 |
|
|
|
279,735 |
|
| Change in cash in disposal
group held for sale |
|
|
|
416 |
|
|
|
(770 |
) |
| Cash and cash
equivalents - end of year |
|
|
$ |
856,797 |
|
|
$ |
540,473 |
|
| |
|
Please see the Consolidated Financial Statements dated December 31,
2024 for notes to the accounts. |
| |
| Eldorado
Gold CorporationConsolidated Statements of Changes in
Equity For the years ended December 31, 2024 and December 31, 2023
(In thousands of U.S. dollars) |
| |
Note |
|
|
Year ended |
|
|
|
Year ended |
|
| |
|
|
|
December 31, 2024 |
|
|
|
December 31, 2023 |
|
| Share
capital |
|
|
|
|
|
|
Balance beginning of year |
|
|
$ |
3,413,365 |
|
|
$ |
3,241,644 |
|
|
Shares issued upon exercise of share options |
|
|
|
14,112 |
|
|
|
7,390 |
|
|
Shares issued upon exercise of performance share units |
|
|
|
499 |
|
|
|
— |
|
|
Transfer of contributed surplus on exercise of options |
|
|
|
5,802 |
|
|
|
3,112 |
|
|
Shares issued in private placements, net of share issuance
costs |
|
|
|
— |
|
|
|
59,873 |
|
|
Shares issued to the public, net of share issuance costs |
|
|
|
— |
|
|
|
101,346 |
|
| Balance end of year |
21 |
|
$ |
3,433,778 |
|
|
$ |
3,413,365 |
|
| |
|
|
|
|
|
| Treasury
stock |
|
|
|
|
|
| Balance beginning of year |
|
|
$ |
(19,263 |
) |
|
$ |
(20,454 |
) |
|
Purchase of treasury stock |
|
|
|
(1,962 |
) |
|
|
(4,442 |
) |
|
Shares redeemed upon exercise of restricted share units |
|
|
|
8,255 |
|
|
|
5,633 |
|
| Balance end of year |
|
|
$ |
(12,970 |
) |
|
$ |
(19,263 |
) |
| |
|
|
|
|
|
| Contributed
surplus |
|
|
|
|
|
| Balance beginning of year |
|
|
$ |
2,617,216 |
|
|
$ |
2,618,212 |
|
|
Share-based payment arrangements |
|
|
|
10,102 |
|
|
|
7,749 |
|
|
Shares redeemed upon exercise of restricted share units |
|
|
|
(8,255 |
) |
|
|
(5,633 |
) |
|
Shares redeemed upon exercise of performance share units |
|
|
|
(499 |
) |
|
|
— |
|
|
Transfer to share capital on exercise of options |
|
|
|
(5,802 |
) |
|
|
(3,112 |
) |
| Balance end of year |
|
|
$ |
2,612,762 |
|
|
$ |
2,617,216 |
|
|
|
|
|
|
|
|
| Accumulated other
comprehensive income (loss) |
|
|
|
|
|
| Balance beginning of year |
|
|
$ |
(4,751 |
) |
|
$ |
(42,284 |
) |
|
Other comprehensive income for the year attributable to
shareholders of the Company |
|
|
|
67,070 |
|
|
|
37,533 |
|
|
Reclassification of fair value gains on sale of equity investments,
net of tax |
|
|
|
(6,136 |
) |
|
|
— |
|
| Balance end of year |
|
|
$ |
56,183 |
|
|
$ |
(4,751 |
) |
| |
|
|
|
|
|
| Deficit |
|
|
|
|
|
| Balance beginning of year |
|
|
$ |
(2,488,420 |
) |
|
$ |
(2,593,050 |
) |
|
Net earnings attributable to shareholders of the Company |
|
|
|
289,121 |
|
|
|
104,630 |
|
|
Reclassification of fair value gains on sale of equity investments,
net of tax |
|
|
|
6,136 |
|
|
|
— |
|
| Balance end of year |
|
|
$ |
(2,193,163 |
) |
|
$ |
(2,488,420 |
) |
| Total equity
attributable to shareholders of the Company |
|
|
$ |
3,896,590 |
|
|
$ |
3,518,147 |
|
|
|
|
|
|
|
|
| Non-controlling
interests |
|
|
|
|
|
| Balance beginning of year |
|
|
$ |
(6,182 |
) |
|
$ |
(3,200 |
) |
|
Loss attributable to non-controlling interests |
|
|
|
(2,161 |
) |
|
|
(3,247 |
) |
|
Contributions from non-controlling interests |
|
|
|
200 |
|
|
|
265 |
|
| Balance end of year |
|
|
$ |
(8,143 |
) |
|
$ |
(6,182 |
) |
| Total
equity |
|
|
$ |
3,888,447 |
|
|
$ |
3,511,965 |
|
|
|
|
Please see the Consolidated Financial Statements dated December 31,
2024 for notes to the accounts. |
_________________________________
1 These financial measures or ratios are non-IFRS financial
measures and ratios. Certain additional disclosures for non-IFRS
financial measures and ratios have been incorporated by reference
and additional detail can be found at the end of this press release
and in the section 'Non-IFRS and Other Financial Measures and
Ratios' in Eldorado's December 31, 2024 MD&A.2 These
financial measures or ratios are non-IFRS financial measures and
ratios. Certain additional disclosures for non-IFRS financial
measures and ratios have been incorporated by reference and
additional detail can be found at the end of this press release and
in the section 'Non-IFRS and Other Financial Measures and Ratios'
in Eldorado's December 31, 2024 MD&A.3 These financial
measures or ratios are non-IFRS financial measures or ratios. See
the section 'Non-IFRS and Other Financial Measures and Ratios' for
explanations and discussion of these non-IFRS financial measures or
ratios. 4 These financial measures or ratios are
non-IFRS financial measures or ratios. See the section 'Non-IFRS
and Other Financial Measures and Ratios' for explanations and
discussion of these non-IFRS financial measures or
ratios.
Eldorado Gold (TSX:ELD)
Graphique Historique de l'Action
De Jan 2025 à Fév 2025
Eldorado Gold (TSX:ELD)
Graphique Historique de l'Action
De Fév 2024 à Fév 2025
