Eldorado Gold Announces First Quarter 2022 Preliminary Production; Maintains Full Year Production Guidance; Provides Conference Call Details
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NEWS RELEASE
TSX: ELD NYSE: EGO April 13, 2022
Eldorado Gold Announces First Quarter 2022 Preliminary Production;
Maintains Full Year Production Guidance;
Provides Conference Call Details
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) announces first
quarter 2022 preliminary gold production of 93,209 ounces and maintains full year production
guidance of 460,000 to 490,000 ounces. Production during January and February was impacted
by higher-than-anticipated absenteeism related to the surge of the COVID -19 Omicron variant.
Detailed production, by asset, is outlined in the table below.
Q1 2022 Preliminary Gold Production
Mine Production (oz) 2022 Production
Guidance (1)
Q1 2022 Q1 2021 Q4 2021
Kisladag 29,779 46,172 33,136 145,000 – 155,000
Lamaque 33,377 28,835 51,354 165,000 – 175,000
Efemcukuru 21,057 23,298 22,631 85,000 – 90,000
Olympias 8,996 13,437 15,461 65,000 – 75,000
Total Gold
Production (oz) 93,209 111,742 122,582 460,000 – 490,000
(1) As announced on January 18, 2022.
Canada
Early in the quarter, reduced workforce hours due to COVID-related absenteeism delayed the
underground development of high-grade stopes, which led to lower than planned gold grades and
tonnage. Mine development progressed and the planned gold grade and tonnage were achieved
in March. Full-year gold production at Lamaque is expected to be in line with guidance. The
Ormaque exploration drift is progressing on plan and resource conversion drilling is expected to
commence by mid-year.
Turkey
Gold production during the first quarter at Kisladag was lower than planned as a result of COVID-
related absenteeism, severe weather, and a government-mandated power outage. The severe
weather and freezing temperatures worsened the normal winter impact on the ore conveyance
and stacking system productivity on the leach pads. We anticipate production at Kisladag to be
weighted to the second half of the year and maintain full year production guidance. Optimization
of the high-pressure grinding roll (“HPGR”) and agglomeration circuit continues. The HPGR is
performing to plan, and recovery rates are as expected.
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At Efemcukuru, gold production, throughput , and average gold grade were in line with
expectations, despite experiencing COVID-related absenteeism.
The Company’s profits from mining operations in Turkey are taxed at the enacted rate and the
resulting current income tax expense can be further increased or reduced by other items. In the
first quarter, the Company expects the Turkish current income tax expense on mining profits, at
an enacted rate of 22%, to be further decreased up to $3 million. The expected decrease is
primarily related to the investment tax credit relating to Kisladag heap leach improvements,
partially offset by taxable unrealized foreign exchange gains related to further weakening of the
Lira in the quarter.
Greece
In the early part of the quarter, g old production at Olympias was impacted by COVID-related
absenteeism, in addition to power outages related to severe weather patterns in the region .
Operations resumed mining to plan and achieved planned tonnage and grades from the mine in
March. Initiatives are in place to continue ramping up mine production tonnage, control the grades
and maximize plant throughput for the remainder of the year.
Q1 2022 Financial and Operational Results Call Details
Eldorado will release its 2022 First Quarter Financial and Operational Results after the market
closes on Thursday, April 28, 2022, and will host a conference call on Friday, April 29, 2022 at
11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed at Eldorado Gold’s
website: www.eldoradogold.com, or via:
http://services.choruscall.ca/links/eldoradogold20220429.html
Conference Call Details Replay (available until June 3, 2022)
Date: April 29, 2022 Vancouver: +1 604 638 9010
Time: 11:30 AM ET (8:30 AM PT) Toll Free: 1 800 319 6413
Dial in: +1 604 638 5340 Access code: 8618
Toll free: 1 800 319 4610
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration
operations in Turkey, Canada, Greece and Romania. The Company has a highly skilled and
dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-
term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock
Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Contact
Investor Relations
Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
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Media
Louise McMahon, Director Communications & Public Affairs
604.757 5573 or 1.888.353.8166
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within
the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Of ten,
these forward -looking statements and forward -looking information can be ident ified by the use of words such as “anticipates”,
“believes”, “budget”, “continue”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “projected” or “schedu led” or the
negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”,
“might” or “will” be taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to, statements or information with
respect to: the Company’s 2022 annual guidance, including our individual mine production; the Ormaque exploration drift; the timing
of resource conversion drilling; the expected tax expense in Turkey; the optimization of Greek operations; the Company’s release of
its 2022 First Quarter Financial and Operational Results and related conference call; our expectation as to our future financ ial and
operating performance; expected metallurgical recoveries and improved concentrate grade and quality; risk factors affecti ng our
business; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating
plans and priorities and related timelines. Forward -looking statements and forward-looking information by their nature are based on
assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results,
performance or achievements of the Company to be materially different from any future results, performance or achie vements
expressed or implied by such forward-looking statements or information.
We have made certain assumptions about the forward -looking statements and information, including assumptions about: our
preliminary gold production and our guidance, benefits of the completion of the decline at Lamaque, the improvements at Kisladag
and the optimization of Greek operations; tax expenses in Turkey; how the world -wide economic and social impact of COVID -19 is
managed and the duration and extent of the COVID -19 pandemic; timing, cost and results of our construction and exploration; the
geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global
concentrate market; exchange rates; anticipated val ues, costs, expenses and working capital requirements; production and
metallurgical recoveries; mineral reserves and resources; and the impact of acquisitions, dispositions, suspensions or delays on our
business and the ability to achieve our goals. In addition, except where otherwise stated, we have assumed a continuation of existing
business operations on substantially the same basis as exists at the time of this release.
Even though our management believes that the assumptions made and the expectations represented by such statements or
information are reasonable, there can be no assurance that the forward -looking statement or information will prove to be accurate.
Many assumptions may be difficult to predict and are beyond our control.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in forward -looking statements or information. These risks,
uncertainties and other factors include, among others: inability to meet production guidance; inability to achieve the expected benefits
of the completion of the decline at Lamaque, the improvements at Kisladag and the optimization of Greek operations; inability to
assess income tax expenses in Turkey; risks relating to the ongoing COVID-19 pandemic and any future pandemic, epidemic, endemic
or similar public health threats; risks relating to our operations being located in foreign jurisdictions; community relation s and social
license; climate change; liquidity and financing risks; development risks; indebtedness, including current and future operati ng
restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting o n obligations
and change in credit ratings; environmental matters; waste disposal; the global economic environment; government regulation;
reliance on a limited number of smelters and off-takers; commodity price risk; mineral tenure; permits; risks relating to environmental
sustainability and governance practices and performance; non -governmental organizations; corruption, bribery and sanctions;
litigation and contracts; information technology systems; estimation of mineral reserves and mineral resources; p roduction and
processing estimates; credit risk; actions of activist shareholders; price volatility, volume fluctuations and dilution risk in respect of our
shares; reliance on infrastructure, commodities and consumables; currency risk; inflation risk; interest rate risk; tax matters; dividends;
financial reporting, including relating to the carrying value of our assets and changes in reporting standards; labour, including relating
to employee/union relations, employee misconduct, key personnel, skilled wor kforce, expatriates and contractors; reclamation and
long-term obligations; regulated substances; necessary equipment; co-ownership of our properties; acquisitions, including integration
risks, and dispositions; the unavailability of insurance; conflicts o f interest; compliance with privacy legislation; reputational issues;
competition, as well as those risk factors discussed in the sections titled “Forward-looking information and risks” and “Risk factors in
our business” in our most recent Annual Informati on Form & Form 40 -F. The reader is directed to carefully review the detailed risk
discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR and EDGAR under our Company name, which
discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect our business
and operations.
The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our
near- and longer-term prospects, and it may not be appropriate for other purposes.
There can be no assurance that forward -looking statements or information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such stat ements. 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
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statements and information continually as conditions change an d you are referred to the full discussion of the Company’s business
contained in the Company’s reports filed with the securities regulatory authorities in Canada and the U.S.
Except as otherwise noted, scientific and technical information contained in this press release was reviewed and approved by Simon
Hille, FAusIMM and VP Technical Services for the Company, and a "qualified person" under National Instrument 43-101 – Standards
of Disclosure for Mineral Projects.