Eldorado Gold Announces Third Quarter 2021 Preliminary Production Results and Conference Call Details
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NEWS RELEASE
TSX: ELD NYSE: EGO October 12, 2021
Eldorado Gold Announces Third Quarter 2021 Preliminary Production
Results and Conference Call Details
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to
announce third quarter 2021 preliminary gold production of 125,459 ounces, an 8% increase from
116,066 ounces produced in the second quarter 2021. Based on strong production performance
in the first nine months of 2021, the Company is reviewing the full year 2021 production guidance
ranges and will provide an update with the release of its financial and operational results on
October 28, 2021. Detailed production, by asset, is outlined in the table below.
Q3 2021 and Year-to-Date 2021 Preliminary Gold Production
Production (oz)
Mine Q3 2021 Q3 2020 Q2 2021
Kısladag 51,040 59,593 44,016
Lamaque 37,369 39,525 35,643
Efemcukuru 23,305 23,892 23,473
Olympias 13,745 13,912 12,934
Total Gold Production (oz) 125,459 136,922 116,066
Production (oz)
Mine YTD 2021 YTD 2020
Kısladag 141,229 169,659
Lamaque 101,847 99,973
Efemcukuru 70,076 74,007
Olympias 40,116 47,015
Total Gold Production (oz) 353,268 390,654
Canada
Third quarter gold production at Lamaque remained on track with both throughput and grade in-
line with 2021 plans. The decline connecting the Sigma mill with the Triangle underground mine
is progressing on schedule and is expected to be completed in the fourth quarter . Infill and
expansion drilling at Ormaque continued during the third quarter. Refer to the September 27, 2021
news release that summarizes recent infill drilling results at Ormaque, titled “ Eldorado Gold
Identifies New Mineralized Lenses at Ormaque; Multiple Styles of High -Grade Mineralization at
Bonnefond; Kokarpinar Vein Extension Drilled at Efemcukuru”.
Turkey
Kisladag performed well in the third quarter with gold production higher than previously forecast.
Several operational improvements implemented in the mine, crushing circuit, and leach pad
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earlier this year are resulting in increased throughput . The commissioning of the high -pressure
grinding roll (HPGR) circuit remains on track.
At Efemcukuru, gold production, throughput , and average gold grade were in-line with
expectations.
The Company’s profits from mining operations in Turkey are taxed at the effective rate and the
resulting current income tax expense can be further increased or reduced by other items. In the
third quarter, the Company expects the Turkish current income tax expense on mining profits, at
an effective rate of 25%, to be further reduced by $8 -11 million. The expected reduction is
primarily related to the investment tax credit relating to Kisladag heap leach improvements.
Greece
Third quarter production at Olympias reflects some initiatives that were implemented in relation
to the t ransformation efforts at the Kassandra assets in Greece . As previously disclosed, the
Company is implementing a wide-ranging, sustained effort to optimize the Greek operations that
touches every part of the business in Greece, from employee education and training, to physical
plant and business systems upgrades. The Company continues to target efficiency and
productivity improvements at Olympias. The long-term benefits in safety, culture, and productivity
will result in a stronger operation with greatly enhanced economic opportunities.
Q3 2021 Financial and Operational Results Call Details
Eldorado will release its third quarter 2021 Financial and Operational Results after the market
closes on Thursday, October 28, 2021 and will host a conference call on Friday, October 29, 2021
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/eldoradogold20211029.html
Conference Call Details Replay (available until December 3, 2021)
Date: October 29, 2021 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: 7602
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, Romania, and Brazil. 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 1.888.363.8166
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. Often,
these forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects",
"is expected", "budget", “continue”, “projected”, "scheduled", "estimate s", "forecasts", "intends", "anticipates", or "believes" 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: our preliminary third quarter 2021 gold production, the Company’s 2021 annual guidance, including at our individual mine
production; construction of the decline connecting Sigma mill with the Triangle underground mine, including the timing of completion;
continued drilling at the Ormaque gold resource, completion of the HPGR circuit, including the timing of completi on; expected tax
expense in Turkey; the optimization of Greek operations, including the benefits and risks thereof; our expectation as to our future
financial and operating performance, including expectations around generating free cash flow; working capit al requirements; debt
repayment obligations; use of proceeds from financing activities; expected metallurgical recoveries and improved concentrate grade
and quality; gold price outlook and the global concentrate market; risk factors affecting our business; our strategy, plans and goals,
including our proposed exploration, development, construction, permitting and operating plans and priorities and related time lines;
and schedules and results of litigation and arbitration proceedings. Forward -looking statements and forward-looking information by
their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may
cause the actual results, performance or achievements of the Company to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements or information.
We have made certain assumptions about the forward -looking statements and information, including assumptions about: our
preliminary gold production and our guidance, timing of construction of the decline between Sigma mill and the Triangle underground
mine; results from drilling at Ormaque; benefits of the improvements at Kisladag; how the world-wide economic and social impact of
COVID-19 is managed and the duration and extent of the COVID -19 pandemic; timing and cost of 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 costs, expenses and working capital requirements; production, mineral reserves and
resources and metallurgical recoveries; the impact of acquisitions, dispositions, suspensions or delays on our business; and the ability
to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business opera tions
on substantially the same basis as exists at the time of this release.
Even though our management believes t hat 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 pr ove
incorrect, actual results may vary materially from those described in forward -looking statements o r information. These risks,
uncertainties and other factors include, among others: inability to meet production guidance, inability to complete construction of the
decline between Triangle mill and the Triangle underground mine on time or to meet expected timing thereof, poor results from drilling
at Ormaque; inability to complete improvements at Kisladag or to meeting expected timing thereof, or to achieve the benefits thereof;
inability to assess taxes in Turkey or depreciation expenses; global outbreaks of infectious diseases, including COVID-19; timing and
cost of construction, and the associated benefits; recoveries of gold and other metals; geopolitical and economic climate (global and
local), risks related to mineral tenure and permits; gold and othe r commodity price volatility; information technology systems risks;
continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration procee dings
relating to our business, properties and operations; expected impact on reserves and the carrying value; the updating of the reserve
and resource models and life of mine plans; mining operational and development risk; financing risks; foreign country operati onal
risks; risks of sovereign investment; regulatory r isks and liabilities including environmental regulatory restrictions and liability;
discrepancies between actual and estimated production; mineral reserves and resources and metallurgical testing and recoverie s;
additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of
gold exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective
title to mineral claims or prope rties, as well as those risk factors discussed in the sections titled “Forward -Looking Statements” and
"Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully
review the detailed risk discussion in our most recent Annual Information Form 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
the Company’s 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 as surance 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.
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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 NI 43-101.