Eldorado Gold Reports 2022 Year-End and Fourth Quarter Financial and Operational Results
NEWS RELEASE
TSX: ELD NYSE: EGO February 23, 2023
Eldorado Gold Reports 2022 Year-End and Fourth Quarter Financial and
Operational Results
VANCOUVER, BC - 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, 2022. For further information
please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis
("MD&A") filed on SEDAR at www.sedar.com under the Company’s profile.
Q4 2022 and Full-Year Summary
Operations
• Gold production: 128,453 ounces in Q4 2022 demonstrating sequential improvements across the portfolio.
Full year production of 453,916 ounces in 2022, was 1% below the low end of guidance.
• Gold sales: 132,462 ounces in Q4 2022 at an average realized gold price per ounce sold (1) of $1,754, and
452,953 ounces in 2022 at an average realized gold price per ounce sold(1) of $1,787.
• Production costs: $122.2 million in Q4 2022, and $459.6 million in 2022.
• Cash operating costs(1): $741 per ounce sold in Q4 2022. Full year cash operating costs of $788 per
ounce sold in 2022, 5% above the guidance range, driven by price increases for commodities and
consumables, including electricity in Turkiye and Greece, and fuel and reagents at Kisladag.
• All-in sustaining costs(1) ("AISC"): $1,246 per ounce sold in Q4 2022, and $1,276 per ounce sold in 2022,
meeting guidance for the year, driven mainly by the Company's disciplined deployment of sustaining capital.
• Total capital expenditures: $80.7 million in Q4 2022, and $289.9 million in 2022. Growth capital (1) of
$100.0 million in 2022 was primarily focused at Kisladag.
Financial
• Cash, cash equivalents and term deposits: $314.7 million, as at December 31, 2022
• Cash flow from operating activities, before changes in working capital(1): $85.2 million in Q4 2022, and
$239.5 million in 2022.
• Free cash flow(1): $10.7 million in Q4 2022, and negative $104.5 million in 2022 due to lower sales volumes
and significant investment in growth capital.
• Earning before interest, taxes, depreciation and amortization ("EBITDA") (1): $87.5 million in Q4 2022;
and $289.1 million in 2022.
• Adjusted EBITDA(1): $97.1 million in Q4 2022, and $321.5 million in 2022.
• Adjusted net earnings (loss) (1): $25.8 million or $0.14 per share in Q4 2022, and $10.1 million or $0.05
per share in 2022. Net earnings in Q4 2022 were driven by higher production.
(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, 2022 MD&A.
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2023 Outlook
• As previously announced in the news release titled, " Eldorado Provides 2023 Production and Cost
Guidance and Outlines Five-Year Growth Profile; Achieving Approximately 700k oz Gold Production in
2027", in 2023 we expect:
◦ Consolidated gold production of 475,000 to 515,000 ounces.
◦ Average Cash operating costs of $760 to $860 per ounce sold.
◦ Average AISC of $1,190 to $1,290 per ounce sold.
“In 2022, Eldorado continued to execute on our multi-year strategy in Greece,” said George Burns, Eldorado’s
President and Chief Executive Officer. “Late in the year, we were pleased to announce the €680 million project
financing facility for Skouries, and conditional Board approval for the full re-start of construction at Skouries. With
financing in place, we look forward to delivering this project on time and on budget and unlocking exceptional value
for all our stakeholders.”
“Operationally, following a challenging start to the year due to severe weather impacts and COVID, our sites worked
diligently to catch up and ultimately improved quarter over quarter. Across our four operating mines, we produced
almost 454,000 ounces of gold, slightly below the low end of our guidance range, with fourth quarter production
increasing more than 35% over the first quarter. From a cost perspective, global macroeconomic influences
impacted costs and supply chains industry wide. Coupled with lower-than-expected production, our cost per ounce
finished the year outside of our revised guidance range. We are working diligently to find ways to mitigate these
macro factors in our business planning,” added Burns.
“As we look forward to 2023, and beyond, we are excited to deliver on our growth portfolio with production
increasing year after year, and reaching 700,000 gold ounces by 2027, as announced earlier today in the 2023
guidance and five-year outlook news release. Our focus remains on execution at Skouries, an asset that will be
transformational to our production footprint, and we look forward to updating our stakeholders on our progress
throughout the construction period. At Olympias, transformation initiatives in 2023 will continue, with a focus on bulk
emulsion, ventilation, and people and equipment efficiencies. Additionally, we look forward to fully optimizing the
agglomeration circuit at Kisladag with the installation of the agglomeration drum, and we expect to realize benefits
of increased recovery rates from this world-class asset. Lastly, our global exploration and technical teams are
focused on resource expansion and conversion, and adding to mine-life across the portfolio, in particular at
Efemcukuru and Lamaque," added Burns.
"In light of the devastating earthquakes that took place in Turkiye and Syria at the beginning of February and earlier
this week, I, on behalf of the global Eldorado team, would like to extend our condolences to those impacted by the
disaster. Working with our colleagues in Turkiye, we will continue to provide additional aid and assistance to support
relief efforts as needed in the coming days, weeks and months ahead. We will continue to assess the situation and
our first priority, as always, is to ensure the continuing safety and well-being of our team members. I would like to
thank our entire Turkish team for responding so quickly and compassionately to this tragedy. Their efforts have been
an inspiration to us all," concluded George Burns.
Year in Review: Positioned to Excel
• Skouries Project Proceeding: In December 2022, Eldorado announced a €680 million project financing
facility, (the "Term Facility") and conditional Board approval which is expected to enable the restart of
construction. Construction and commissioning is expected to take approximately three-years, with first
production in 2025. Skouries is expected to produce, on average, 140,000 ounces of gold and 67 million
pounds of copper annually over its initial 20-year mine life. Drawdown on the Term Facility is subject to
customary closing conditions. We expect such conditions to be satisfied and the initial drawdown is
projected to occur in the first quarter of 2023.
• New Lamaque Technical Study: In February 2022, a new technical study was published for Lamaque,
showcasing the significant upside potential from the Lower Triangle zones and Ormaque deposit.
• Inaugural Climate Change and Green House Gas ("GHG") emissions report: In February 2022,
Eldorado published its first Climate Change and GHG emissions report, setting a target to mitigate 65,000
tonnes of Scope 1 and Scope 2 emissions by 2030.
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• Retained Exposure to Tocantinzinho: In July 2022, Eldorado completed the acquisition of 32.5 million
common shares of G Mining Ventures Corp ("GMIN"), continuing our interest in the gold project, located in
Brazil. Currently, Eldorado owns approximately 18% of the outstanding shares of GMIN.
• Planned Divestment of Certej: In October 2022, Eldorado entered into an agreement to sell the Certej
project, a non-core gold asset located in Romania, which is congruent with the strategy of focusing on its
core assets in the portfolio.
• 2022 Global Exploration Program: Approximately 20% increase in spending over 2021, focused on
brownfields opportunities at Lamaque and Efemcukuru, as well as greenfields growth in Eastern Canada
and Turkiye.
• Notable awards and recognitions across the business:
◦ Recognized as one of the Best 50 Corporate Citizens in Canada by Corporate Knights, which
acknowledges Canadian companies that are committed to bettering society and the planet. The
Best 50 represents a rising standard for corporate sustainability leadership in the country.
◦ At Eldorado Gold Quebec, three supervisors received the OHS 2022 Recognition Trophy from the
Quebec Mining Association. This award recognizes achievements in maintaining safe workplaces
for periods ranging from 50,000 to 150,000 hours for the year 2021.
◦ In Greece, the team received Gold in the Hellenic Responsible Business Awards, the most
prestigious contest for acknowledging Greek businesses’ work on sustainable and social
development, supported by the Ministries of Development & Investments and Environment &
Energy and the Hellenic Federation of Enterprises.
◦ In Turkiye, the team at Efemcukuru won the Best Team Competence award in the Mine Rescue
Competition organized by the Turkish Miners Association. The annual competition aims to create
awareness regarding the importance of health and safety while contributing to the development of
the occupational safety culture in the industry.
◦ Joe Dick, EVP and Chief Operating Officer, received the William L. Saunders Gold Medal Award
from the Society for Mining, Metallurgy, & Exploration. The award recognizes Joe’s significant
achievements throughout 35 years in mining, including his contributions to promoting safe,
productive mining operations and mentoring the industry’s future leaders.
◦ Jennifer Prospero, Senior Director, Sustainability, was recognized as one of the ‘100 Global
Inspirational Women in Mining’ by Women In Mining UK. This global publication celebrates the
“above & beyond” contributions of women to the mining industry and identifies role models to
inspire future generations of women to consider mining as a career choice.
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Consolidated Financial and Operational Highlights
Summarized Annual Financial Results
2022 2021 2020
Revenue $872.0 $940.9 $1,026.7
Gold produced (oz) 453,916 475,850 528,874
Gold sold (oz) 452,953 472,307 526,406
Average realized gold price ($/oz sold) (2) $1,787 $1,781 $1,783
Production costs 459.6 449.7 445.2
Cash operating costs ($/oz sold) (2,3) 788 626 560
Total cash costs ($/oz sold) (2,3) 878 715 649
All-in sustaining costs ($/oz sold) (2,3) 1,276 1,068 921
Net (loss) earnings for the period (1,4) (353.8) (136.0) 124.8
Net (loss) earnings per share – basic ($/share) (1,4) (1.93) (0.75) 0.73
Net (loss) earnings per share – diluted ($/share) (1,4) (1.93) (0.75) 0.71
Net (loss) earnings for the period continuing operations (1,4,6) (49.2) 20.9 131.1
Net (loss) earnings per share continuing operations – basic ($/share) (1,4,6) (0.27) 0.12 0.77
Net (loss) earnings per share continuing operations – diluted ($/share) (1,4,6) (0.27) 0.11 0.75
Adjusted net earnings continuing operations (1,2,4,6) 10.1 129.5 194.3
Adjusted net earnings per share continuing operations - basic ($/share) (1,2,4,6) 0.05 0.72 1.14
Net cash generated from operating activities (5,6) 211.2 366.7 471.8
Cash flow from operating activities before changes in working capital (2,5,6) 239.5 376.5 438.5
Free cash flow (2,5,6) (104.5) 63.3 268.7
Cash, cash equivalents and term deposits 314.7 481.3 511.0
Total assets 4,457.9 4,930.7 4,930.5
Debt 494.4 489.8 434.5
(1) Attributable to shareholders of the Company.
(2) These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for
explanations and discussion of these non-IFRS financial measures or ratios.
(3) Revenues from silver, lead and zinc sales are off-set against cash operating costs.
(4) 2020 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and
equipment as a result of errors in the amounts recorded for depreciation.
(5) 2020 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a
financing, rather than an operating activity.
(6) Amounts presented for 2022 and 2021 are from continuing operations only and exclude the Romania and Brazil Segments. See Note 6 of our Consolidated
Financial Statements.
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Summarized Quarterly Financial Results
2022 Continuing Operations(1) Q1 Q2 Q3 Q4 2022
Revenue $194.7 $213.4 $217.7 $246.2 $872.0
Gold produced (oz) 93,209 113,462 118,792 128,453 453,916
Gold sold (oz) 94,472 107,631 118,388 132,462 452,953
Average realized gold price ($/oz sold) (2,3) $1,889 $1,849 $1,688 $1,754 $1,787
Production costs 104.6 109.3 123.5 122.2 459.6
Cash operating cost ($/oz sold) (2,3) 835 788 803 741 788
Total cash cost ($/oz sold) (2,3) 941 879 892 818 878
All-in sustaining cost ($/oz sold) (2,3) 1,346 1,270 1,259 1,246 1,276
Net (loss) earnings (4,5,7) (39.7) (22.9) (28.4) 41.9 (49.2)
Net (loss) earnings per share – basic ($/share) (4,5,7) (0.22) (0.12) (0.15) 0.23 (0.27)
Adjusted net (loss) earnings (2,4,5,7) (19.3) 13.6 (10.0) 25.8 10.1
Adjusted net (loss) earnings per share ($/share) (2,4,5,7) (0.11) 0.07 (0.05) 0.14 0.05
Cash flow from operating activities 35.3 27.0 52.7 96.2 211.2
Cash flow from operating activities before changes in working capital (2) 49.4 49.2 55.8 85.2 239.5
Free cash flow (2) (26.8) (62.7) (25.7) 10.7 (104.5)
Cash, cash equivalents and term deposits 434.7 370.0 306.4 314.7 314.7
2021 Continuing Operations(1) Q1 Q2 Q3 Q4 2021
Revenue $224.6 $233.2 $238.4 $244.6 $940.9
Gold produced (oz) 111,742 116,067 125,459 122,582 475,850
Gold sold (oz) 113,594 114,140 125,189 119,384 472,307
Average realized gold price ($/oz sold) (2,3) $1,732 $1,840 $1,772 $1,780 $1,781
Production costs 108.6 112.8 110.2 118.2 449.7
Cash operating cost ($/oz sold) (2,3) 641 645 646 571 626
Total cash cost ($/oz sold) (2,3) 687 746 743 681 715
All-in sustaining cost ($/oz sold) (2,3) 986 1,073 1,133 1,076 1,068
Net earnings (loss) (4,5) 19.7 29.6 11.0 (39.4) 20.9
Net earnings (loss) per share – basic ($/share) (4,5) 0.11 0.16 0.06 (0.22) 0.12
Adjusted net earnings (2,4,5) 30.6 27.6 42.4 28.8 129.5
Adjusted net earnings per share ($/share) (2,4,5) 0.18 0.15 0.23 0.16 0.72
Cash flow from operating activities (6) 99.6 49.4 105.2 112.5 366.7
Cash flow from operating activities before changes in working capital (2,6) 82.4 76.9 99.7 117.5 376.5
Free cash flow (2,6) 33.9 (23.4) 29.8 23.0 63.3
Cash, cash equivalents and term deposits 533.8 410.7 439.3 481.3 481.3
(1) Amounts presented for 2022 and 2021 are from continuing operations only and exclude the Romania and Brazil Segments. See Note 6 of our Consolidated
Financial Statements.
(2) 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.
(3) By-product revenues are off-set against cash operating costs.
(4) Attributable to shareholders of the Company.
(5) Q1 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and
equipment as a result of errors in the amounts recorded for depreciation.
(6) Q1-Q2 2021 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a
financing, rather than an operating activity.
(7) Q1-Q3 2022 amounts have been adjusted to record additional depreciation expense upon review of the estimated remaining useful life of the existing heap
leach pad and adsorption-desorption and recovery ("ADR") plant at Kisladag (Q1 2022: $1.0 million, Q2 2022: $3.2 million, Q3 2022: $5.1 million, YTD
2022: $9.2 million).
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Gold sales in 2022 totalled 452,953 ounces, a decrease of 4% from 472,307 ounces in 2021. The lower sales
volume in 2022 compared with the prior year primarily reflected a decrease of 41,649 ounces sold at Kisladag due
to the reduction of tonnes placed on the heap leach pad in the first half of 2022 compared to 2021. There was also a
decrease of 3,974 ounces sold at Efemcukuru due largely to lower average gold grade, an increase of 22,016
ounces sold at Lamaque due to increased tonnes mined and processed, and an increase of 4,253 ounces sold at
Olympias due to higher average gold grade. Gold sales were 132,462 ounces in Q4 2022, an increase of 11% from
119,384 ounces in Q4 2021, primarily due to increased production at Kisladag in the quarter.
The average realized gold price was $1,787 per ounce sold in 2022, a slight increase from $1,781 per ounce sold in
2021. The average gold price increased during the first quarter of 2022, declined during Q2 and Q3, then
strengthened again in Q4 2022. The average realized gold price was $1,754 in Q4 2022 ($1,780 in Q4 2021).
Total revenue was $872.0 million in 2022, a decrease of 7% from total revenue of $940.9 million in 2021. The
decrease was due primarily to lower sales volumes, partially offset by the higher average realized gold price. T otal
revenue was $246.2 million in Q4 2022, an increase of 1% from total revenue of $244.6 million in Q4 2021. The
modest increase was due largely to higher sales volumes, partly offset by lower average realized gold prices.
Production costs of $459.6 million in 2022 increased from $449.7 million in 2021 and production costs of $122.2
million in Q4 2022 increased slightly from $118.2 million in Q4 2021. Increases in both periods were primarily due to
substantial price increases for certain commodities and consumables as a result of supply concerns caused by
financial and trade sanctions against Russia, and ongoing supply chain challenges due to the novel coronavirus
("COVID-19"). Cost increases primarily impacted electricity at operations in Greece and Turkiye, and fuel and
reagents at Kisladag.
Production costs include royalty expense which decreased to $40.6 million in 2022 from $42.0 million in 2021.
primarily reflecting lower sales volumes in 2022. Additionally, royalty expense in 2021 benefited from a $4.5 million
reversal of expense following an amendment of retroactive gold royalty rates in Turkiye. 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. Royalty expense decreased to $10.2 million in Q4 2022
from $13.1 million in Q4 2021 as a result of lower average metal prices, and the closure of the Stratoni mine at the
end of 2021.
Cash operating costs in 2022 averaged $788 per ounce sold an increase from $626 per ounce sold in 2021. In Q4
2022, cash operating costs averaged $741 per ounce sold, an increase from $571 per ounce sold in Q4 2021. The
increase in 2022 was primarily due to lower production and increases in both periods were primarily due to price
increases for certain commodities and consumables.
AISC per ounce sold increased to $1,276 in 2022 from $1,068 in 2021, and to $1,246 in Q4 2022 from $1,076 in Q4
2021. Increases in both periods primarily reflect the increase in cash operating costs per ounce sold and higher
sustaining capital expenditures.
We reported net loss attributable to shareholders from continuing operations of $49.2 million ($0.27 loss per share)
in 2022, compared to net earnings of $20.9 million ( $0.12 per share) in 2021 and net earnings of $41.9 million
($0.23 per share) in Q4 2022, compared to net loss of $39.4 million ($0.22 loss per share) in Q4 2021. The net loss
in 2022 was primarily due to lower production and sales volumes, and higher operating costs, depreciation, mine
standby costs and non-cash asset write-downs. Net earnings in Q4 2022 reflected higher sales volumes and an
income tax recovery, compared to a significant income tax expense in Q4 2021.
Adjusted net earnings from continuing operations were $10.1 million ($0.05 per share) in 2022, compared to $129.5
million ($0.72 per share) in 202 1. Adjusted net earnings in 2022 removes a $35.9 million loss on foreign exchange
due to translation of deferred tax balances , $20.0 million write-downs of assets, $4.4 million loss on the non-cash
revaluation of the derivative related to redemption options in our debt and a $1.0 million deferred tax recovery
relating to the impact of tax rate changes in Turkiye. Adjusted net earnings were $25.8 million ($0.14 per share) in
Q4 2022 and removes an $18.3 million gain on foreign exchange due to translation of deferred tax balances, a $5.2
million of write-down of assets and a $3.0 million gain on the non-cash revaluation of the derivative related to
redemption options in our debt.
Lower sales volumes in 2022, combined with a lower gold price, resulted in EBITDA of $289.1 million, including
$87.5 million in Q4 2022. Adjusted EBITDA of $321.5 million in 2022 and $97.1 million in Q4 2022 exclude, among
other things, asset write-downs related to Kisladag and the closure of Stratoni.
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Operations Update and Outlook
Gold Operations
3 months ended December 31, 12 months ended December 31,
2022 2021 2022 2021 2023 Outlook
Total
Ounces produced 128,453 122,582 453,916 475,850 475,000 – 515,000
Ounces sold 132,462 119,384 452,953 472,307 N/A
Production costs $122.2 $118.2 $459.6 $449.7 N/A
Cash operating costs ($/oz sold) (1) $741 $571 $788 $626 $760 – 860
All-in sustaining costs ($/oz sold) (1) $1,246 $1,076 $1,276 $1,068 $1,190 – 1,290
Sustaining capital expenditures (1) $36.9 $33.8 $126.5 $113.1 $114 – 139
Kisladag
Ounces produced 40,307 33,136 135,801 174,365 160,000 – 170,000
Ounces sold 39,833 33,269 134,213 175,862 N/A
Production costs $32.2 $28.8 $120.1 $122.6 N/A
Cash operating costs ($/oz sold) (1) $709 $737 $773 $583 $750 – 850
All-in sustaining costs ($/oz sold) (1) $884 $977 $1,000 $797 N/A
Sustaining capital expenditures (1) $3.0 $4.0 $14.7 $18.6 $14 – 19
Lamaque
Ounces produced 51,349 51,354 174,097 153,201 170,000 – 180,000
Ounces sold 51,244 50,257 173,409 151,393 N/A
Production costs $29.2 $26.7 $116.7 $99.0 N/A
Cash operating costs ($/oz sold) (1) $541 $482 $642 $616 $670 – 770
All-in sustaining costs ($/oz sold) (1) $925 $815 $1,036 $1,017 N/A
Sustaining capital expenditures (1) $18.1 $13.4 $62.8 $47.3 $60 – 70
Efemcukuru
Ounces produced 21,362 22,631 87,685 92,707 80,000 – 90,000
Ounces sold 21,486 21,797 88,784 92,758 N/A
Production costs $17.9 $18.1 $73.1 $67.2 N/A
Cash operating costs ($/oz sold) (1) $738 $606 $701 $551 $790 – 890
All-in sustaining costs ($/oz sold) (1) $1,138 $1,104 $1,091 $901 N/A
Sustaining capital expenditures (1) $5.3 $6.4 $18.8 $18.0 $10 – 15
Olympias
Ounces produced 15,435 15,461 56,333 55,577 60,000 – 75,000
Ounces sold 19,899 14,061 56,547 52,294 N/A
Production costs $42.9 $28.1 $149.5 $113.4 N/A
Cash operating costs ($/oz sold) (1) $1,325 $441 $1,409 $930 $980 – 1,080
All-in sustaining costs ($/oz sold) (1) $1,998 $1,467 $2,155 $1,715 N/A
Sustaining capital expenditures (1) $10.5 $10.1 $30.3 $29.1 $30 – 35
(1) These are non-IFRS financial measures and ratios. Further details on these non-IFRS financial measures and ratios are provided in the MD&A
accompanying Eldorado’s financial statements filed from time to time on SEDAR at www.sedar.com.
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Kisladag
Kisladag produced 135,801 ounces of gold in 2022, a 22% decrease from 174,365 ounces in 2021. Gold production
of 40,307 ounces in the quarter increased 22% from 33,136 ounces in Q4 2021 and benefited from increased
tonnes placed on the heap leach pad in Q3 2022, following reduced productivity in early 2022 as a result of
snowfall, prolonged freezing temperatures, impacts from the startup of belt agglomeration and COVID-19
absenteeism. Gold production during 2022 decreased 22% from 2021 due to debottlenecking of the belt
agglomeration circuit, reducing stacking capacity. In Q4 2022, eight larger, higher-capacity conveyors were installed,
which has improved material handling capacity and belt agglomeration. The high-pressure grinding roll circuit
("HPGR") is performing to plan with recovery rates as expected. Average grade declined slightly in 2022 to 0.74
grams per tonne, as compared to an average grade of 0.75 grams per tonne in 2021.
Cash operating costs per ounce sold increased to $773 in 2022 from $583 in 2021 primarily due to lower production
during the year. In the quarter, higher production resulted in a decrease in c ash operating costs per ounce sold to
$709 from $737 in Q4 2021 . Production costs in 2022 were negatively impacted by price increases in labour,
reagents, electricity, and fuel, some of which were partly offset by the weakening of the Turkish Lira. AISC per ounce
sold increased to $1,000 in 2022 from $797 in 2021 primarily due to higher cash operating costs per ounce sold,
partly offset by lower sustaining capital expenditure. In the quarter, AISC per ounce sold decreased to $884 from
$977 in Q4 2021 primarily due to higher production combined with slightly lower sustaining capital expenditure.
Sustaining capital expenditure of $14.7 million in 2022, including $3.0 million in Q4 2022 , primarily related to
equipment rebuilds, and processing and infrastructure improvements. Growth capital expenditures of $82.5 million
in 2022, including $21.2 million in Q4 2022, primarily included waste stripping to support the mine life extension,
construction of the first phase of the North heap leach pad and stacking and agglomeration enhancements.
Lamaque
Lamaque produced 174,097 ounces of gold in 2022, a 14% increase from 153,201 ounces in 2021 and a result of
an 11% increase in throughput in the year despite challenges with COVID-19 related absenteeism in mid-2022.
Gold production of 51,349 ounces in the quarter was comparable to 51,354 ounces in Q4 2021 and reflected strong
throughput, which offset planned lower grade. Average grade of 7.41 grams per tonne in the quarter resulted from
mining higher-grade stopes as compared to previous quarters in 2022. Average grade of 6.65 grams per tonne in
2022 slightly exceeded 6.54 grams per tonne in 2021.
Cash operating costs per ounce sold increased to $642 in 2022 from $616 in 2021 and to $541 in Q4 2022 from
$482 in Q4 2021 primarily due to cost increases in labour and consumables, which were partly offset by higher
production, and cost savings from a weaker Canadian dollar. In 2022, ore began to be transported from the Triangle
underground mine to the Sigma mill using the underground decline, avoiding public roads. The significantly shorter
hauling distance and reduced rehandling resulted in cost savings of approximately $4 per tonne transported . AISC
per ounce sold increased to $1,036 in 2022 from $1,017 in 2021 and to $925 in Q4 2022 from $815 in Q4 2021 with
increases in both periods reflecting higher cash operating costs per ounce sold and higher sustaining capital
expenditure.
Sustaining capital expenditures of $62.8 million in 2022, including $18.1 million in Q4 2022 , primarily related to
underground development and expansion of the tailings management facility. Growth capital expenditure totalled
$6.0 million in 2022, including $1.8 million in Q4 2022 , and is primarily related to construction of underground
infrastructure.
Efemcukuru
Efemcukuru produced 87,685 payable ounces of gold in 2022, a 5% decrease from 92,707 payable ounces in 2021.
Gold production of 21,362 payable ounces in the quarter was 6% lower than 22,631 payable ounces in Q4 2021.
Decreases in both periods reflect planned lower average grade, partly offset by higher throughput.
Cost increases combined with lower average grade resulted in an increase in cash operating costs per ounce sold
to $701 in 2022, from $551 in 2021 and to $738 in Q4 2022 from $606 in Q4 2021. AISC per ounce sold increased
to $1,091 in 2022 from $901 in 2021 and to $1,138 in Q4 2022 from $1,104 in Q4 2021, primarily reflecting higher
cash operating costs per ounce sold.
Sustaining capital expenditure of $18.8 million in 2022, including $5.3 million in Q4 2022 , related primarily to
underground development and equipment rebuilds. Growth capital expenditure included resource conversion drilling
at Kokarpinar and Bati.
8