Eldorado Gold Reports Q2 2024 Financial and Operational Results; Maintains 2024 Operating Guidance
NEWS RELEASE
TSX: ELD NYSE: EGO July 25, 2024
Eldorado Gold Reports Q2 2024 Financial and Operational Results;
Maintains 2024 Operating Guidance
VANCOUVER, BC - Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s
financial and operational results for the second quarter of 2024. For further information, please see the Company’s
Consolidated Financial Statements and Management’s Discussion and Analysis ("MD&A") filed on SEDAR+ at
www.sedarplus.com under the Company’s profile.
Second Quarter 2024 Highlights
Operations
• Gold production: 122,319 ounces in line with expectations for the quarter. Production increased 12% from
Q2 2023, reflecting increased gold production of 22% at Lamaque and 14% at Kisladag. Production was
slightly offset by lower production at Olympias as a result of intermittent work stoppages during ongoing
negotiations for a new Collective Bargaining Agreement ("CBA").
• Gold sales : 121,226 ounces at an average realized gold price per ounce sold 1 of $2,336. Gold sales
increased 10% from Q2 2023 primarily as a result of increased production at Lamaque and Kisladag.
• Production costs: $127.8 million in Q2 2024, compared to $116.1 million in Q2 2023. The increase was
due primarily to higher sales volumes, as well as slightly higher cash costs, the latter impacted by higher
royalty expense due to higher gold sales and higher gold price, as well as increases in contractor and
labour costs and higher fuel prices.
• Total cash costs 1: $940 per ounce gold sold compared to $928 per ounce gold sold in Q2 2023, with the
increases primarily due to higher royalties driven by higher gold prices and higher mining costs as well as
lower by-product credits.
• All-in sustaining costs ("AISC")1: $1,331 per ounce sold compared to $1,296 per ounce sold in Q2 2023,
with the increase due to higher total cash costs combined with higher sustaining capital.
• Total capital expenditures: $165.7 million, including $91.9 million of growth capital 1 invested at Skouries,
with activity focused on major earthworks and infrastructure construction. Growth capital at the operating
mines totalled $42.3 million and was primarily related to Kisladag for continued waste stripping, construction
of the North Heap Leach Pad and related infrastructure.
• Production and cost outlook : The Company is maintaining its 2024 annual production guidance of
505,000 to 555,000 ounces of gold. Production continues to be weighted to the second half of the year.
Total cash costs1 for the full year are expected to be between $840 to $940 per ounce sold and an average
AISC1 of $1,190 to $1,290 per ounce sold.
Financial
• Revenue: $297.1 million in Q2 2024, an increase of 30% from $229.0 million in Q2 2023, primarily due to
the higher averaged realized gold price and higher sales volumes.
• Net cash generated from operating activities from continuing operations: $112.2 million compared to
$75.3 million in Q2 2023, primarily due to higher revenue, partially offset by higher income taxes paid.
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1 These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures
and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS
and Other Financial Measures and Ratios' in the Company's June 30, 2024 MD&A.
• Cash flow from operating activities before changes in working capital 2: $132.2 million compared to
$82.4 million in Q2 2023, primarily due to higher revenue, partially offset by higher income taxes paid.
• Cash, cash equivalents and term deposits: $595.1 million, as at June 30, 2024 as compared to $514.7
million as at March 31, 2024, with the cash increase attributable to strong operating cashflows combined
with the planned Skouries Term Facility drawdown, partially offset by the significant investing activities,
particularly at Skouries.
• Net earnings attributable to shareholders from continuing operations: $56.4 million , or $0.28 per
share, compared to $1.5 million or $0.01 per share in Q2 2023, with the increase driven by higher revenue.
• Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") 2:
$155.3 million compared to $106.8 million in Q2 2023, with the increase driven by higher revenue, partially
offset by the unrealized derivative losses as well as a lower foreign exchange gain.
• Adjusted net earnings 2: $66.6 million or $0.33 per share compared to $9.7 million or $0.05 per share in
Q2 2023. Adjustments in Q2 2024 include a $1.9 million gain on foreign exchange due to the translation of
deferred tax balances net of Turkiye inflation accounting and a $12.0 million unrealized loss on derivative
instruments.
• Free cash flow 2: Negative $32.0 million in Q2 2024 compared to negative $21.7 million in Q2 2023, with
the decrease driven by continued investment activities at Skouries, partially offset by higher operating cash
flow, primarily due to the higher average realized gold price and higher sales volumes.
• Free cash flow excluding Skouries2: $33.9 million in Q2 2024 compared to $13.7 million in Q2 2023, with
the increase driven by higher operating cash flow, primarily due to the higher average realized gold price
and higher sales volumes.
• Project Facility: Drawdowns on the Skouries Term Facility during Q2 2024 totalled €104.0 million and year
to date as at June 30, 2024 totalled €118.1 million.
Corporate
“Operationally, the second quarter was aligned with guidance, driven by higher grades at Kisladag, Lamaque and
Efemcukuru,” said George Burns, President and Chief Executive Officer. “At Olympias, as negotiations on a new
CBA progressed during the quarter, we experienced intermittent labour-initiated work stoppages, which had a small
impact on consolidated production. We remain confident we will come to a mutually beneficial agreement between
the Company and the union workforce, demonstrating our commitment to mutual respect and collaboration to
support Olympias becoming a long-term profitable business.”
“With production totaling 239,430 ounces through the first half of the year and unit costs expected to decrease over
the second half of the year, we remain on track to achieve 2024 guidance. Our continued focus on operational
efficiencies and productivity position us for stronger production and improved unit costs during the second half of
2024. In addition, we remain on budget and on track for first production at Skouries in the third quarter of 2025.”
“We published our Annual Sustainability Report which highlighted our continued focus on our commitment to
sustainability across our global sites. In addition, our teams in Turkiye completed external verification against the
Mining Association of Canada’s ‘Towards Sustainable Mining’ protocols, receiving very positive scores. More
specifically, at Efemcukuru, the site received AAA scores, signifying excellence and leadership, in Tailings, Health &
Safety, Biodiversity, and Indigenous and Community Relationships, and A, AA or AAA scores across all other
indicators. At Kisladag, the site received AAA scores in all Health & Safety protocol indicators, and A, AA, or AAA
scores across all other indicators. TSM scoring is a range from C through AAA with A indicating 'Good Practice' and
AAA indicating 'Excellence and Leadership' in practices. This completes our first round of TSM compliance
verifications across all Eldorado operations, which started with the Lamaque Complex in 2022 and the Kassandra
Mines in Greece completed in 2023. Notably, Eldorado scored AAA, the highest possible score, for Tailings
management across all of our global operations with tailings facilities.”
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2 These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures
and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS
and Other Financial Measures and Ratios' in the Company's June 30, 2024 MD&A.
Skouries Highlights
Growth capital invested totalled $91.9 million in Q2 2024 and $144.4 million during the six months ended June 30,
2024. At June 30, 2024, the growth capital invested towards the overall capital estimate of $920 million totalled $329
million.
In 2024, the capital spend is expected to be between $375 and $425 million, with a higher expected spend in the
second half of the year as contractor mobilization continues to ramp up and multiple work fronts open up.
As at June 30, 2024:
• The current Phase 2 of the project was 49% complete and the entire project was 76% complete, when
including the first phase of construction;
• Detailed engineering, since project restart, was 72% complete and procurement was substantially complete;
• Project execution and ramp-up continued for major earthworks with work progressing on water
management ponds, and top soil stripping and underdrain construction in the low-grade ore stockpile basin.
In addition, the coffer dam spillway construction has commenced;
• Work continues to advance on the tailings filtration infrastructure. The earthworks and KT2 channel
construction are substantially complete, the piling for the filter plant building is over 95% complete and the
piling for the tank farm area is 37% complete;
• Progress advanced on the foundation construction of the primary crusher, as planned, with the upper
retaining walls now completed and the concrete slab for the base of the crusher building expected to be
poured in Q3 2024;
• Construction of several non-process plant buildings commenced during Q2 2024, and relining of flotation
cells are 50% complete;
• Placement of concrete has increased from 445m3/month in Q1 2024 to 2,469m3/month in Q2 2024. The first
thickener base concrete pour was completed on July 13, 2024;
• Awarded the underground development and test stoping contract; and
• As previously noted, the upgrade of the underground power supply to 690V and the ventilation upgrade are
both completed.
On-track with milestones in 2024, which include:
Procurement and Engineering
• Substantial completion of procurement and engineering
Process Plant
• Construction of the control room and electrical room building - commenced in Q1 2024
• Construction of the tailings thickeners - commenced in Q1 2024
Tailings Filter Facility
• Awarding of the filter facility construction contract
• Preassembly of the filter press plates and frames - commenced in Q1 2024
• Completion of the structural steel
Integrated Extractive Waste Management Facility ("IEWMF")
• Completion of the coffer dam
Underground
• Awarding of the underground development and test stoping contract - completed in Q2 2024
• Completion of approximately 2,200 metres of underground development
Construction Progress
Work continues to ramp up on construction of major earthworks structures including the haul roads, water
management ponds, low-grade stockpile, primary crusher, process facilities, filter building and the IEWMF.
Productivity improvement initiatives by the earthworks contractor, including adding a partial second shift, has yielded
significant improvements. Work is also progressing on the underground development to support test stope mining in
2025.
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On the critical path is the filter plant building which continues to advance, wi th 871 piles required for the filter plant
building and supporting infrastructure . To date, 270 piles have been completed, including 95% of the piles for the
filter plant building. There are currently two active drills with a third drill having recently arrived on site. In July 2024,
preparation work for the concrete foundations on the filter plant building have commenced, with assembly of the
building structure to commence in Q3 2024 following the awarding of the filter plant construction contract. The
contract will include the building structure, assembly of equipment within the building, including air compressors,
conveyors, filter presses and other ancillary equipment and piping and electrical work. The filter press plates
continue to be preassembled with 225 now completed out of a total of 588. The fabricated frames for the filter press
plates arrived on site during Q2 2024.
Work in the mill/flotation building continues to progress. Commissioning of all overhead cranes was completed
during Q2 2024. Construction lighting, scaffolding, steel and concrete work are all progressing according to plan. In
addition, off-site pipe spool fabrication and contractor mobilization continue on plan. Work has also commenced on
support infrastructure including the process control room building, process plant sub-station, water pump station,
lime plant, air blowers building and flotation reagent areas.
During Q2 2024, earthworks were completed to allow access to the coffer dam site and construction has now
commenced. In addition, the low-grade ore stockpile fill placement also commenced.
By the end of 2024, the Company expects to have completed the first of two water management ponds, IEWMF
coffer dam and significantly advanced the IEWMF earthworks, process plant and filter plant earthworks.
All 19 company-owned Cat 745 trucks are now onsite and operational. During construction, these trucks are used
as part of an integrated fleet with the earthwork's construction contractor for construction of the water management
ponds one and two, low-grade ore stockpile, IEWMF and facilities. These trucks will continue to be used once
Skouries is in operation to build the IEWMF lifts that will be required for stacking of produced dry tailings.
Underground Development
The upgrade of the underground power supply from 400V to 690V has been completed. The ventilation upgrade is
also complete, and the new contact water pumping system will be fully operational in 2024.
The first phase of underground development, which included the West Decline and access to the test stopes was
completed with a local contractor. The second underground development contract was awarded and the contractor
mobilized to site as planned in Q2 2024, taking their first blast on June 17, 2024. This second contract includes the
test stope work as well as additional development and services work to support the development of the
underground mine. The Company expects to complete approximately 2,200 metres of underground development by
the end of 2024.
Engineering
Following the transition of engineering to Greece at the end of 2023, it is currently 72% complete as at the end of
Q2 2024 and remains on track for substantial completion at the end of Q3 2024. Detailed engineering work
continues to advance in all areas. The release of structural steel for fabrication is nearing completion with
approximately 60% of the total steel fabricated to date.
Procurement
At the end of Q2 2024, procurement is substantially complete, with all long lead items procured and the focus on
managing fabrication and deliveries.
Operational Readiness
The experienced commissioning, operational readiness and operations leadership team, which includes seven
specialists, is currently focused on finalizing the commissioning plan integration with the project construction
schedule. In addition, development of a Management Operating System, which provides operations with a system
and processes to manage production, is ongoing. Several process mapping workshops were held to map current
processes, which are analyzed and then integrated to ensure industry best practices to improve safety, reliability
and effective decision making to drive efficiencies.
The Skouries operations team now consists of 133 personnel; including 118 in leadership, sustainability, operations
and support services roles, and 15 embedded in the construction projects teams for open pit mining, underground
mining and dry stack tailings construction. The operations recruitment profile was completed, and recruitment
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activities are on track with the Operational Workforce Plan. Finalization of operational and maintenance training
solutions is ongoing.
The Mavres Petres Training Centre was utilized for ventilation training, business process mapping, document
management and integration of Metso operations and training solutions into training and development programs. An
agreement was reached with the technical and operational teams on a competency framework. This framework
provides industry focused, comprehensive theoretical and hands-on practical training. Trainees are assessed on
both theoretical and practical knowledge before being qualified to work independently in the mine. The training
program is consistent with and compliments the applicable standards outlined in the Greek Mining Code and labour
legislation. Training solutions for the open pit and processing operations and maintenance were identified, scoped
and mutually agreed to. Mine operators and maintenance progression systems were also developed.
Workforce
In addition to the Operational Readiness team, as at June 30, 2024, there were 841 personnel on site which is
expected to ramp up to 1,300 during 2024.
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Consolidated Financial and Operational Highlights
3 months ended June 30, 6 months ended June 30,
2024 2023 2024 2023
Revenue $297.1 $229.0 $555.1 $456.8
Gold produced (oz) 122,319 109,435 239,430 220,944
Gold sold (oz) 121,226 110,134 237,234 219,951
Average realized gold price ($/oz sold) (2) $2,336 $1,953 $2,214 $1,943
Production costs 127.8 116.1 250.8 225.8
Total cash costs ($/oz sold) (2,3) 940 928 931 893
All-in sustaining costs ($/oz sold) (2,3) 1,331 1,296 1,297 1,252
Net earnings for the period (1) 55.5 0.9 89.1 20.2
Net earnings per share – basic ($/share) (1) 0.27 — 0.44 0.11
Net earnings per share – diluted ($/share) (1) 0.27 — 0.44 0.11
Net earnings for the period continuing operations (1,4) 56.4 1.5 91.6 20.9
Net earnings per share continuing operations –
basic ($/share)(1,4) 0.28 0.01 0.45 0.11
Net earnings per share continuing operations –
diluted ($/share)(1,4) 0.27 0.01 0.45 0.11
Adjusted net earnings continuing operations – basic (1,2,4) 66.6 9.7 121.8 26.4
Adjusted net earnings per share continuing operations
($/share)(1,2,4) 0.33 0.05 0.60 0.14
Net cash generated from operating activities (4) 112.2 75.3 207.5 115.6
Cash flow from operating activities before changes in working
capital (2,4) 132.2 82.4 240.5 175.6
Free cash flow (2,4) (32.0) (21.7) (63.0) (56.7)
Free cash flow excluding Skouries (2,4) 33.9 13.7 67.6 (6.2)
Cash, cash equivalents and term deposits (4) 595.1 456.6 595.1 456.6
Total assets 5,280.6 4,742.1 5,280.6 4,742.1
Debt (4) 748.0 546.0 748.0 546.0
(1) Attributable to shareholders of the Company.
(2) These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' of
our MD&A for explanations and discussions of these non-IFRS financial measures or ratios.
(3) Revenues from silver, lead and zinc sales are off-set against total cash costs.
(4) Amounts presented for 2024 and 2023 are from continuing operations only and exclude the Romania segment. See Note 4 of our condensed
consolidated interim financial statements for the three and six months ended June 30, 2024.
Total revenue increased to $297.1 million in Q2 2024 from $229.0 million in Q2 2023 and to $555.1 million in the six
months ended June 30, 2024 , from $456.8 million in the six months ended June 30, 2023 . The increases in both
three and six-month periods were primarily due to the higher average realized gold price as well as the higher sales
volumes.
Production costs increased to $127.8 million in Q2 2024 from $116.1 million in Q2 2023 and to $250.8 million in the
six months ended June 30, 2024 from $225.8 million in the six months ended June 30, 2023 . Increases in both
periods were driven primarily by higher sales volume as well as slightly higher cash costs, the latter impacted by
higher royalty expense due to higher gold sales and higher gold price, as well as increases in contractor and labour
costs and higher fuel prices.
Total cash costs3 averaged $940 per ounce sold in Q2 2024, an increase from $928 in Q2 2023, and $931 the six
months ended June 30, 2024 from $893 in the six months ended June 30, 2023 . The increases in both the three
and six-month periods were primarily due to higher royalties (driven by higher gold prices) and mining costs as well
as lower by-product credits.
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3 These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures
and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS
and Other Financial Measures and Ratios' in the Company's June 30, 2024 MD&A.
AISC per ounce sold4 averaged $1,331 in Q2 2024, an increase from $1,296 in Q2 2023, and $1,297 the six months
ended June 30, 2024 from $1,252 in the six months ended June 30, 2023, with the increases in both the three and
six-month periods due to higher total cash costs combined with higher sustaining capital and G&A.
Eldorado reported net earnings attributable to shareholders from continuing operations of $56.4 million ($0.28
earnings per share) in Q2 2024 compared to net earnings of $1.5 million ($0.01 earnings per share) in Q2 2023 and
net earnings of $91.6 million ($0.45 earnings per share) in the six months ended June 30, 2024 compared to net
earnings of $20.9 million ($0.11 earnings per share) in the six months ended June 30, 2023 . The increases in net
earnings in both the three and six-month periods were driven by higher operating income due primarily to higher
average realized gold price as well as stronger gold sales, partially offset by higher unrealized derivative losses.
Adjusted net earnings4 was $66.6 million ($0.33 earnings per share) in Q2 2024 compared to adjusted net earnings
of $9.7 million ($0.05 earnings per share) in Q2 2023. Adjustments in Q2 2024 include a $1.9 million gain on foreign
exchange due to the translation of deferred tax balances net of Turkiye inflation accounting and a $12.0 million
unrealized loss on derivative instruments.
Adjusted net earnings was $121.8 million ( $0.60 earnings per share) in the six months ended June 30, 2024
compared to adjusted net earnings of $26.4 million ($0.14 earnings per share) in the six months ended June 30,
2023. Adjustments in the six months ended June 30, 2024 include a $3.4 million loss on foreign exchange due to
the translation of deferred tax balances net of Turkiye inflation accounting, a $28.9 million unrealized loss on
derivative instruments and a $2.0 million gain on the non-cash revaluation of the derivative related to redemption
options in our Senior Notes.
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4 These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures
and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS
and Other Financial Measures and Ratios' in the Company's June 30, 2024 MD&A.
Quarterly Operations Update
3 months ended June 30, 6 months ended June 30,
2024 2023 2024 2023
Consolidated
Ounces produced 122,319 109,435 239,430 220,944
Ounces sold 121,226 110,134 237,234 219,951
Production costs $127.8 $116.1 $250.8 $225.8
Total cash costs ($/oz sold) (1,2) $940 $928 $931 $893
All-in sustaining costs ($/oz sold) (1,2) $1,331 $1,296 $1,297 $1,252
Sustaining capital expenditures (2) $30.9 $26.1 $59.9 $52.1
Kisladag
Ounces produced 38,990 34,180 76,513 71,340
Ounces sold 39,646 32,280 76,344 69,673
Production costs $38.2 $27.5 $69.2 $58.0
Total cash costs ($/oz sold) (1,2) $941 $827 $883 $809
All-in sustaining costs ($/oz sold) (1,2) $1,055 $937 $988 $904
Sustaining capital expenditures (2) $3.1 $2.8 $5.2 $5.0
Lamaque
Ounces produced 47,391 38,745 89,690 76,629
Ounces sold 43,625 39,904 88,245 78,547
Production costs $33.6 $28.3 $68.8 $57.5
Total cash costs ($/oz sold) (1,2) $759 $701 $769 $722
All-in sustaining costs ($/oz sold) (1,2) $1,233 $1,117 $1,248 $1,166
Sustaining capital expenditures (2) $20.1 $16.2 $41.1 $34.1
Efemcukuru
Ounces produced 22,397 22,644 40,898 42,572
Ounces sold 22,462 22,466 41,076 42,217
Production costs $24.8 $20.4 $46.6 $38.1
Total cash costs ($/oz sold) (1,2) $1,087 $915 $1,117 $924
All-in sustaining costs ($/oz sold) (1,2) $1,288 $1,111 $1,220 $1,103
Sustaining capital expenditures (2) $3.6 $3.7 $6.0 $5.9
Olympias
Ounces produced 13,541 13,866 32,329 30,403
Ounces sold 15,493 15,484 31,568 29,514
Production costs $31.3 $40.0 $66.3 $72.2
Total cash costs ($/oz sold) (1,2) $1,231 $1,746 $1,260 $1,496
All-in sustaining costs ($/oz sold) (1,2) $1,522 $2,036 $1,524 $1,797
Sustaining capital expenditures (2) $4.1 $3.4 $7.6 $7.1
(1) Revenues from silver, lead and zinc sales are off-set against total cash costs.
(2) These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' of our
MD&A for explanations and discussions of these non-IFRS financial measures or ratios.
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