Welcome to our dedicated page for Eldorado Gold news (Ticker: EGO), a resource for investors and traders seeking the latest updates and insights on Eldorado Gold stock.
Eldorado Gold Corporation (EGO) provides investors and industry observers with timely updates through this centralized news hub. Track official press releases and verified developments covering operational milestones, exploration progress, and strategic initiatives across global mining operations.
This resource delivers essential updates including quarterly earnings reports, production results, and regulatory filings. Users gain insights into asset development across key regions like Turkey and Greece, along with technical updates on gold and base metals extraction processes.
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Eldorado Gold Corporation will announce its 2023 First Quarter Financial and Operational Results on April 27, 2023, after market close. A conference call is scheduled for April 28, 2023, at 11:30 AM ET (8:30 AM PT) to discuss these results. Investors can access the call via the company’s website or by dial-in. Eldorado Gold, operating in Turkiye, Canada, and Greece, is engaged in mining, development, and exploration of gold and base metals, and is known for its skilled workforce and community partnerships.
Eldorado Gold Corporation and its subsidiary, Hellas Gold, have successfully closed a €680 million project financing facility for the Skouries Project in Northern Greece, covering 80% of the required funding. Hellas has already contributed €31.2 million towards early works at Skouries. The company's equity commitment is backed by a €190 million letter of credit. Additionally, Hellas has established a hedging program that covers gold and copper prices, including forward sales of 32,000 ounces of gold at $2,160 per ounce and 6,160 tonnes of copper at $8,525 per tonne. An interest rate swap has been arranged to cover 70% of variable interest rate exposure at a fixed rate of 3.11% over nine years.
Eldorado Gold Corporation announced promising results from step-out drilling at the Ormaque deposit in Quebec. Key findings include high-grade intercepts, such as 2.8 metres at 14.86 g/t gold and 1.75 metres at 39.37 g/t gold. The company plans to conduct approximately 190,000 metres of global exploration drilling in 2023, dedicating $35 million to $41 million towards resource expansion and conversion initiatives primarily in Quebec and Turkiye. Following the acquisition of Integra Resources in 2017, Eldorado Gold has added over 3.2 million inferred resource ounces at a cost below $18 per ounce, reinforcing their commitment to organic growth and expansion of their resource base.
Eldorado Gold Corporation reported its Q4 and full-year 2022 financial results. Gold production reached 128,453 ounces in Q4, with a total of 453,916 ounces for the year, slightly below guidance. Average realized gold prices were $1,754 per ounce in Q4 and $1,787 for the year. Production costs totaled $122.2 million in Q4 and $459.6 million for the year. Cash operating costs were $741 per ounce in Q4, above guidance. While free cash flow was $10.7 million in Q4, it was negative $104.5 million for the year. For 2023, the company expects production of 475,000 to 515,000 ounces, with cash operating costs ranging from $760 to $860 per ounce.
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