Eldorado Gold Stock Price, News & Analysis

Eldorado Gold Corporation reported preliminary gold production results for Q4 2022, totaling 128,453 ounces, bringing full-year production to 453,916 ounces. This represents a sequential increase in quarterly production, although the annual output fell slightly below the lower guidance threshold. Notably, Kisladag and Lamaque mines showed strong performance increases of 7% and 20% respectively, while Olympias production remained flat. The company anticipates a 22% income tax rate on mining profits in Turkey, and it plans to release detailed guidance for 2023 on February 23, 2023.

Eldorado Gold Corporation announced a €680 million project financing facility for its Skouries Project in Northern Greece, covering 80% of future funding needs. The facility, arranged by National Bank of Greece and Piraeus Bank, is non-recourse to Eldorado and backed by Skouries' assets. The project is approximately half-built, with funds expected to be drawn in Q1 2023. The Board approved the restart of construction, aiming for first production in H2 2025, which could significantly enhance Eldorado’s production and cash flow, including copper revenue. The project boasts a 19% after-tax IRR and $1.3 billion NPV.

Eldorado Gold Corporation has released its updated Mineral Reserve and Resource estimates as of September 30, 2022. The total Proven and Probable gold Reserves now stand at 12.3 million ounces, a 4% decrease from 2021, mainly due to the divestment of the Certej asset. Excluding depletion effects, Reserves remain stable. Measured and Indicated Resources are 19.2 million ounces, reflecting a 2% decline. The operational focus remains on core assets in Turkiye, Canada, and Greece, while the Certej project sale is expected to finalize in Q1 2023.

Eldorado Gold Corporation announced its Q3 2022 results, reporting gold production of 118,791 ounces, a 5% increase from Q2 2022. Revenue was $217.7 million, down 9% year-over-year, attributed to lower sales volumes and a 5% decrease in average gold price to $1,688 per ounce. Production costs rose to $123.5 million, leading to a cash operating cost of $803 per ounce. The company faced a net loss of $50.5 million and negative free cash flow of $25.9 million. Despite challenges, operational performance remained on track with annual guidance.

Eldorado Gold Corporation reported third quarter 2022 preliminary gold production of 118,790 ounces and year-to-date production of 325,461 ounces. The company remains aligned with its full-year guidance of 460,000 ounces. Key contributors included Kisladag and Lamaque, with Kisladag experiencing a 27% increase in production compared to Q2. However, production at Lamaque was slightly below expectations.

Tax expenses in Turkiye are anticipated to rise by $2 million due to currency fluctuations.

Eldorado Gold Corporation has reported progress in its 2022 exploration efforts at Lamaque, Efemcukuru, and Olympias, completing over 85,000 metres of drilling and on track for a total of 140,000 metres. Significant findings include high-grade gold intercepts at Ormaque in Quebec, along with promising results from the West Vein system at Efemcukuru in Turkiye and the North Zone extension at Olympias in Greece. The company anticipates incorporating these findings into its year-end resource update.

Eldorado Gold Corporation has signed a mandate letter with Greek banks for a €680 million project finance facility aimed at developing the Skouries Project in Northern Greece. This marks a significant step towards restarting construction at Skouries, which is projected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually over its 20-year lifespan. The project's feasibility study estimates a capital cost of USD 845 million with expected free cash flow of USD 215 million per year during the first five years of operation, pending board approval for construction restart.

Eldorado Gold Corporation reported its Q2 2022 financial results, showing a net loss of $22.7 million ($0.12 per share), compared to a net profit of $31.0 million in Q2 2021. Gold production increased by 22% to 113,462 ounces, with sales at 107,631 ounces at an average price of $1,849 per ounce. Cash operating costs rose to $789 per ounce, up from $645 in Q2 2021. Revenue decreased 8% to $213.4 million, influenced by lower sales volumes despite higher metal prices. The company's 2022 outlook remains cautious, expecting annual production of 460,000 to 490,000 ounces.

Eldorado Gold Corporation announced preliminary gold production for Q2 2022 totaling 113,462 ounces, maintaining its full-year production guidance of 460,000 to 490,000 ounces. Key contributors to production included Kisladag with 27,973 ounces, Lamaque at 46,917 ounces, and Efemcukuru with 22,793 ounces. The company reports optimization efforts are yielding positive results, particularly with increased throughput and grades. However, gold production at Kisladag fell short of expectations due to lower leach pad tonnage, though improvements are anticipated in the third quarter.