Eldorado Gold Stock Price, News & Analysis

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.

Eldorado Gold Corporation announced its 2023 production and cost guidance, projecting gold production between 475,000 to 515,000 ounces. Average cash operating costs are expected to be $760 to $860 per ounce sold. The company anticipates total growth capital expenditures of $394 to $437 million, primarily for the Skouries project. Eldorado also highlighted a five-year outlook, predicting a 55% increase in gold production by 2027, with first production from Skouries anticipated in the second half of 2025. The guidance reflects challenges such as inflationary pressures affecting operational costs.

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.