VANCOUVER, British Columbia, Oct. 31, 2024 (GLOBE NEWSWIRE) --
Eldorado Gold Corporation (“Eldorado” or “the Company”) today
reports the Company’s financial and operational results for the
third 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.
Third Quarter
2024 Highlights
Operations
- Gold production:
125,195 ounces were produced in the quarter. Production increased
3% from Q3 2023, reflecting increased gold production of 13% at
Olympias due to higher gold grades processed and 10% at Kisladag as
a result of increased heap leach inventory drawdown.
- Gold sales:
123,828 ounces at an average realized gold price per ounce
sold1 of $2,492. Gold sales increased 4% from Q3 2023
primarily as a result of increased production at Olympias and
Kisladag.
- Production costs:
$141.2 million in Q3 2024, compared to $115.5 million in Q3 2023.
The increase was due primarily to higher sales volumes, as well as
higher cash costs, the latter impacted by higher royalty expense
due to higher gold sales and higher gold price, as well as
increases in labour costs.
- Total cash
costs1: $953 per ounce gold
sold compared to $794 per ounce gold sold in Q3 2023, with the
increases primarily due to higher royalties (driven by higher gold
prices) and higher labour costs.
- All-in sustaining costs
("AISC")1: $1,335 per ounce
sold compared to $1,177 per ounce sold in Q3 2023, with the
increase due to higher total cash costs combined with higher
sustaining capital.
- Total capital
expenditures: $158.1 million, including $82.7 million of
growth capital1 invested at Skouries, with activity
focused on infrastructure construction. Growth capital at the
operating mines totalled $39.0 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 tightening its 2024 guidance for
gold production, costs, depreciation and capital expenditure,
reflecting updated full-year expectations given the operational and
financial performance to date. Gold production is expected to be
505,000 to 530,000 ounces, from 505,000 to 555,000 ounces. Total
cash costs per ounce sold is expected to be $910 to $940 per ounce
sold, from $840 to $940 per ounce sold, primarily due to lower
production and increased royalties in Greece and Turkiye related to
higher gold price. AISC per ounce sold is expected to be $1,260 to
$1,290 per ounce sold, from $1,190 to $1,290 per ounce sold,
primarily due to higher total cash costs, partially offset by lower
sustaining capital expenditure.
Financial
- Revenue: $331.8
million in Q3 2024, an increase of 36% from $244.8 million in Q3
2023, primarily due to the higher averaged realized gold price and
higher sales volumes.
- Net cash generated from
operating activities from continuing operations: $180.9
million compared to $108.1 million in Q3 2023, primarily due
to higher revenue, partially offset by higher cash costs.
- Cash flow from operating
activities before changes in working
capital2:
$166.5 million compared to $97.5 million in Q3 2023, primarily due
to higher revenue, partially offset by higher cash costs.
- Cash, cash equivalents and
term deposits: $676.6 million, as at September 30,
2024 as compared to $595.1 million as at June 30, 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 (loss)
attributable to shareholders from continuing operations:
$101.1 million, or $0.49 per share, compared to $6.6 million loss
or $0.03 loss per share in Q3 2023, with the increase driven by
higher revenue.
- Adjusted net earnings
before interest, taxes, depreciation and amortization ("Adjusted
EBITDA")2:
$169.0 million compared to $108.7 million in Q3 2023, with the
increase driven by higher revenue, partially offset by the
adjustment of a gain on recognition of deferred consideration.
- Adjusted net
earnings2: $71.0 million or
$0.35 per share compared to $35.0 million or $0.17 per share in Q3
2023. Adjustments in Q3 2024 include a $33.1 million unrealized
loss on derivative instruments, a $50.1 million gain on recognition
of deferred consideration net of tax impacts related to commercial
production being declared at the Tocantinzinho Mine, which was
divested to G Mining Ventures in 2021, and a $15.3 million gain on
foreign exchange due to the translation of deferred tax balances
and Turkiye inflation accounting.
- Free cash
flow2:
Negative $4.8 million in Q3 2024 compared to negative $19.3 million
in Q3 2023, with the increase in higher operating cash flow,
primarily due to the higher average realized gold price and higher
sales volumes, partially offset by continued investment at
Skouries.
- Free cash flow excluding
Skouries2:
$98.3 million in Q3 2024 compared to $37.3 million in Q3 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 Q3 2024 totalled
€83.7 million and year to date as at September 30, 2024
totalled €201.8 million.
Corporate
“As gold prices reached record highs during the
quarter we continued to realize margin expansion and strong cash
flow generation across our operations,” said George Burns,
President and Chief Executive Officer. “Free cash flow before
Skouries investment totalled $98.3 million.”
“At Olympias, we successfully concluded the CBA
negotiations and reached a mutually beneficial agreement with the
union workforce in early August. This three-year agreement combined
with increased productivity in our underground operations, and as
contemplated in our guidance, supports the 650ktpa expansion, an
increase from 500ktpa, positioning Olympias for long-term
profitability over its current mine life of 15 years. In Canada, at
Lamaque, progress continued on the Ormaque bulk sample. We have
begun stockpiling material ahead of processing it through the mill
in the fourth quarter and remain on track to declare an inaugural
reserve later this year.”
“At Kisladag, we encountered a few operational
challenges including lower tonnes stacked, slightly lower recovery
and a longer leach cycle than planned. Throughout the quarter, we
implemented a number of improvements to address these issues. This
included improving the stacking sequence where we have started to
see positive results. In addition, we have begun to see improved
solution management through various innovative methods that are
being deployed to help draw down the gold inventory.”
“Production reached 364,625 ounces in the first
nine months of the year, an increase of 7% compared to 2023, and
12% compared to 2022, respectively. We are on track to meet our
2024 production and cost guidance. We have tightened the gold
production range to between 505,000 to 530,000 ounces. As gold
prices hit record highs in the third quarter, we continued to
experience increased royalty costs, which has impacted our overall
costs, and we expect full year all-in sustaining costs to be near
the upper end of guidance of between $1,260 and $1,290 per
ounce."
"Our transformational Skouries project continues
to track on budget and on schedule with first production expected
in the third quarter of 2025. Solid progress was made during the
third quarter, with overall project completion currently at 79%. As
anticipated, the contract was awarded for the steel and mechanical
installations for the filter building during the quarter, which is
part of the critical path. Thus far the construction workforce
productivity is slightly beating our assumptions. With
approximately 1,000 personnel working, we are making steady
progress towards our year-end target of 1,300. Our focus once we
have the additional personnel onsite will turn to integrating them
at our assumed productivity levels to maintain the schedule and
budget. We are managing this closely and taking proactive measures
to mitigate potential challenges in a tight construction labour
market. To view the progress see our Q3 2024 progress update video
linked below."
Q3 2024 progress update video link: https://youtu.be/js0MxV8Dgdo
Skouries Highlights
Growth capital invested totalled $82.7 million
in Q3 2024 and $227.1 million during the nine months ended
September 30, 2024. At September 30, 2024, the growth capital
invested towards the overall capital estimate of $920 million
totalled $411.9 million.
In 2024, the expected capital spend has been
lowered to between $350 and $380 million from the original guidance
of $375 and $425 million. The lowered capital is not expected to
impact first production as it is primarily related to rescheduled
work that has been shifted to a later phase of the project that is
not on the critical path, and reflects a slower than expected
ramp-up of contractor mobilization during the first three quarters
of 2024.
First production of the copper-gold concentrate
is expected in Q3 2025, with expected 2025 gold production of
50,000 to 60,000 ounces and copper production of 15 to 20 million
pounds. The project remains on track for commercial production at
the end of 2025.
Table 1: Skouries Project – Project
Expenditures (January 1, 2023 to September 30, 2024)
|
Millions of US$ |
As of September 30, 2024 |
|
Total capital estimate |
$920 |
|
Expenditures incurred since project restart |
412 |
|
Remaining spend |
508 |
|
Committed expenditures - including expenditures incurred |
788 |
|
Uncommitted expenditures |
132 |
Construction
Activities
Overall construction progress is 79% when
including the first phase of construction.
Work continues to advance on the filtered
tailings building which is on the critical path. In September, the
first contract for the filtered tailings building was awarded for
the structure and mechanical installations. For efficiency, the
contract was split into two components:
|
|
1) |
filtered tailings building structure and mechanical installations,
and |
|
|
2) |
piping, electrical and instrumentation. |
|
|
|
|
Piling has been completed for the filtered
tailings building and concrete work is progressing to enable
construction of the structural steel. With three active drills on
site, the piles for the filtered tailings facility ancillary
buildings continue to progress. To date, 388 piles have been
completed out of a total of 871. As previously announced, the
fabricated frames for the filter press plates arrived on site
during Q2 2024, and all filter press components have now been
delivered to site.
Primary Crusher Building
Progress continued to advance on the foundation
construction of the primary crusher with retaining walls and
stabilized excavations nearing completion. Construction of the
crusher building structure will commence in November.
Process plant
Work in the process plant continues to progress.
Re-lining of the flotation tanks was completed as planned and
structural and mechanical work is in progress. Off-site pipe spool
fabrication continues and delivery of high-density polyethylene
piping to site has commenced. Scaffolding is advancing to support
electrical cable tray and piping installations and the contractor
continues to ramp up to support increasing levels of activity. 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, compressor building and
flotation reagent areas.
Thickeners
Construction of the three thickeners progressed
on plan during the quarter. Major concrete pours are complete for
the foundations of the first two thickeners. Support columns are
complete on the first thickener and over 50% complete for the
second thickener. Construction of the third thickener will start in
Q4 2024 following completion of the first thickener.
Integrative Extractive Waste Management
Facility (the "IEWMF")
During Q3 2024, construction continued to
progress at the coffer dam site with excavation of the spillway and
foundation preparation. By the end of 2024, the Company expects to
have completed the first of two water management ponds, coffer dam
and significantly advanced the earthworks. Work continues to
progress with foundation preparation for the KL Embankment
(tailings embankment) and the fill placement for water management
pond 2 has advanced on plan for completion at year end. Excavations
for water management pond 1 continue and development of the
low-grade ore stockpile advanced with foundation preparation, drain
construction and fill placement.
Underground Development
Progress has been made on the underground with
expansion of the underground services for water management,
ventilation and electrical distribution. Approximately 70% of the
equipment and operator licenses have been received to date and
development mining is ramping up. Access to the test stopes is
advancing at the upper level as planned and the priority for the
balance of the year is to advance the main decline and gain access
to the bottom elevations of the test stopes. The schedule to
receive all licenses and permits was later than planned and while
the contractor is ramping up, it has delayed the completion of the
expected 2,200 metres of underground development for 2024. The
underground development for 2024 is now expected to be between 500
and 600 metres. While the metres are not on track with guidance the
underground is not on the critical path for first production, in
addition, this does not impact the overall timing for the two test
stopes which are expected to be completed in Q3 2025.
Engineering, Procurement and
Operational Readiness
Engineering
As engineering works are now at 78% and are
nearing substantial completion, the focus has been on finalizing
engineering to support the construction schedule. The release of
structural steel for fabrication is nearing completion and steel
deliveries have commenced to site to support steel construction in
the process plant and filtered tailings building.
Procurement
At the end of Q3 2024, procurement is
substantially complete, with all long-lead items procured and the
focus on managing fabrication and deliveries.
Operational Readiness
A key focus of the operational readiness team is
to establish a strong, risk-based operational readiness plan. Key
departmental plans have been developed, an overarching governance
framework established, and weekly leadership forums and monthly
steering committee reviews established. Specialized support has
been engaged to focus on processing operationalization, and
readiness support. Further work is ongoing to establish detailed
readiness plans for support and shared services. Priority focus
areas have been identified and resource allocation adjusted
accordingly.
The development of the Management Operating
System (MOS) is currently focused on providing frontline supervisor
and worker practices and procedures to the open pit operations
team. These practices and procedures are established to ensure
adherence to standards as well as establishing best practices and
overall transparency across planning, execution, reporting and
remediation to the frontline team. Several workshops were held with
the heads of functions and initial departmental workflows were
established.
The training department’s short-term priority
was developing a training plan for the open pit excavation
activities in line with the recently adopted competency-based
framework. The competency-based framework identifies specific
competencies per role and then assesses the employee’s performance
against specific performance criteria on knowledge, skills and
attitude. This competency-based framework will ensure improved
individual performance compared to the previous time in role-based
competency framework only. Training material as well as training
providers are in place and four (4) CAT 6020B hydraulic excavator
operators commenced training during October 2024. This program will
be expanded with the arrival of additional mining equipment in H1
2025. The Mavres Petres main training building structural upgrade
has been completed and the focus for the coming quarter will be to
equip practical training workbenches for basic skills training and
assessment as well as for refresher training.
Operations
The operations team completed their labour
strategy and associated organizational designs. Recruitment is
underway at local and national levels. Several local and national
job fairs are planned for Q4 2024 to attract as many as possible
potential employees.
The CAT 6020B hydraulic excavator was assembled
during the quarter and training of operators commenced in October
2024. Most of the remaining open pit mining fleet will arrive
during H1 2025. The first operational plan was prepared that
combines the completion of construction pre-stripping and the start
of open pit mining in H1 2025. A similar plan is being prepared for
the underground mine and the expectation is that both the surface
and underground mining will be operationalized during Q4 2024.
Other operational, commercial and administrative
departments made progress in recruiting their leadership and
supervision employees and setting up operating and commercial
processes.
Workforce
In addition to the Operational Readiness team,
as at September 30, 2024, there were approximately 1,000 personnel
working. Thus far the construction workforce productivity is
slightly ahead of our assumptions. We are making steady progress
towards our year-end target of 1,300 workers on site. Our focus
once we have the additional personnel onsite will turn to
integrating them at our assumed productivity levels to maintain the
schedule and budget. We are managing this closely and taking
proactive measures to mitigate potential challenges in a tight
construction labour market.
Skouries key milestones in 2024,
which include:
|
Area of Focus |
Key Milestone |
Status |
|
Procurement and Engineering |
- Substantial completion of procurement and engineering
|
- Substantial completion of engineering on track for Q4
2024
- Procurement substantially complete
|
|
Process Plant |
- Construction of the control room and electrical room
building
|
- Q1 2024 commenced
- Electrical room building on track for completion in Q4
2024
|
- Construction of the tailings thickeners
|
|
|
Filtered Tailings Facility |
- Awarding of the first filter facility construction
contract
|
- Q3 2024 first contract awarded
|
|
Integrated Extractive Waste Management Facility
("IEWMF") |
- Completion of the coffer dam
|
- On track for completion in Q4 2024
|
|
Underground |
- Awarding of the underground development and test stoping
contract
|
- Contract awarded and approximately 70% of the equipment
and operator licenses have been received to date and development is
ramping up
|
- Completion of approximately 2,200 metres of underground
development
|
- Expected completion lowered to between 500 and 600 metres (see
section titled 'Underground Development')
- Ore from test stopes still on track for delivery during plant
commissioning period in 2025
|
| |
|
|
Consolidated Financial and Operational
Highlights
|
|
3 months ended September
30,
|
|
|
9 months ended September
30,
|
|
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
Revenue |
|
$331.8 |
|
|
$244.8 |
|
|
|
$886.9 |
|
|
$701.6 |
|
|
Gold produced (oz) |
|
125,195 |
|
|
121,030 |
|
|
|
364,625 |
|
|
341,973 |
|
|
Gold sold (oz) |
|
123,828 |
|
|
119,200 |
|
|
|
361,062 |
|
|
339,151 |
|
|
Average realized gold price ($/oz sold) (2) |
|
$2,492 |
|
|
$1,879 |
|
|
|
$2,309 |
|
|
$1,920 |
|
|
Production costs |
|
141.2 |
|
|
115.5 |
|
|
|
392.0 |
|
|
341.3 |
|
|
Total cash costs ($/oz sold) (2,3) |
|
953 |
|
|
794 |
|
|
|
939 |
|
|
858 |
|
|
All-in sustaining costs ($/oz sold) (2,3) |
|
1,335 |
|
|
1,177 |
|
|
|
1,310 |
|
|
1,225 |
|
|
Net earnings (loss) for the period (1) |
|
95.0 |
|
|
(8.0 |
) |
|
|
184.1 |
|
|
12.2 |
|
|
Net earnings (loss) per share – basic ($/share) (1) |
|
0.46 |
|
|
(0.04 |
) |
|
|
0.90 |
|
|
0.06 |
|
|
Net earnings (loss) per share – diluted ($/share)
(1) |
|
0.46 |
|
|
(0.04 |
) |
|
|
0.90 |
|
|
0.06 |
|
|
Net earnings (loss) for the period continuing operations
(1,4) |
|
101.1 |
|
|
(6.6 |
) |
|
|
192.7 |
|
|
14.4 |
|
Net earnings (loss) per share continuing operations –
basic ($/share)(1,4) |
|
0.49 |
|
|
(0.03 |
) |
|
|
0.95 |
|
|
0.07 |
|
Net earnings (loss) per share continuing operations –
diluted ($/share)(1,4) |
|
0.49 |
|
|
(0.03 |
) |
|
|
0.94 |
|
|
0.07 |
|
|
Adjusted net earnings continuing operations – basic
(1,2,4) |
|
71.0 |
|
|
35.0 |
|
|
|
192.9 |
|
|
61.4 |
|
Adjusted net earnings per share continuing operations
($/share)(1,2,4) |
|
0.35 |
|
|
0.17 |
|
|
|
0.95 |
|
|
0.32 |
|
|
Net cash generated from operating activities (4) |
|
180.9 |
|
|
108.1 |
|
|
|
388.4 |
|
|
223.3 |
|
|
Cash flow from operating activities before changes in working
capital (2,4) |
|
166.5 |
|
|
97.5 |
|
|
|
407.0 |
|
|
273.1 |
|
|
Free cash flow (2,4) |
|
(4.8 |
) |
|
(19.3 |
) |
|
|
(67.8 |
) |
|
(76.4 |
) |
|
Free cash flow excluding Skouries (2,4) |
|
98.3 |
|
|
37.3 |
|
|
|
165.8 |
|
|
30.7 |
|
|
Cash, cash equivalents and term deposits (4) |
|
676.6 |
|
|
476.6 |
|
|
|
676.6 |
|
|
476.6 |
|
|
Total assets |
|
5,565.1 |
|
|
4,812.2 |
|
|
|
5,565.1 |
|
|
4,812.2 |
|
|
Debt (4) |
|
849.2 |
|
|
596.5 |
|
|
|
849.2 |
|
|
596.5 |
|
|
|
(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' 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 nine months ended September 30, 2024. |
|
|
|
|
Total revenue increased to $331.8 million in Q3
2024 from $244.8 million in Q3 2023 and to $886.9 million in the
nine months ended September 30, 2024, from $701.6 million in
the nine months ended September 30, 2023. The increases in
both three and nine-month periods were primarily due to the higher
average realized gold price as well as the higher sales
volumes.
Production costs increased to $141.2 million in
Q3 2024 from $115.5 million in Q3 2023 and to $392.0 million in the
nine months ended September 30, 2024 from $341.3 million in
the nine months ended September 30, 2023. Increases in both
periods were driven primarily by higher sales volume as well as
higher cash costs, the latter impacted by higher royalty expense
due to higher gold sales and higher gold price, as well as
increases in labour costs.
Total cash costs3 averaged $953 per
ounce sold in Q3 2024, an increase from $794 in Q3 2023, and $939
the nine months ended September 30, 2024 from $858 in the nine
months ended September 30, 2023. The increases in both the
three and nine-month periods were primarily due to higher royalties
(driven by higher gold prices) and labour costs.
In the quarter, AISC4 averaged $1,335
per ounce sold in Q3 2024, an increase from $1,177 in Q3 2023, and
$1,310 the nine months ended September 30, 2024 from $1,225 in
the nine months ended September 30, 2023, with the increases
in both the three and nine-month periods due to higher total cash
costs combined with higher sustaining capital.
Eldorado reported net earnings attributable to
shareholders from continuing operations of $101.1 million ($0.49
earnings per share) in Q3 2024 compared to a net loss of $6.6
million ($0.03 loss per share) in Q3 2023 and net earnings of
$192.7 million ($0.95 earnings per share) in the nine months ended
September 30, 2024 compared to net earnings of $14.4 million
($0.07 earnings per share) in the nine months ended
September 30, 2023. The increases in net earnings in both the
three and nine-month periods were driven by higher operating income
due primarily to higher average realized gold price as well as
stronger gold sales and the gain on deferred consideration,
partially offset by higher unrealized derivative losses.
Adjusted net earnings4 was $71.0
million ($0.35 earnings per share) in Q3 2024 compared to adjusted
net earnings of $35.0 million ($0.17 earnings per share) in Q3
2023. Adjustments in Q3 2024 include a $33.1 million unrealized
loss on derivative instruments, a $50.1 million gain on recognition
of deferred consideration net of tax impacts related to commercial
production being declared at the Tocantinzinho Mine, which was
divested to G Mining Ventures in 2021, and a $15.3 million gain on
foreign exchange due to the translation of deferred tax balances
and Turkiye inflation accounting.
Adjusted net earnings was $192.9 million ($0.95
earnings per share) in the nine months ended September 30,
2024 compared to adjusted net earnings of $61.4 million ($0.32
earnings per share) in the nine months ended September 30,
2023. Adjustments in the nine months ended September 30, 2024
include a $61.9 million unrealized loss on derivative instruments,
a $50.1 million gain on recognition of deferred consideration net
of tax impacts mentioned above, and a $11.9 million gain on foreign
exchange due to the translation of deferred tax balances net of
Turkiye inflation accounting.
Quarterly Operations Update
|
|
3 months ended September
30,
|
|
|
9 months ended September
30,
|
|
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ounces produced |
|
125,195 |
|
|
121,030 |
|
|
|
364,625 |
|
|
341,973 |
|
|
Ounces sold |
|
123,828 |
|
|
119,200 |
|
|
|
361,062 |
|
|
339,151 |
|
|
Production costs |
|
$141.2 |
|
|
$115.5 |
|
|
|
$392.0 |
|
|
$341.3 |
|
|
Total cash costs ($/oz sold) (1,2) |
|
$953 |
|
|
$794 |
|
|
|
$939 |
|
|
$858 |
|
|
All-in sustaining costs ($/oz sold) (1,2) |
|
$1,335 |
|
|
$1,177 |
|
|
|
$1,310 |
|
|
$1,225 |
|
|
Sustaining capital expenditures (2) |
|
$33.3 |
|
|
$31.8 |
|
|
|
$93.2 |
|
|
$83.9 |
|
|
Kisladag |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ounces produced |
|
41,084 |
|
|
37,219 |
|
|
|
117,597 |
|
|
108,558 |
|
|
Ounces sold |
|
40,724 |
|
|
38,732 |
|
|
|
117,068 |
|
|
108,405 |
|
|
Production costs |
|
$37.3 |
|
|
$28.6 |
|
|
|
$106.5 |
|
|
$86.7 |
|
|
Total cash costs ($/oz sold) (1,2) |
|
$899 |
|
|
$722 |
|
|
|
$889 |
|
|
$778 |
|
|
All-in sustaining costs ($/oz sold) (1,2) |
|
$1,028 |
|
|
$884 |
|
|
|
$1,002 |
|
|
$897 |
|
|
Sustaining capital expenditures (2) |
|
$3.7 |
|
|
$5.5 |
|
|
|
$8.9 |
|
|
$10.5 |
|
|
Lamaque |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ounces produced |
|
43,106 |
|
|
43,821 |
|
|
|
132,796 |
|
|
120,450 |
|
|
Ounces sold |
|
44,531 |
|
|
40,908 |
|
|
|
132,776 |
|
|
119,455 |
|
|
Production costs |
|
$32.8 |
|
|
$26.9 |
|
|
|
$101.6 |
|
|
$84.4 |
|
|
Total cash costs ($/oz sold) (1,2) |
|
$728 |
|
|
$648 |
|
|
|
$755 |
|
|
$697 |
|
|
All-in sustaining costs ($/oz sold) (1,2) |
|
$1,189 |
|
|
$1,099 |
|
|
|
$1,228 |
|
|
$1,143 |
|
|
Sustaining capital expenditures (2) |
|
$20.0 |
|
|
$18.0 |
|
|
|
$61.1 |
|
|
$52.0 |
|
|
Efemcukuru |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ounces produced |
|
19,794 |
|
|
21,142 |
|
|
|
60,692 |
|
|
63,714 |
|
|
Ounces sold |
|
19,741 |
|
|
21,364 |
|
|
|
60,817 |
|
|
63,581 |
|
|
Production costs |
|
$26.4 |
|
|
$20.6 |
|
|
|
$73.0 |
|
|
$58.7 |
|
|
Total cash costs ($/oz sold) (1,2) |
|
$1,325 |
|
|
$990 |
|
|
|
$1,185 |
|
|
$947 |
|
|
All-in sustaining costs ($/oz sold) (1,2) |
|
$1,578 |
|
|
$1,205 |
|
|
|
$1,336 |
|
|
$1,137 |
|
|
Sustaining capital expenditures (2) |
|
$4.7 |
|
|
$3.7 |
|
|
|
$10.7 |
|
|
$9.6 |
|
|
Olympias |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ounces produced |
|
21,211 |
|
|
18,848 |
|
|
|
53,540 |
|
|
49,251 |
|
|
Ounces sold |
|
18,833 |
|
|
18,196 |
|
|
|
50,401 |
|
|
47,710 |
|
|
Production costs |
|
$44.7 |
|
|
$39.3 |
|
|
|
$110.9 |
|
|
$111.6 |
|
|
Total cash costs ($/oz sold) (1,2) |
|
$1,210 |
|
|
$1,048 |
|
|
|
$1,241 |
|
|
$1,325 |
|
|
All-in sustaining costs ($/oz sold) (1,2) |
|
$1,513 |
|
|
$1,319 |
|
|
|
$1,520 |
|
|
$1,614 |
|
|
Sustaining capital expenditures (2) |
|
$4.9 |
|
|
$4.7 |
|
|
|
$12.5 |
|
|
$11.8 |
|
|
|
(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. |
|
|
|
|
Kisladag
Kisladag produced 41,084 ounces of gold in Q3
2024, a 10% increase from 37,219 ounces produced in Q3 2023.
Production in the quarter benefited from both higher average grade
and higher stacking rates from earlier in the year. Grade slightly
increased from 0.85 grams per tonne in Q3 2023 to 0.86 grams per
tonne in Q3 2024 as a result of mine planning changes and positive
grade reconciliation.
Availability of the crushing circuit has been
impacted due to maintenance issues, leading to slightly lower
tonnes stacked compared to plan. We are working on a solution and
expect to install it in Q1 2025. In addition, a small portion of
the ore product coming from the high pressure grinding rolls
("HPGR") contains particles that are greater than 10mm which has
slightly reduced recovery due to the larger particle size. As we
continue to analyze data following the ramp-up of the HPGR and
agglomeration drum, we are seeing leach cycles extending beyond the
planned 220 days which leads to an increase in gold inventory.
We have responded to these operational
challenges through irrigation optimization activities, which have
demonstrated positive results through the drawdown of gold
inventory partially offsetting the longer leach cycle.
Additionally, as we have previously discussed, a geometallurgical
study has commenced with drilling currently underway. Starting in
Q4 2024, as the new Adsorption-Desorption facility goes into
operations we will also realize a number of benefits at Kisladag
including: reducing carbon handling requirements, realigning the
extraction cycle with the stacking cycle and decoupling the North
and South heap leach facilities.
Revenue increased to $102.2 million in Q3 2024
from $75.2 million in Q3 2023, reflecting the higher average
realized gold price as well as higher ounces sold.
Production costs increased to $37.3 million in
Q3 2024 from $28.6 million in Q3 2023, with more than half the
increase attributable to the higher sales volume, as well as higher
royalty expense due to both the higher average realized gold price
and higher gold sales. As a result, total cash costs per ounce
increased to $899 in Q3 2024 from $722 in Q3 2023.
AISC per ounce sold increased to $1,028 in Q3
2024 from $884 in Q3 2023, primarily due to the increase in total
cash costs per ounce sold.
Sustaining capital expenditures were $3.7
million in Q3 2024 and $8.9 million in the nine months ended
September 30, 2024, which primarily included equipment
rebuilds, mine equipment purchases and geotechnical drilling and
monitoring. Growth capital investment of $27.4 million and $85.1
million in the three and nine months ended September 30, 2024
and was primarily related to waste stripping and associated
equipment costs to support the mine life extension, continued
construction of the second phase of the North Heap Leach Pad and
adsorption-desorption-regeneration plant infrastructure, and
preparation work for building relocation due to pit expansion.
Lamaque
Lamaque produced 43,106 ounces of gold in Q3
2024, compared to 43,821 ounces in Q3 2023. The slight decrease was
primarily due to lower grades processed, partially offset by
increased throughput. Average grade decreased to 6.03 grams per
tonne in Q3 2024 from 7.04 grams per tonne in the comparative
quarter.
Revenue increased to $111.6 million in Q3 2024
from $79.1 million in Q3 2023, reflecting the higher average
realized gold price as well as higher ounces sold.
Production costs increased to $32.8 million in
Q3 2024 from $26.9 million in Q3 2023 due to higher sales volume,
as well as additional costs incurred in labour, contractors, and
equipment rentals. Total cash costs were also impacted by slightly
higher royalties due to the higher average realized gold price,
with total cash costs per ounce sold increasing to $728 in Q3 2024
from $648 in Q3 2023.
AISC per ounce sold increased to $1,189 in Q3
2024 from $1,099 in Q3 2023, primarily due to higher total cash
costs per ounce as well as higher sustaining capital.
Sustaining capital expenditures of $20.0 million
in Q3 2024 and $61.1 million in the nine months ended September 30,
2024 primarily included underground development, equipment rebuilds
and expenditure on the expansion of the tailings facility. Growth
capital investment of $6.4 million in Q3 2024 and $18.9 million in
the nine months ended September 30, 2024 was primarily related to
resource conversion drilling and initiation of the bulk sample
development at Ormaque.
The inaugural reserve at Ormaque is expected to
be announced by the end of 2024, and material for the bulk sample
is now being stockpiled in preparation for processing through the
mill in December.
Efemcukuru
Efemcukuru produced 19,794 ounces of gold in Q3
2024, a 6% decrease from 21,142 ounces in Q3 2023. The slight
decrease was primarily driven by lower throughput and lower
grade.
Revenue increased to $52.3 million in Q3 2024
from $39.1 million in Q3 2023, with the increase attributable to
the higher average realized gold price, partially offset by lower
sales volume.
Production costs increased to $26.4 million in
Q3 2024 from $20.6 million in Q3 2023, with the increase
attributable to higher unit costs, primarily a result of increased
royalty expense due to the higher average realized gold price
during the quarter. Additionally, labour and transportation costs
have increased compared to the comparative period of the prior
year. Overall, this resulted in an increase to total cash costs per
ounce sold to $1,325 in Q3 2024 from $990 in Q3 2023.
AISC per ounce sold increased to $1,578 in Q3
2024 from $1,205 in Q3 2023, primarily due to higher total cash
costs per ounce.
Sustaining capital expenditures of $4.7 million
in Q3 2024 and $10.7 million in the nine months ended September 30,
2024 were primarily related to underground development and
equipment rebuilds. Growth capital investment of $1.2 million in Q3
2024 and $3.3 million in the nine months ended September 30,
2024 supported underground development to Kokarpinar.
Olympias
Olympias produced 21,211 ounces of gold in Q3
2024, a 13% increase from 18,848 ounces in Q3 2023 primarily driven
by higher grade ore, which reflected stope sequencing in the
quarter.
Revenue increased to $65.7 million in Q3 2024
from $51.4 million in Q3 2023, primarily as a result of the higher
average realized gold price and slightly higher ounces sold.
Production costs increased to $44.7 million in
Q3 2024 from $39.3 million in Q3 2023 driven by higher labour costs
and higher royalty expenses as a result of higher realized gold
prices, as well as higher gold ounces sold. The increase in unit
costs, which were partially offset by higher by-product revenues,
resulted in an increase to total cash costs per ounce sold to
$1,210 in Q3 2024 from $1,048 in Q3 2023.
AISC per ounce sold increased to $1,513 in Q3
2024 from $1,319 in Q3 2023 primarily due to higher total cash
costs per ounce sold.
Sustaining capital expenditures of $4.9 million
in Q3 2024 and $12.5 million in the nine months ended
September 30, 2024 primarily included underground development
and process improvements. Growth capital investment of $4.1 million
in Q3 2024 and $6.7 million in the nine months ended
September 30, 2024 was primarily related to underground
development and investment towards the mill throughput
expansion.
During Q3 2024, the Collective Bargaining
Agreement was finalized. This three-year
agreement, combined with increased productivity in our
underground operations and as contemplated in our guidance,
supports the 650ktpa expansion, an increase from 500ktpa.
For further information on the Company's
operating results for the third quarter of 2024, please see the
Company’s MD&A filed on SEDAR+ at www.sedarplus.com
under the Company’s profile.
Conference Call
A conference call to discuss the details of the
Company’s Third Quarter 2024 Results will be held by senior
management on Friday, November 1, 2024 at 11:30 AM ET (8:30 AM PT).
The call will be webcast and can be accessed at Eldorado’s website:
www.eldoradogold.com or via this link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=EB9o82Zh.
Participants may elect to pre-register for the
conference call via this link: https://dpregister.com/sreg/10192246/fd5e1d8d60.
Upon registration, participants will receive a calendar invitation
by email with dial in details and a unique PIN. This will allow
participants to bypass the operator queue and connect directly to
the conference. Registration will remain open until the end of the
conference call.
|
Conference Call Details |
Replay (available until December 6
2024) |
|
Date: |
November 1, 2024 |
Vancouver: |
+1 412 317 0088 |
| Time: |
11:30 AM ET
(8:30 AM PT) |
Toll
Free: |
1 855 669
9658 |
| Dial
in: |
+1 647 484
8814 |
Access
code: |
6725564 |
| Toll
free: |
1 844 763
8274 |
|
|
| |
|
|
|
About Eldorado
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkiye, Canada
and Greece. The Company has a highly skilled and dedicated
workforce, safe and responsible operations, a portfolio of
high-quality assets, and long-term partnerships with local
communities. Eldorado's common shares trade on the Toronto Stock
Exchange (TSX: ELD) and the New York Stock Exchange (NYSE:
EGO).
Contact
Investor Relations
Lynette Gould, VP, Investor Relations,
Communications & External Affairs
647 271 2827 or 1 888 353 8166
lynette.gould@eldoradogold.com
Media
Chad Pederson, Director, Communications and
Public Affairs
236 885 6251 or 1 888 353 8166
chad.pederson@eldoradogold.com
Non-IFRS and Other Financial Measures and
Ratios
Certain non-IFRS financial measures and ratios
are included in this press release, including total cash costs and
total cash costs per ounce sold, all-in sustaining costs ("AISC")
and AISC per ounce sold, sustaining and growth capital, average
realized gold price per ounce sold, adjusted net earnings/(loss)
attributable to shareholders, adjusted net earnings/(loss) per
share attributable to shareholders, earnings before interest,
taxes, depreciation and amortization (“EBITDA”), adjusted earnings
before interest, taxes, depreciation and amortization ("Adjusted
EBITDA"), free cash flow, and free cash flow excluding
Skouries.
Please see the September 30, 2024 MD&A
for explanations and discussion of these non-IFRS and other
financial measures and ratios. The Company believes that these
measures and ratios, in addition to conventional measures and
ratios prepared in accordance with International Financial
Reporting Standards (“IFRS”), provide investors an improved ability
to evaluate the underlying performance of the Company. The non-IFRS
and other financial measures and ratios are intended to provide
additional information and should not be considered in isolation or
as a substitute for measures or ratios of performance prepared in
accordance with IFRS. These measures and ratios do not have any
standardized meaning prescribed under IFRS, and therefore may not
be comparable to other issuers. Certain additional disclosures for
these and other financial measures and ratios have been
incorporated by reference and can be found in the section 'Non-IFRS
and Other Financial Measures and Ratios' in the September 30,
2024 MD&A available on SEDAR+ at www.sedarplus.com and on the
Company's website under the 'Investors' section.
Reconciliation of Production Costs to Total
Cash Costs and Total Cash Costs per Ounce Sold:
|
|
|
Q3 2024 |
|
|
Q3 2023 |
|
|
|
YTD 2024 |
|
|
YTD 2023 |
|
|
Production costs |
|
$141.2 |
|
|
$115.5 |
|
|
|
$392.0 |
|
|
$341.3 |
|
| By-product credits
(1) |
|
(26.9 |
) |
|
(23.7 |
) |
|
|
(64.3 |
) |
|
(61.5 |
) |
|
Concentrate deductions (2) |
|
$3.7 |
|
|
$2.9 |
|
|
|
$11.2 |
|
|
$11.1 |
|
|
Total cash costs |
|
$118.0 |
|
|
$94.7 |
|
|
|
$339.0 |
|
|
$291.0 |
|
| Gold
ounces sold |
|
123,828 |
|
|
119,200 |
|
|
|
361,062 |
|
|
339,151 |
|
|
Total cash cost per ounce sold |
|
$953 |
|
|
$794 |
|
|
|
$939 |
|
|
$858 |
|
|
|
(1) |
Revenue from silver, lead and zinc sales. |
|
|
(2) |
Included in revenue. |
|
|
|
|
Reconciliation of Total Cash Costs and Total
Cash Cost per ounce sold, by asset, for the three months
ended September 30, 2024:
|
|
Direct
operating
costs |
|
By-product
credits |
|
Refining
and selling
costs |
|
Inventory
change (1) |
|
Royalty
expense |
|
Total cash
costs |
|
Gold oz
sold |
|
Total cash
cost/oz sold |
|
|
Kisladag |
|
$36.1 |
|
|
($0.7 |
) |
|
$0.1 |
|
|
($6.8 |
) |
|
$7.9 |
|
|
$36.6 |
|
|
40,724 |
|
|
$899 |
|
|
Lamaque |
|
32.4 |
|
|
(0.4 |
) |
|
0.1 |
|
|
(1.0 |
) |
|
1.3 |
|
|
32.4 |
|
|
44,531 |
|
|
728 |
|
|
Efemcukuru |
|
18.0 |
|
|
(1.4 |
) |
|
3.7 |
|
|
(0.2 |
) |
|
6.0 |
|
|
26.2 |
|
|
19,741 |
|
|
1,325 |
|
|
Olympias |
|
38.6 |
|
|
(24.4 |
) |
|
4.6 |
|
|
(1.8 |
) |
|
5.8 |
|
|
22.8 |
|
|
18,833 |
|
|
1,210 |
|
|
Total consolidated |
|
$125.2 |
|
|
($26.9 |
) |
|
$8.5 |
|
|
($9.8 |
) |
|
$21.0 |
|
|
$118.0 |
|
|
123,828 |
|
|
$953 |
|
|
|
(1) |
Inventory change adjustments result from timing differences
between when inventory is produced and when it is sold. |
|
|
|
|
Reconciliation of Total Cash Costs and Total
Cash Cost per ounce sold, by asset, for the nine months
ended September 30, 2024:
|
|
Direct
operating
costs |
|
By-product
credits |
|
Refining
and selling
costs |
|
Inventory
change (1) |
|
Royalty
expense |
|
Total cash
costs |
|
Gold oz
sold |
|
Total cash
cost/oz sold |
|
|
Kisladag |
|
$105.3 |
|
|
($2.5 |
) |
|
$0.6 |
|
|
($19.4 |
) |
|
$20.1 |
|
|
$104.0 |
|
|
117,068 |
|
|
$889 |
|
| Lamaque |
|
100.8 |
|
|
(1.3 |
) |
|
0.3 |
|
|
(3.3 |
) |
|
3.7 |
|
|
100.3 |
|
|
132,776 |
|
|
755 |
|
| Efemcukuru |
|
51.1 |
|
|
(4.7 |
) |
|
11.4 |
|
|
(0.6 |
) |
|
15.0 |
|
|
72.1 |
|
|
60,817 |
|
|
1,185 |
|
|
Olympias |
|
96.5 |
|
|
(55.8 |
) |
|
13.9 |
|
|
(6.2 |
) |
|
14.2 |
|
|
62.6 |
|
|
50,401 |
|
|
1,241 |
|
|
Total consolidated |
|
$353.7 |
|
|
($64.3 |
) |
|
$26.1 |
|
|
($29.5 |
) |
|
$53.0 |
|
|
$339.0 |
|
|
361,062 |
|
|
$939 |
|
|
|
(1) |
Inventory change adjustments result from timing differences
between when inventory is produced and when it is sold. |
|
|
|
|
Reconciliation of Total Cash Costs and Total
Cash Cost per ounce sold, by asset, for the three months
ended September 30, 2023:
|
|
Direct
operating
costs |
|
By-product
credits |
|
Refining
and selling
costs |
|
Inventory
change (1) |
|
Royalty
expense |
|
Total cash
costs |
|
Gold oz
sold |
|
Total cash
cost/oz sold |
|
|
Kisladag |
|
$32.7 |
|
|
($0.7 |
) |
|
$0.2 |
|
|
($8.1 |
) |
|
$3.9 |
|
|
$28.0 |
|
|
38,732 |
|
|
$722 |
|
| Lamaque |
|
27.0 |
|
|
(0.4 |
) |
|
0.1 |
|
|
(1.2 |
) |
|
1.0 |
|
|
26.5 |
|
|
40,908 |
|
|
648 |
|
| Efemcukuru |
|
14.3 |
|
|
(1.0 |
) |
|
3.8 |
|
|
0.3 |
|
|
3.7 |
|
|
21.2 |
|
|
21,364 |
|
|
990 |
|
|
Olympias |
|
32.2 |
|
|
(21.6 |
) |
|
4.5 |
|
|
1.0 |
|
|
3.0 |
|
|
19.1 |
|
|
18,196 |
|
|
1,048 |
|
|
Total consolidated |
|
$106.2 |
|
|
($23.7 |
) |
|
$8.6 |
|
|
($8.0 |
) |
|
$11.5 |
|
|
$94.7 |
|
|
119,200 |
|
|
$794 |
|
|
|
(1) |
Inventory change adjustments result from timing differences
between when inventory is produced and when it is sold. |
|
|
|
|
Reconciliation of Total Cash Costs and Total
Cash Cost per ounce sold, by asset, for the nine months
ended September 30, 2023:
|
|
Direct
operating
costs |
|
By-product
credits |
|
Refining
and selling
costs |
|
Inventory
change (1) |
|
Royalty
expense |
|
Total cash
costs |
|
Gold oz
sold |
|
Total cash
cost/oz sold |
|
|
Kisladag |
$90.6 |
|
($2.3 |
) |
$0.5 |
|
($16.0 |
) |
$11.6 |
|
$84.3 |
|
|
108,405 |
|
$778 |
|
|
Lamaque |
|
83.6 |
|
|
(1.2 |
) |
|
0.2 |
|
|
(2.3 |
) |
|
2.9 |
|
|
83.2 |
|
|
119,455 |
|
|
697 |
|
| Efemcukuru |
|
43.1 |
|
|
(3.3 |
) |
|
10.3 |
|
|
0.2 |
|
|
9.9 |
|
|
60.2 |
|
|
63,581 |
|
|
947 |
|
|
Olympias |
|
90.9 |
|
|
(54.7 |
) |
|
16.7 |
|
|
(0.6 |
) |
|
10.9 |
|
|
63.2 |
|
|
47,710 |
|
|
1,325 |
|
|
Total consolidated |
$308.1 |
|
($61.5 |
) |
$27.8 |
|
($18.7 |
) |
$35.3 |
|
$291.0 |
|
|
339,151 |
|
$858 |
|
|
|
(1) |
Inventory change adjustments result from timing differences
between when inventory is produced and when it is sold. |
|
|
|
|
Reconciliation of Total Cash Costs to All-in
Sustaining Costs and All-in Sustaining Costs per ounce
sold:
|
|
Q3 2024 |
|
Q3 2023 |
|
|
YTD 2024 |
|
YTD 2023 |
|
|
Total cash costs |
$118.0 |
|
$94.7 |
|
|
$339.0 |
|
$291.0 |
|
|
Corporate and allocated G&A |
|
10.9 |
|
|
11.5 |
|
|
|
35.3 |
|
|
32.6 |
|
| Exploration and evaluation
costs |
|
0.8 |
|
|
(0.1 |
) |
|
|
2.8 |
|
|
0.9 |
|
| Reclamation costs and
amortization |
|
2.3 |
|
|
2.4 |
|
|
|
2.8 |
|
|
7.1 |
|
|
Sustaining capital expenditure |
|
33.3 |
|
|
31.8 |
|
|
|
93.2 |
|
|
83.9 |
|
|
AISC |
$165.3 |
|
$140.3 |
|
|
$473.1 |
|
$415.6 |
|
| Gold
ounces sold |
|
123,828 |
|
|
119,200 |
|
|
|
361,062 |
|
|
339,151 |
|
|
AISC per ounce sold |
$1,335 |
|
$1,177 |
|
|
$1,310 |
|
$1,225 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of general and administrative
expenses included in All-in Sustaining Costs:
|
|
Q3 2024 |
|
Q3 2023 |
|
|
YTD 2024 |
|
YTD 2023 |
|
|
General and administrative expenses (from
consolidated statement of operations) |
$7.3 |
|
$9.3 |
|
|
$27.0 |
|
$29.3 |
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Share-based payments
expense |
|
4.1 |
|
|
2.0 |
|
|
|
9.8 |
|
|
5.6 |
|
| Employee benefit plan expense
from corporate and operating gold mines |
|
1.1 |
|
|
1.3 |
|
|
|
3.2 |
|
|
3.5 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative
expenses related to non-gold mines and in-country offices |
|
(0.2 |
) |
|
(0.3 |
) |
|
|
(1.0 |
) |
|
(0.8 |
) |
| Depreciation in G&A |
|
(0.9 |
) |
|
(0.8 |
) |
|
|
(2.6 |
) |
|
(2.4 |
) |
| Business development |
|
(0.3 |
) |
|
(0.2 |
) |
|
|
(0.8 |
) |
|
(2.4 |
) |
|
Development projects |
|
(0.2 |
) |
|
— |
|
|
|
(0.7 |
) |
|
(0.3 |
) |
|
Adjusted corporate general and administrative
expenses |
$10.8 |
|
$11.4 |
|
|
$34.9 |
|
$32.5 |
|
|
Regional general and administrative costs allocated to gold
mines |
|
0.1 |
|
|
0.1 |
|
|
|
0.5 |
|
|
0.2 |
|
|
Corporate and allocated general and administrative expenses
per AISC |
$10.9 |
|
$11.5 |
|
|
$35.3 |
|
$32.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of exploration and evaluation
costs included in All-in Sustaining Costs:
|
|
Q3 2024 |
|
Q3 2023 |
|
|
YTD 2024 |
|
YTD 2023 |
|
|
Exploration and evaluation expense (from
consolidated statement of operations)(1) |
$8.3 |
|
$6.3 |
|
|
$16.1 |
|
$16.8 |
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capitalized sustaining
exploration cost related to operating gold mines |
|
0.8 |
|
|
(0.1 |
) |
|
|
2.8 |
|
|
0.9 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and evaluation expenses related to non-gold mines and
other sites |
|
(8.3 |
) |
|
(6.3 |
) |
|
|
(16.1 |
) |
|
(16.8 |
) |
|
Exploration and evaluation costs per AISC |
$0.8 |
|
($0.1 |
) |
|
$2.8 |
|
$0.9 |
|
|
|
(1) |
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 nine months ended September 30, 2024. |
|
|
|
|
Reconciliation of reclamation costs and
amortization included in All-in Sustaining Costs:
|
|
Q3 2024
|
|
Q3 2023
|
|
|
YTD 2024
|
|
YTD 2023
|
|
|
Asset retirement obligation accretion (from notes
to the condensed consolidated interim financial
statements)(1) |
$1.2 |
|
$1.1 |
|
|
$3.7 |
|
$3.2 |
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation related to asset
retirement obligation assets |
|
1.3 |
|
|
1.5 |
|
|
|
(0.2 |
) |
|
4.5 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset
retirement obligation accretion related to non-gold mines and other
sites |
|
(0.2 |
) |
|
(0.2 |
) |
|
|
(0.6 |
) |
|
(0.6 |
) |
|
Reclamation costs and amortization per AISC |
$2.3 |
|
$2.4 |
|
|
$2.8 |
|
$7.1 |
|
|
|
(1) |
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 nine months ended September 30, 2024. |
|
|
|
|
Reconciliation of All-in Sustaining Costs
and All-in Sustaining Costs per ounce sold, by operating asset and
corporate office, for the three months ended
September 30, 2024:
|
|
Total cash
costs
|
|
Corporate &
allocated
G&A
|
|
Exploration
costs
|
|
Reclamation
costs and
amortization
|
|
Sustaining
capital
|
|
Total
AISC
|
|
Gold oz sold |
|
Total AISC/
oz sold
|
|
|
Kisladag |
$36.6 |
|
|
$— |
|
|
$— |
|
$1.6 |
|
$3.7 |
|
$41.9 |
|
|
40,724 |
|
$1,028 |
|
|
Lamaque |
|
32.4 |
|
|
— |
|
|
0.4 |
|
|
0.1 |
|
|
20.0 |
|
|
53.0 |
|
|
44,531 |
|
|
1,189 |
|
|
Efemcukuru |
|
26.2 |
|
|
0.1 |
|
|
— |
|
|
0.2 |
|
|
4.7 |
|
|
31.2 |
|
|
19,741 |
|
|
1,578 |
|
|
Olympias |
|
22.8 |
|
|
— |
|
|
0.4 |
|
|
0.4 |
|
|
4.9 |
|
|
28.5 |
|
|
18,833 |
|
|
1,513 |
|
|
Corporate (1) |
|
— |
|
|
10.8 |
|
|
— |
|
|
— |
|
|
— |
|
|
10.8 |
|
|
— |
|
|
88 |
|
|
Total consolidated |
$118.0 |
|
$10.9 |
|
$0.8 |
|
$2.3 |
|
$33.3 |
|
$165.3 |
|
|
123,828 |
|
$1,335 |
|
|
|
(1) |
Excludes general and administrative expenses related to
business development activities and projects. Includes share based
payments expense and defined benefit pension plan expense. AISC per
ounce sold has been calculated using total consolidated gold ounces
sold. |
|
|
|
|
Reconciliation of All-in Sustaining Costs and
All-in Sustaining Costs per ounce sold, by operating asset and
corporate office, for the nine months ended
September 30, 2024:
|
|
Total cash
costs |
|
Corporate &
allocated
G&A |
|
Exploration
costs |
|
Reclamation
costs and
amortization |
|
Sustaining
capital |
|
Total
AISC |
|
Gold oz sold |
|
Total AISC/
oz sold |
|
|
Kisladag |
$104.0 |
|
|
$— |
|
|
$— |
|
$4.4 |
|
$8.9 |
|
$117.3 |
|
|
117,068 |
|
$1,002 |
|
|
Lamaque |
|
100.3 |
|
|
— |
|
|
1.2 |
|
|
0.4 |
|
|
61.1 |
|
|
163.1 |
|
|
132,776 |
|
|
1,228 |
|
|
Efemcukuru |
|
72.1 |
|
|
0.5 |
|
|
1.1 |
|
|
(3.2 |
) |
|
10.7 |
|
|
81.3 |
|
|
60,817 |
|
|
1,336 |
|
|
Olympias |
|
62.6 |
|
|
— |
|
|
0.5 |
|
|
1.1 |
|
|
12.5 |
|
|
76.6 |
|
|
50,401 |
|
|
1,520 |
|
|
Corporate (1) |
|
— |
|
|
34.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
34.9 |
|
|
— |
|
|
97 |
|
|
Total consolidated |
$339.0 |
|
$35.3 |
|
$2.8 |
|
$2.8 |
|
$93.2 |
|
$473.1 |
|
|
361,062 |
|
$1,310 |
|
|
|
(1) |
Excludes general and administrative expenses related to
business development activities and projects. Includes share based
payments expense and defined benefit pension plan expense. AISC per
ounce sold has been calculated using total consolidated gold ounces
sold. |
|
|
|
|
Reconciliation of All-in Sustaining Costs
and All-in Sustaining Costs per ounce sold, by operating asset and
corporate office, for the three months ended
September 30, 2023:
|
|
Total cash
costs |
|
Corporate &
allocated
G&A |
|
Exploration
costs |
|
Reclamation
costs and
amortization |
|
Sustaining
capital |
|
Total
AISC |
|
Gold oz sold |
|
Total AISC/
oz sold |
|
|
Kisladag |
|
$28.0 |
|
|
$— |
|
|
$— |
|
|
$0.8 |
|
|
$5.5 |
|
|
$34.2 |
|
|
38,732 |
|
|
$884 |
|
|
Lamaque |
|
26.5 |
|
|
— |
|
|
0.3 |
|
|
0.1 |
|
|
18.0 |
|
|
44.9 |
|
|
40,908 |
|
|
1,099 |
|
|
Efemcukuru |
|
21.2 |
|
|
0.1 |
|
|
— |
|
|
0.8 |
|
|
3.7 |
|
|
25.7 |
|
|
21,364 |
|
|
1,205 |
|
|
Olympias |
|
19.1 |
|
|
— |
|
|
(0.4 |
) |
|
0.7 |
|
|
4.7 |
|
|
24.0 |
|
|
18,196 |
|
|
1,319 |
|
|
Corporate (1) |
|
— |
|
|
11.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
11.4 |
|
|
— |
|
|
95 |
|
|
Total consolidated |
|
$94.7 |
|
|
$11.5 |
|
|
($0.1 |
) |
|
$2.4 |
|
|
$31.8 |
|
|
$140.3 |
|
|
119,200 |
|
|
$1,177 |
|
|
|
(1) |
Excludes general and administrative expenses related to
business development activities and projects. Includes share based
payments expense and defined benefit pension plan expense. AISC per
ounce sold has been calculated using total consolidated gold ounces
sold. |
|
|
|
|
Reconciliation of All-in Sustaining Costs
and All-in Sustaining Costs per ounce sold, by operating asset and
corporate office, for the nine months ended
September 30, 2023:
|
|
Total cash
costs |
|
Corporate &
allocated
G&A |
|
Exploration
costs |
|
Reclamation
costs and
amortization |
|
Sustaining
capital |
|
Total
AISC |
|
Gold oz sold |
|
Total AISC/
oz sold |
|
|
Kisladag |
|
$84.4 |
|
|
— |
|
|
— |
|
|
$2.4 |
|
|
$10.5 |
|
|
$97.2 |
|
|
108,405 |
|
|
$897 |
|
|
Lamaque |
|
83.2 |
|
|
— |
|
|
0.9 |
|
|
0.4 |
|
|
52.0 |
|
|
136.5 |
|
|
119,455 |
|
|
1,143 |
|
|
Efemcukuru |
|
60.2 |
|
|
0.2 |
|
|
— |
|
|
2.4 |
|
|
9.6 |
|
|
72.3 |
|
|
63,581 |
|
|
1,137 |
|
|
Olympias |
|
63.2 |
|
|
— |
|
|
— |
|
|
2.0 |
|
|
11.8 |
|
|
77.0 |
|
|
47,710 |
|
|
1,614 |
|
|
Corporate (1) |
|
— |
|
|
32.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
32.5 |
|
|
— |
|
|
96 |
|
|
Total consolidated |
|
$291.0 |
|
|
$32.6 |
|
|
$0.9 |
|
|
$7.1 |
|
|
$83.9 |
|
|
$415.5 |
|
|
339,151 |
|
|
$1,225 |
|
|
|
(1) |
Excludes general and administrative expenses related to
business development activities and projects. Includes share based
payments expense and defined benefit pension plan expense. AISC per
ounce sold has been calculated using total consolidated gold ounces
sold. |
|
|
|
|
Reconciliation of Sustaining and Growth
Capital:
|
|
Q3 2024
|
|
Q3 2023
|
|
|
YTD 2024
|
|
YTD 2023
|
|
Additions to property, plant and equipment
(1)
(from segment note in the condensed consolidated interim financial
statements) |
$158.1 |
|
$91.1 |
|
|
$445.8 |
|
$273.9 |
|
|
Growth and development project capital investment - gold mines |
|
(39.0 |
) |
|
(29.1 |
) |
|
|
(114.1 |
) |
|
(81.1 |
) |
| Growth and development project
capital investment - other (2) |
|
(84.7 |
) |
|
(30.3 |
) |
|
|
(234.8 |
) |
|
(110.0 |
) |
| Sustaining capital expenditure
equipment leases (3) |
|
(0.2 |
) |
|
0.2 |
|
|
|
(0.8 |
) |
|
1.1 |
|
|
Capitalized exploration cost related to operating gold mines |
|
(0.8 |
) |
|
(0.1 |
) |
|
|
(2.8 |
) |
|
(0.1 |
) |
|
Sustaining capital expenditure at operating gold
mines |
$33.3 |
|
$31.8 |
|
|
$93.2 |
|
$83.9 |
|
|
|
(1) |
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 nine months ended September 30, 2024. |
|
|
(2) |
Includes capital expenditures relating to Skouries, Stratoni
and other projects, excluding non-cash sustaining lease
additions. |
|
|
(3) |
Sustaining lease principal and interest payments, net of
non-cash lease additions. |
|
|
|
|
Average realized gold price per ounce sold
is reconciled for the periods presented as follows:
For the three months ended
September 30, 2024:
|
|
Revenue |
|
Concentrate
deductions (1) |
|
Less non-gold
revenue |
|
Gold revenue (2) |
|
Gold oz sold |
|
Average realized
gold price per
ounce sold |
|
|
Kisladag |
|
$102.2 |
|
|
$— |
|
|
($0.7 |
) |
|
$101.5 |
|
|
40,724 |
|
|
$2,492 |
|
| Lamaque |
|
111.6 |
|
|
— |
|
|
(0.4 |
) |
|
111.2 |
|
|
44,531 |
|
|
2,496 |
|
| Efemcukuru |
|
52.3 |
|
|
1.1 |
|
|
(1.4 |
) |
|
52.0 |
|
|
19,741 |
|
|
2,636 |
|
|
Olympias |
|
65.7 |
|
|
2.6 |
|
|
(24.4 |
) |
|
43.8 |
|
|
18,833 |
|
|
2,328 |
|
|
Total consolidated |
|
$331.8 |
|
|
$3.7 |
|
|
($26.9 |
) |
|
$308.5 |
|
|
123,828 |
|
|
$2,492 |
|
|
|
(1) |
Treatment charges, refining charges, penalties and other costs
deducted from proceeds from gold concentrate sales. |
|
|
(2) |
Includes the impact of provisional pricing adjustments on
concentrate sales. |
|
|
|
|
For the nine months ended
September 30, 2024:
|
|
Revenue |
|
Concentrate
deductions (1) |
|
Less non-gold
revenue |
|
Gold revenue (2) |
|
Gold oz sold |
|
Average realized
gold price per
ounce sold |
|
|
Kisladag |
|
$273.3 |
|
|
$— |
|
|
($2.5 |
) |
|
$270.8 |
|
|
117,068 |
|
|
$2,313 |
|
| Lamaque |
|
307.8 |
|
|
— |
|
|
(1.3 |
) |
|
306.6 |
|
|
132,776 |
|
|
2,309 |
|
| Efemcukuru |
|
148.9 |
|
|
3.8 |
|
|
(4.7 |
) |
|
148.0 |
|
|
60,817 |
|
|
2,433 |
|
|
Olympias |
|
156.8 |
|
|
7.5 |
|
|
(55.8 |
) |
|
108.5 |
|
|
50,401 |
|
|
2,152 |
|
|
Total consolidated |
|
$886.9 |
|
|
$11.2 |
|
|
($64.3 |
) |
|
$833.8 |
|
|
361,062 |
|
|
$2,309 |
|
|
|
(1) |
Treatment charges, refining charges, penalties and other costs
deducted from proceeds from gold concentrate sales. |
|
|
(2) |
Includes the impact of provisional pricing adjustments on
concentrate sales. |
|
|
|
|
For the three months ended
September 30, 2023:
|
|
Revenue
|
|
Concentrate
deductions (1)
|
|
Less non-gold
revenue
|
|
Gold revenue
(2)
|
|
Gold oz sold |
|
Average realized
gold price per
ounce sold
|
|
|
Kisladag |
$75.2 |
|
|
$— |
|
($0.7 |
) |
$74.5 |
|
|
38,732 |
|
$1,923 |
|
|
Lamaque |
|
79.1 |
|
|
— |
|
|
(0.4 |
) |
|
78.7 |
|
|
40,908 |
|
|
1,925 |
|
| Efemcukuru |
|
39.1 |
|
|
1.5 |
|
|
(1.0 |
) |
|
39.6 |
|
|
21,364 |
|
|
1,855 |
|
| Olympias |
|
51.4 |
|
|
1.4 |
|
|
(21.6 |
) |
|
31.2 |
|
|
18,196 |
|
|
1,712 |
|
|
Total consolidated |
$244.8 |
|
$2.9 |
|
($23.7 |
) |
$224.0 |
|
|
119,200 |
|
$1,879 |
|
|
|
(1) |
Treatment charges, refining charges, penalties and other costs
deducted from proceeds from gold concentrate sales. |
|
|
(2) |
Includes the impact of provisional pricing adjustments on
concentrate sales. |
|
|
|
|
For the nine months ended
September 30, 2023:
|
|
Revenue
|
|
Concentrate
deductions (1)
|
|
Less non-gold
revenue
|
|
Gold revenue
(2)
|
|
Gold oz sold |
|
Average realized
gold price per
ounce sold
|
|
|
Kisladag |
$211.9 |
|
|
$— |
|
($2.3 |
) |
$209.6 |
|
|
108,405 |
|
$1,934 |
|
|
Lamaque |
|
231.4 |
|
|
— |
|
|
(1.2 |
) |
|
230.2 |
|
|
119,455 |
|
|
1,927 |
|
| Efemcukuru |
|
123.9 |
|
|
4.8 |
|
|
(3.3 |
) |
|
125.3 |
|
|
63,581 |
|
|
1,971 |
|
| Olympias |
|
134.5 |
|
|
6.4 |
|
|
(54.7 |
) |
|
86.1 |
|
|
47,710 |
|
|
1,805 |
|
|
Total consolidated |
$701.6 |
|
$11.1 |
|
($61.5 |
) |
$651.3 |
|
|
339,151 |
|
$1,920 |
|
|
|
(1) |
Treatment charges, refining charges, penalties and other costs
deducted from proceeds from gold concentrate sales. |
|
|
(2) |
Includes the impact of provisional pricing adjustments on
concentrate sales. |
|
|
|
|
Reconciliation of Net Earnings (Loss)
attributable to shareholders of the Company to Adjusted Net
Earnings (Loss) attributable to shareholders of the
Company:
|
|
Q3 2024
|
|
Q3 2023
|
|
|
YTD 2024
|
|
YTD 2023
|
|
|
Net earnings attributable to shareholders of the Company
(1) |
$101.1 |
|
($6.6 |
) |
|
$192.7 |
|
$14.4 |
|
|
Current tax expense due to Turkiye earthquake relief tax law change
(2) |
|
— |
|
|
— |
|
|
|
— |
|
|
4.3 |
|
| (Gain) loss on foreign
exchange translation of deferred tax balances net of inflation
accounting (3) |
|
(15.3 |
) |
|
15.2 |
|
|
|
(11.9 |
) |
|
33.1 |
|
| (Increase) decrease in fair
value of redemption option derivative |
|
(5.0 |
) |
|
1.5 |
|
|
|
(7.0 |
) |
|
2.0 |
|
| Unrealized loss (gain) on
derivative instruments |
|
33.1 |
|
|
(6.0 |
) |
|
|
61.9 |
|
|
(15.0 |
) |
| Deferred tax expense due to
changes in tax rates (4) |
|
— |
|
|
22.6 |
|
|
|
— |
|
|
22.6 |
|
| Out-of-period current tax
expense due to changes in tax rates (5) |
|
— |
|
|
8.2 |
|
|
|
— |
|
|
— |
|
| Non-recurring current tax and
interest accrual (6) |
|
7.2 |
|
|
— |
|
|
|
7.2 |
|
|
— |
|
| Gain on
deferred consideration, net of tax (7) |
|
(50.1 |
) |
|
— |
|
|
|
(50.1 |
) |
|
— |
|
|
Total adjusted net earnings |
$71.0 |
|
$35.0 |
|
|
$192.9 |
|
$61.4 |
|
|
Weighted average shares outstanding (thousands) |
|
204,521 |
|
|
202,472 |
|
|
|
203,770 |
|
|
191,786 |
|
|
Adjusted net earnings per share ($/share) |
$0.35 |
|
$0.17 |
|
|
$0.95 |
|
$0.32 |
|
|
|
(1) |
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 nine months ended September 30, 2024. |
|
|
(2) |
To help fund earthquake relief efforts in Turkiye, a one-time
tax law change was introduced in Q1 2023 to reverse a portion of
the tax credits and deductions previously granted in
2022. |
|
|
(3) |
Q3 2024 includes $8.3 million gain (2023 - $15.2 million loss)
on foreign exchange translation of deferred tax balances and $7.0
million gain (2023 - $nil) on inflation accounting. Nine month
period ended September 30, 2024 includes $16.7 million loss (2023 -
$33.1 million loss) on foreign exchange translation of deferred tax
balances and $28.6 million gain (2023 - $nil) on inflation
accounting. |
|
|
(4) |
The deferred tax expense adjustment in 2023 is due to the
income tax rate increase in Turkiye enacted in Q3 2023. The rate
increased from 20% to 25% for general activities, from 19% to 24%
for certain manufacturing activities (including mining) and from
19% to 20% for export income and is applicable retroactively to
January 1, 2023. |
|
|
(5) |
Q1 2023 through Q3 2023 have been adjusted for out-of-period
current income tax adjustments related to impact of retroactive
income tax rate increase in Turkiye enacted in Q3 2023. |
|
|
(6) |
A provision of $7.2 million was recorded for potential
non-recurring tax reassessments representing $5.9 million of tax
and $1.4 million of interest. These relate to historical
intercompany loan balances in 2020 and 2021 which have since been
capitalized. |
|
|
(7) |
A $60 million gain was recognized in the period related to
deferred consideration from the sale of the Tocantinzinho property
to G Mining Ventures in 2021. Taxes of $9.9 million was recognized
on the gain. |
|
|
|
|
Reconciliation of Net Earnings (Loss) before
income tax to EBITDA and Adjusted EBITDA:
|
|
Q3 2024
|
|
Q3 2023
|
|
|
YTD 2024
|
|
YTD 2023
|
|
|
Earnings before income tax (1) |
$129.3 |
|
$45.3 |
|
|
$258.5 |
|
$117.7 |
|
|
Depreciation and amortization (2) |
|
64.9 |
|
|
63.8 |
|
|
|
180.6 |
|
|
191.8 |
|
| Interest income |
|
(6.1 |
) |
|
(5.3 |
) |
|
|
(17.3 |
) |
|
(11.8 |
) |
| Finance
costs |
|
3.5 |
|
|
8.9 |
|
|
|
10.5 |
|
|
27.1 |
|
|
EBITDA |
$191.6 |
|
$112.7 |
|
|
$432.3 |
|
$324.8 |
|
| Share-based payments
expense |
|
4.1 |
|
|
2.0 |
|
|
|
9.8 |
|
|
5.6 |
|
| Loss (gain) on disposal of
assets |
|
0.3 |
|
|
(0.1 |
) |
|
|
0.8 |
|
|
0.7 |
|
| Unrealized loss (gain) on
derivative instruments |
|
33.1 |
|
|
(6.0 |
) |
|
|
61.9 |
|
|
(15.0 |
) |
| Gain on
recognition of deferred consideration(3) |
|
(60.0 |
) |
|
— |
|
|
|
(60.0 |
) |
|
— |
|
|
Adjusted EBITDA |
$169.0 |
|
$108.7 |
|
|
$444.9 |
|
$316.1 |
|
|
|
(1) |
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 nine months ended September 30, 2024. |
|
|
(2) |
Includes depreciation within general and administrative
expenses. |
|
|
(3) |
A $60 million gain was recognized in the period related to
deferred consideration from the sale of the Tocantinzinho property
to G Mining Ventures in 2021. |
|
|
|
|
Reconciliation of Net Cash Generated from
Operating Activities to Free Cash Flow:
|
|
Q3 2024
|
|
Q3 2023
|
|
|
YTD 2024
|
|
YTD 2023
|
|
|
Net cash generated from operating activities
(1) |
$180.9 |
|
$108.1 |
|
|
$388.4 |
|
$223.3 |
|
|
Less: Cash used in investing activities |
|
(184.2 |
) |
|
(127.4 |
) |
|
|
(464.7 |
) |
|
(265.3 |
) |
| Add back: Decrease in term
deposits |
|
— |
|
|
— |
|
|
|
(1.1 |
) |
|
(35.0 |
) |
| Add back: Proceeds from sale
of marketable securities |
|
— |
|
|
— |
|
|
|
11.1 |
|
|
0.6 |
|
| Less: Proceeds from sale of
mining licenses |
|
(1.5 |
) |
|
— |
|
|
|
(1.5 |
) |
|
— |
|
|
Free cash flow |
($4.8 |
) |
($19.3 |
) |
|
($67.8 |
) |
($76.4 |
) |
| Add back: Skouries cash
capital expenditures |
|
93.9 |
|
|
49.2 |
|
|
|
210.4 |
|
|
99.3 |
|
| Add
back: Capitalized interest paid (2) |
|
9.1 |
|
|
7.3 |
|
|
|
23.2 |
|
|
7.8 |
|
|
Free cash flow excluding Skouries |
$98.3 |
|
$37.3 |
|
|
$165.8 |
|
$30.7 |
|
|
|
(1) |
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 nine months ended September 30, 2024. |
|
|
(2) |
Includes interest from the Term Facility and Senior
Notes. |
|
|
|
|
Reconciliation of Net Cash Generated from
Operating Activities to Cash Flow from Operating Activities before
Changes in Working Capital:
|
|
Q3 2024 |
|
Q3 2023 |
|
|
YTD 2024
|
|
YTD 2023
|
|
|
Net cash generated from operating activities
(1) |
|
$180.9 |
|
|
$108.1 |
|
|
|
$388.4 |
|
|
$223.3 |
|
| Less:
Changes in non-cash working capital |
|
14.4 |
|
|
10.6 |
|
|
|
(18.6 |
) |
|
(49.9 |
) |
|
Cash flow from operating activities before changes in
working capital |
|
$166.5 |
|
|
$97.5 |
|
|
|
$407.0 |
|
|
$273.1 |
|
|
|
(1) |
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 nine months ended September 30, 2024. |
|
|
|
|
Forward-looking Statements and
Information
Certain of the statements made and information
provided in this press release are forward-looking statements or
forward-looking information within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities laws. Often, these forward-looking statements
and forward-looking information can be identified by the use of
words such as “anticipates”, “believes”, “budgets”, "committed",
“continue”, “estimates”, “expects”, "focus", “forecasts”,
"foresee", "forward", "future", "goal", “guidance”, “intends”,
"opportunity", "outlook", “plans”, “potential”, "schedule",
"strategy", "target", “underway”, "working" or the negatives
thereof or variations of such words and phrases or statements that
certain actions, events or results “can”, “could”, "likely", "may",
“might”, “will” or "would" be taken, occur or be achieved.
Forward-looking statements and forward-looking
information contained in this press release includes, but is not
limited to, statements or information with respect to: 2024 annual
guidance including an updated annual gold production range,
expected total cash costs per ounce sold, AISC per ounce sold;
planned drawdowns on the Skouries Term Facility, expectations for
Olympias profitability over its mine life; expectations to declare
an inaugural reserve at Ormaque; expected benefits of operational
focus at Kisladag; with respect to the Skouries project, the timing
of first production, the year end personnel target, risks to
integrating new personnel; updated 2024 capital spend and impact on
first production, expected 2025 gold and copper production; timing
of commercial production and specific activities and milestones
related to construction, underground development, engineering,
procurement and operational readiness; with respect to Kisladag,
expected benefits of technical work and future technical focus and
the timing of those solutions, the start-up of operations at the
adsorption-desorption facility and expected benefits from the
facility; risk factors affecting our business; our expectation as
to our future financial and operating performance, including future
cash flow, estimated cash costs, expected metallurgical recoveries
and gold price outlook; and generally our strategy, plans and
goals, including our proposed exploration, development,
construction, permitting, financing and operating potential, plans
and priorities and related timelines and schedules.
Forward-looking statements and forward-looking
information are by their nature based on a number of assumptions,
that management considers reasonable. However, such assumptions
involve both known and unknown risks, uncertainties, and other
factors which, if proven to be inaccurate, may cause actual
results, activities, performance or achievements may be materially
different from those described in the forward-looking statements or
information. These include assumptions concerning: timing, cost and
results of our construction and development activities,
improvements and exploration; the future price of gold and other
commodities; exchange rates; anticipated values, costs, expenses
and working capital requirements; production and metallurgical
recoveries; mineral reserves and resources; our ability to unlock
the potential of our brownfield property portfolio; our ability to
address the negative impacts of climate change and adverse weather;
consistency of agglomeration and our ability to optimize it in the
future; the cost of, and extent to which we use, essential
consumables (including fuel, explosives, cement, and cyanide); the
impact and effectiveness of productivity initiatives; the time and
cost necessary for anticipated overhauls of equipment; expected
by-product grades; the use, and impact or effectiveness, of growth
capital; the impact of acquisitions, dispositions, suspensions or
delays on our business; the sustaining capital required for various
projects; and the geopolitical, economic, permitting and legal
climate that we operate in (including recent disruptions to
shipping operations in the Red Sea and any related shipping delays,
shipping price increases, or impacts on the global energy
market).
With respect to the Skouries project, we have
made additional assumptions about the ramp up of construction
personnel on site; labour productivity, rates and expected hours;
the scope and timing related to the awarding of key contract
packages and approval thereon; capital spend rates; our ability to
obtain and maintain all required approvals and permits in a timely
manner, both overall and specifically, in relation to equipment,
people mobility and power; expected scope of project management
frameworks; the timeliness of shipping for important or critical
items; our ability to continue to access our project funding and
remain in compliance with all covenants and contractual commitments
in relation thereto; completion of required archaeological
investigations, the future price of gold, copper and other
commodities; inflation rates; the broader community engagement and
social climate in respect of the Skouries project; and generally,
our ability to continue to execute our plans relating to Skouries
on the existing project timeline and consistent with the current
planned project scope.
In addition, except where otherwise stated,
Eldorado has assumed a continuation of existing business operations
on substantially the same basis as exists at the time of this press
release. Even though we believe that the assumptions and
expectations represented by such statements or information are
reasonable, there can be no assurance that the forward-looking
statement or information will prove to be accurate. Many
assumptions may be difficult to predict and are beyond our
control.
Forward-looking statements and forward-looking
information are subject to known and unknown risks, uncertainties
and other important factors that may cause actual results,
activities, performance or achievements to be materially different
from those described in the forward-looking statements or
information. These risks, uncertainties and other factors include,
among others: political, economic, and other risks specific to the
foreign jurisdictions where we operate; the inherent risk
associated with project development, including for the Skouries
project; risks related to global economic conditions including
those related to the Russia-Ukraine conflict; restrictive covenants
that impose significant operating and financial restrictions;
change of control restrictions; risks relating to our operations in
foreign jurisdictions (including recent disruptions to shipping
operations in the Red Sea and any related shipping delays, shipping
price increases, or impacts on the global energy market); community
relations and social license; liquidity and financing risks;
climate change; inflation risk and cost pressures; environmental
matters including existing or potential environmental hazards,
contamination or damage at our projects; production and processing,
including throughput, recovery and product quality;
geometallurgical variability; waste disposal including a spill,
failure or material flow from a tailings facility causing damage to
the environment or surrounding communities; geotechnical and
hydrogeological conditions or failures; the global economic
environment; occupational health and safety risks, including those
relating to any pandemic, epidemic, endemic or similar public
health threats; reliance on a limited number of smelters and
off-takers; labour (including in relation to employee/union
relations, the Greek transformation, employee misconduct, key
personnel, recruitment and development of required personnel,
productivity levels, expatriates, and contractors); indebtedness
(including current and future operating restrictions, implications
of a change of control, ability to meet debt service obligations,
the implications of defaulting on obligations and change in credit
ratings); government regulation; the Sarbanes-Oxley Act; commodity
price risk; mineral tenure; permits; risks relating to
environmental sustainability and governance practices and
performance; financial reporting (including relating to the
carrying value of our assets and changes in reporting standards);
non-governmental organizations; corruption, bribery and sanctions;
information and operation technology systems; cybersecurity threats
and incidents; litigation and contracts; estimation of mineral
reserves and mineral resources; different standards used to prepare
and report mineral reserves and mineral resources; credit risk;
price volatility, volume fluctuations and dilution risk in respect
of our shares; actions of activist shareholders; reliance on
infrastructure, commodities and consumables (including power and
water); currency risk; interest rate risk; tax matters; dividends;
reclamation and long-term obligations; acquisitions, including
integration risks, and dispositions; regulated substances;
necessary equipment; co-ownership of our properties; the
unavailability of insurance; conflicts of interest; compliance with
privacy legislation; reputational issues; and competition, and
those risk factors discussed in our most recent Annual Information
Form & Form 40-F. The reader is directed to carefully review
the detailed risk discussion in our most recent Annual Information
Form & Form 40-F filed on SEDAR+ and EDGAR under our Company
name, which discussion is incorporated by reference in this press
release, for a fuller understanding of the risks and uncertainties
that affect our business and operations.
The inclusion of forward-looking statements and
information is designed to help you understand management’s current
views of our near- and longer-term prospects, and it may not be
appropriate for other purposes. There can be no assurance that
forward-looking statements or information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
you should not place undue reliance on the forward-looking
statements or information contained herein. Except as required by
law, we do not expect to update forward-looking statements and
information continually as conditions change and you are referred
to the full discussion of the Company’s business contained in the
Company’s reports filed with the securities regulatory authorities
in Canada and the United States.
This press release contains information that may
constitute future-orientated financial information or financial
outlook information (collectively, “FOFI”) about Eldorado’s
prospective financial performance, financial position or cash
flows, all of which is subject to the same assumptions, risk
factors, limitations and qualifications as set forth above. Readers
are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise or inaccurate and, as such,
undue reliance should not be placed on FOFI. Eldorado’s actual
results, performance and achievements could differ materially from
those expressed in, or implied by, FOFI. Eldorado has included FOFI
in order to provide readers with a more complete perspective on
Eldorado’s future operations and management’s current expectations
relating to Eldorado’s future performance. Readers are cautioned
that such information may not be appropriate for other purposes.
FOFI contained herein was made as of the date of this press
release. Unless required by applicable laws, Eldorado does not
undertake any obligation to publicly update or revise any FOFI
statements, whether as a result of new information, future events
or otherwise.
Mineral Reserves and Mineral Resources
Estimates and Related Cautionary Note to U.S.
Investors
The Company's mineral reserve and mineral
resource estimates for Kisladag, Lamaque, Efemcukuru, Olympias,
Perama Hill, Perama South, Skouries, Stratoni, Piavitsa, Sapes,
Certej, and Ormaque, are based on the definitions adopted by the
Canadian Institute of Mining, Metallurgy and Petroleum, and in
compliance with NI 43-101. NI 43-101 is a rule developed by the
Canadian Securities Administrators that establishes standards for
all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. These standards differ
from the requirements of the SEC that are applicable to domestic
U.S. companies. The reader may not be able to compare the mineral
reserve and mineral resources information in this press release
with similar information made public by domestic U.S. companies.
The reader should not assume that:
- the mineral reserves defined in
this press release qualify as reserves under SEC standards
- the measured and indicated mineral
resources in this press release will ever be converted to reserves;
and
- the inferred mineral resources in
this press release are economically mineable, or will ever be
upgraded to a higher category.
Mineral resources which are not mineral reserves
do not have demonstrated economic viability.
The Company most recently completed its Mineral
Reserves and Mineral Resources annual review process with an
effective date of September 30, 2023, a summary of which was
published on December 13, 2023. In addition, the Company filed the
following updated Technical Reports on SEDAR+ and EDGAR on March
28, 2024: Technical Report titled "Technical Report, Efemcukuru
Gold Mine, Turkiye" with an effective date of December 31, 2023;
and Technical Report titled "Technical Report, Olympias Mine,
Greece" with an effective date of December 31, 2023. The updated
Technical Reports do not contain any material changes to the
Mineral Resources and Mineral Reserves previously published on
December 13, 2023.
Qualified Person
Except as otherwise noted, Simon Hille, FAusIMM,
Executive Vice President, Technical Services and Operations, is the
Qualified Person under NI 43-101 responsible for preparing and
supervising the preparation of the scientific and technical
information contained in this press release and verifying the
technical data disclosed in this document relating to our operating
mines and development projects.
Jessy Thelland, géo (OGQ No. 758), a member in
good standing of the Ordre des Géologues du Québec, is the
qualified person as defined in NI 43-101 responsible for, and has
verified and approved, the scientific and technical disclosure
contained in this press release for the Quebec projects.
Mineral resources that are not mineral reserves
do not have demonstrated economic viability. Inferred mineral
resources are considered too speculative geologically to have the
economic considerations applied to them that would enable them to
be categorized as mineral reserves.
|
|
|
|
|
|
|
|
|
|
|
As at |
Note |
September 30, 2024
|
|
|
December 31, 2023
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
676,590 |
|
|
$ |
540,473 |
|
|
Term deposits |
|
|
— |
|
|
|
1,136 |
|
|
Accounts receivable and other |
5 |
|
195,246 |
|
|
|
122,778 |
|
|
Inventories |
6 |
|
290,376 |
|
|
|
235,890 |
|
|
Current derivative assets |
18 |
|
1,024 |
|
|
|
2,502 |
|
|
Assets held for sale |
4 |
|
18,182 |
|
|
|
27,627 |
|
|
|
|
|
1,181,418 |
|
|
|
930,406 |
|
|
Restricted cash |
|
|
2,380 |
|
|
|
2,085 |
|
|
Deferred tax assets |
|
|
14,748 |
|
|
|
14,748 |
|
|
Other assets |
7 |
|
261,925 |
|
|
|
185,209 |
|
|
Non-current derivative assets |
18 |
|
5,025 |
|
|
|
7,036 |
|
|
Property, plant and equipment |
|
|
4,007,052 |
|
|
|
3,755,559 |
|
|
Goodwill |
|
|
92,591 |
|
|
|
92,591 |
|
|
|
|
$ |
5,565,139 |
|
|
$ |
4,987,634 |
|
|
LIABILITIES & EQUITY |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
307,106 |
|
|
$ |
254,030 |
|
|
Current portion of lease liabilities |
|
|
5,073 |
|
|
|
5,020 |
|
|
Current portion of asset retirement obligation |
|
|
2,367 |
|
|
|
4,019 |
|
|
Current derivative liabilities |
18 |
|
24,957 |
|
|
|
279 |
|
|
Liabilities associated with assets held for sale |
4 |
|
11,182 |
|
|
|
10,867 |
|
|
|
|
|
350,685 |
|
|
|
274,215 |
|
|
Debt |
8 |
|
849,196 |
|
|
|
636,059 |
|
|
Lease liabilities |
|
|
11,194 |
|
|
|
12,092 |
|
|
Employee benefit plan obligations |
|
|
11,137 |
|
|
|
10,261 |
|
|
Asset retirement obligations |
|
|
128,153 |
|
|
|
125,090 |
|
|
Non-current derivative liabilities |
18 |
|
52,539 |
|
|
|
18,843 |
|
|
Deferred income tax liabilities |
|
|
399,986 |
|
|
|
399,109 |
|
|
|
|
|
1,802,890 |
|
|
|
1,475,669 |
|
|
Equity |
|
|
|
|
|
Share capital |
14 |
|
3,433,327 |
|
|
|
3,413,365 |
|
|
Treasury stock |
|
|
(11,966 |
) |
|
|
(19,263 |
) |
|
Contributed surplus |
|
|
2,609,850 |
|
|
|
2,617,216 |
|
|
Accumulated other comprehensive income (loss) |
|
|
45,186 |
|
|
|
(4,751 |
) |
|
Deficit |
|
|
(2,304,364 |
) |
|
|
(2,488,420 |
) |
|
Total equity attributable to shareholders of the
Company |
|
|
3,772,033 |
|
|
|
3,518,147 |
|
|
Attributable to non-controlling interests |
|
|
(9,784 |
) |
|
|
(6,182 |
) |
|
|
|
|
3,762,249 |
|
|
|
3,511,965 |
|
|
|
|
$ |
5,565,139 |
|
|
$ |
4,987,634 |
|
| |
|
|
|
|
|
|
|
|
| Subsequent
events (Note 4) |
|
|
|
| Approved on
behalf of the Board of Directors |
| |
|
|
(signed) John
Webster Director |
(signed) George
Burns Director |
| |
|
| Date of
approval: October 31, 2024 |
| |
|
|
|
|
Three months ended
|
|
Nine months ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
Note |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metal sales |
9 |
$ |
331,758 |
|
|
$ |
244,828 |
|
|
$ |
886,866 |
|
|
$ |
701,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production costs |
|
|
141,225 |
|
|
|
115,502 |
|
|
|
392,040 |
|
|
|
341,347 |
|
|
Depreciation and amortization |
|
|
64,056 |
|
|
|
62,983 |
|
|
|
177,973 |
|
|
|
189,422 |
|
|
|
|
|
205,281 |
|
|
|
178,485 |
|
|
|
570,013 |
|
|
|
530,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from mine operations |
|
|
126,477 |
|
|
|
66,343 |
|
|
|
316,853 |
|
|
|
170,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exploration and evaluation expenses |
|
|
8,310 |
|
|
|
6,288 |
|
|
|
16,129 |
|
|
|
16,758 |
|
|
Mine standby costs |
10 |
|
3,198 |
|
|
|
3,382 |
|
|
|
7,821 |
|
|
|
11,999 |
|
|
General and administrative expenses |
|
|
7,281 |
|
|
|
9,291 |
|
|
|
27,040 |
|
|
|
29,256 |
|
|
Employee benefit plan expense |
|
|
1,115 |
|
|
|
1,277 |
|
|
|
3,153 |
|
|
|
3,496 |
|
|
Share-based payments expense |
15 |
|
4,083 |
|
|
|
2,045 |
|
|
|
9,808 |
|
|
|
5,573 |
|
|
Write-down of assets |
|
|
2 |
|
|
|
2,924 |
|
|
|
1,412 |
|
|
|
4,972 |
|
|
Foreign exchange loss (gain) |
|
|
2,527 |
|
|
|
(1,726 |
) |
|
|
979 |
|
|
|
(15,480 |
) |
|
Earnings from operations |
|
|
99,961 |
|
|
|
42,862 |
|
|
|
250,511 |
|
|
|
114,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
11 |
|
32,773 |
|
|
|
11,366 |
|
|
|
18,553 |
|
|
|
30,454 |
|
|
Finance costs |
12 |
|
(3,476 |
) |
|
|
(8,910 |
) |
|
|
(10,529 |
) |
|
|
(27,053 |
) |
|
Earnings from continuing operations before income
tax |
|
|
129,258 |
|
|
|
45,318 |
|
|
|
258,535 |
|
|
|
117,694 |
|
|
Income tax expense |
13 |
|
28,223 |
|
|
|
51,984 |
|
|
|
65,986 |
|
|
|
103,581 |
|
|
Net earnings (loss) from continuing
operations |
|
|
101,035 |
|
|
|
(6,666 |
) |
|
|
192,549 |
|
|
|
14,113 |
|
|
Net loss from discontinued operations, net of
tax |
4 |
|
(9,770 |
) |
|
|
(1,201 |
) |
|
|
(12,268 |
) |
|
|
(3,267 |
) |
|
Net earnings (loss) for the period |
|
$ |
91,265 |
|
|
$ |
(7,867 |
) |
|
$ |
180,281 |
|
|
$ |
10,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the Company |
|
|
94,971 |
|
|
|
(7,998 |
) |
|
|
184,056 |
|
|
|
12,207 |
|
|
Non-controlling interests |
|
|
(3,706 |
) |
|
|
131 |
|
|
|
(3,775 |
) |
|
|
(1,361 |
) |
|
Net earnings (loss) for the period |
|
$ |
91,265 |
|
|
$ |
(7,867 |
) |
|
$ |
180,281 |
|
|
$ |
10,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to shareholders of the
Company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
|
101,113 |
|
|
|
(6,557 |
) |
|
|
192,691 |
|
|
|
14,361 |
|
|
Discontinued operations |
|
|
(6,142 |
) |
|
|
(1,441 |
) |
|
|
(8,635 |
) |
|
|
(2,154 |
) |
|
|
|
$ |
94,971 |
|
|
$ |
(7,998 |
) |
|
$ |
184,056 |
|
|
$ |
12,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) earnings attributable to non-controlling
interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
|
(78 |
) |
|
|
(109 |
) |
|
|
(142 |
) |
|
|
(248 |
) |
|
Discontinued operations |
|
|
(3,628 |
) |
|
|
240 |
|
|
|
(3,633 |
) |
|
|
(1,113 |
) |
|
|
|
$ |
(3,706 |
) |
|
$ |
131 |
|
|
$ |
(3,775 |
) |
|
$ |
(1,361 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
14 |
|
204,520,670 |
|
|
|
202,471,872 |
|
|
|
203,770,089 |
|
|
|
191,786,143 |
|
|
Diluted |
14 |
|
206,146,570 |
|
|
|
202,471,872 |
|
|
|
205,257,479 |
|
|
|
192,642,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share attributable to shareholders
of the Company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
$ |
0.46 |
|
|
$ |
(0.04 |
) |
|
$ |
0.90 |
|
|
$ |
0.06 |
|
|
Diluted earnings (loss) per share |
|
$ |
0.46 |
|
|
$ |
(0.04 |
) |
|
$ |
0.90 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share attributable to shareholders
of the Company - Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
$ |
0.49 |
|
|
$ |
(0.03 |
) |
|
$ |
0.95 |
|
|
$ |
0.07 |
|
|
Diluted earnings (loss) per share |
|
$ |
0.49 |
|
|
$ |
(0.03 |
) |
|
$ |
0.94 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
September 30, |
|
September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) for the period |
$ |
91,265 |
|
|
$ |
(7,867 |
) |
|
$ |
180,281 |
|
|
$ |
10,846 |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
Items that will not be reclassified to earnings or loss: |
|
|
|
|
|
|
|
|
Change in fair value of investments in marketable securities |
|
2,739 |
|
|
|
3,375 |
|
|
|
57,984 |
|
|
|
30,872 |
|
|
Income tax expense on change in fair value of investments in
marketable securities |
|
(339 |
) |
|
|
(476 |
) |
|
|
(7,787 |
) |
|
|
(1,657 |
) |
|
Actuarial gains (losses) on employee benefit plans |
|
413 |
|
|
|
(2,028 |
) |
|
|
(342 |
) |
|
|
(5,693 |
) |
|
Income tax (expense) recovery on actuarial losses on employee
benefit plans |
|
(96 |
) |
|
|
386 |
|
|
|
82 |
|
|
|
1,082 |
|
|
Total other comprehensive income for the
period |
|
2,717 |
|
|
|
1,257 |
|
|
|
49,937 |
|
|
|
24,604 |
|
|
Total comprehensive income (loss) for the
period |
$ |
93,982 |
|
|
$ |
(6,610 |
) |
|
$ |
230,218 |
|
|
$ |
35,450 |
|
|
|
|
|
|
|
|
|
|
|
Attributable to: |
|
|
|
|
|
|
|
|
Shareholders of the Company |
|
97,688 |
|
|
|
(6,741 |
) |
|
|
233,993 |
|
|
|
36,811 |
|
|
Non-controlling interests |
|
(3,706 |
) |
|
|
131 |
|
|
|
(3,775 |
) |
|
|
(1,361 |
) |
|
|
$ |
93,982 |
|
|
$ |
(6,610 |
) |
|
$ |
230,218 |
|
|
$ |
35,450 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
Note |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Cash flows generated from (used in): |
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
|
|
|
|
Net earnings (loss) from continuing operations |
|
$ |
101,035 |
|
|
$ |
(6,666 |
) |
|
$ |
192,549 |
|
|
$ |
14,113 |
|
|
Adjustments for: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
64,944 |
|
|
|
63,789 |
|
|
|
180,608 |
|
|
|
191,803 |
|
|
Finance costs |
12 |
|
3,476 |
|
|
|
8,910 |
|
|
|
10,529 |
|
|
|
27,053 |
|
|
Interest income |
11 |
|
(6,060 |
) |
|
|
(5,334 |
) |
|
|
(17,346 |
) |
|
|
(11,784 |
) |
|
Unrealized foreign exchange loss (gain) |
|
|
1,797 |
|
|
|
(1,736 |
) |
|
|
3,134 |
|
|
|
(13,961 |
) |
|
Income tax expense |
13 |
|
28,223 |
|
|
|
51,984 |
|
|
|
65,986 |
|
|
|
103,581 |
|
|
Loss (gain) on disposal of assets |
|
|
273 |
|
|
|
(60 |
) |
|
|
830 |
|
|
|
707 |
|
|
Unrealized loss (gain) on derivative contracts |
11 |
|
33,055 |
|
|
|
(5,957 |
) |
|
|
61,908 |
|
|
|
(14,979 |
) |
|
Write-down of assets |
|
|
2 |
|
|
|
2,924 |
|
|
|
1,412 |
|
|
|
4,972 |
|
|
Realized loss (gain) on derivative contracts |
11 |
|
39 |
|
|
|
(7 |
) |
|
|
(423 |
) |
|
|
(2 |
) |
|
Share-based payments expense |
15 |
|
4,083 |
|
|
|
2,045 |
|
|
|
9,808 |
|
|
|
5,573 |
|
|
Non-cash gain on deferred consideration |
5 |
|
(60,000 |
) |
|
|
— |
|
|
|
(60,000 |
) |
|
|
— |
|
|
Employee benefit plan expense |
|
|
1,115 |
|
|
|
1,277 |
|
|
|
3,153 |
|
|
|
3,496 |
|
|
|
|
|
171,982 |
|
|
|
111,169 |
|
|
|
452,148 |
|
|
|
310,572 |
|
|
Property reclamation payments |
|
|
(926 |
) |
|
|
(583 |
) |
|
|
(2,419 |
) |
|
|
(2,539 |
) |
|
Employee benefit plan payments |
|
|
(255 |
) |
|
|
(704 |
) |
|
|
(1,175 |
) |
|
|
(4,815 |
) |
|
Settlement of derivative contracts |
|
|
(39 |
) |
|
|
7 |
|
|
|
423 |
|
|
|
2 |
|
|
Income taxes paid |
|
|
(10,308 |
) |
|
|
(17,727 |
) |
|
|
(59,349 |
) |
|
|
(41,864 |
) |
|
Interest received |
|
|
6,060 |
|
|
|
5,334 |
|
|
|
17,346 |
|
|
|
11,784 |
|
|
Changes in non-cash working capital |
16 |
|
14,385 |
|
|
|
10,584 |
|
|
|
(18,575 |
) |
|
|
(49,872 |
) |
|
Net cash generated from operating activities of continuing
operations |
|
|
180,899 |
|
|
|
108,080 |
|
|
|
388,399 |
|
|
|
223,268 |
|
|
Net cash used in operating activities of discontinued
operations |
4 |
|
(75 |
) |
|
|
(84 |
) |
|
|
(293 |
) |
|
|
(15 |
) |
|
|
|
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
(169,337 |
) |
|
|
(114,597 |
) |
|
|
(423,117 |
) |
|
|
(273,101 |
) |
|
Capitalized interest paid |
|
|
(9,136 |
) |
|
|
(7,302 |
) |
|
|
(23,224 |
) |
|
|
(7,829 |
) |
|
Proceeds from the sale of property, plant and equipment |
|
|
232 |
|
|
|
201 |
|
|
|
248 |
|
|
|
1,386 |
|
|
Value added taxes related to mineral property expenditures,
net |
|
|
(5,968 |
) |
|
|
(5,656 |
) |
|
|
(8,593 |
) |
|
|
(20,158 |
) |
|
Purchase of marketable securities and investment in debt
securities |
|
|
— |
|
|
|
— |
|
|
|
(11,130 |
) |
|
|
(633 |
) |
|
Decrease in term deposits |
|
|
— |
|
|
|
— |
|
|
|
1,136 |
|
|
|
35,000 |
|
|
Net cash used in investing activities of continuing
operations |
|
|
(184,209 |
) |
|
|
(127,354 |
) |
|
|
(464,680 |
) |
|
|
(265,335 |
) |
|
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
|
|
|
|
Issuance of common shares for cash, net of share issuance
costs |
|
|
1,340 |
|
|
|
(62 |
) |
|
|
13,659 |
|
|
|
166,747 |
|
|
Contributions from non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
173 |
|
|
|
265 |
|
|
Proceeds from Term Facility - commercial loans and RRF loans |
8 |
|
92,207 |
|
|
|
43,529 |
|
|
|
218,810 |
|
|
|
114,737 |
|
|
Proceeds from Term Facility - VAT facility |
8 |
|
18,034 |
|
|
|
8,517 |
|
|
|
37,340 |
|
|
|
9,052 |
|
|
Repayments of Term Facility - VAT facility |
8 |
|
(15,473 |
) |
|
|
— |
|
|
|
(30,962 |
) |
|
|
— |
|
|
Term Facility loan financing costs |
|
|
— |
|
|
|
(102 |
) |
|
|
— |
|
|
|
(17,274 |
) |
|
Term Facility commitment fees |
|
|
— |
|
|
|
— |
|
|
|
(2,201 |
) |
|
|
(2,529 |
) |
|
Senior Secured Credit Facility refinancing costs |
|
|
(2,072 |
) |
|
|
— |
|
|
|
(2,222 |
) |
|
|
— |
|
|
Interest paid |
|
|
(7,986 |
) |
|
|
(10,063 |
) |
|
|
(17,875 |
) |
|
|
(27,762 |
) |
|
Principal portion of lease liabilities |
|
|
(1,202 |
) |
|
|
(948 |
) |
|
|
(3,366 |
) |
|
|
(2,793 |
) |
|
Purchase of treasury stock |
|
|
— |
|
|
|
(1,131 |
) |
|
|
(958 |
) |
|
|
(1,131 |
) |
|
Net cash generated from financing activities of continuing
operations |
|
|
84,848 |
|
|
|
39,740 |
|
|
|
212,398 |
|
|
|
239,312 |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
81,463 |
|
|
|
20,382 |
|
|
|
135,824 |
|
|
|
197,230 |
|
|
Cash and cash equivalents - beginning of
period |
|
|
595,052 |
|
|
|
456,583 |
|
|
|
540,473 |
|
|
|
279,735 |
|
|
Change in cash in disposal group held for sale |
|
|
75 |
|
|
|
(341 |
) |
|
|
293 |
|
|
|
(341 |
) |
|
Cash and cash equivalents - end of period |
|
$ |
676,590 |
|
|
$ |
476,624 |
|
|
$ |
676,590 |
|
|
$ |
476,624 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
|
September 30, |
|
September 30, |
|
|
Note |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Share capital |
|
|
|
|
|
|
|
|
|
Balance beginning of period |
|
$ |
3,431,267 |
|
|
$ |
3,410,609 |
|
|
$ |
3,413,365 |
|
|
$ |
3,241,644 |
|
|
Shares issued upon exercise of share options |
|
|
1,465 |
|
|
|
71 |
|
|
|
13,784 |
|
|
|
5,211 |
|
|
Shares issued upon exercise of performance share units |
|
|
— |
|
|
|
— |
|
|
|
499 |
|
|
|
— |
|
|
Transfer of contributed surplus on exercise of options |
|
|
595 |
|
|
|
31 |
|
|
|
5,679 |
|
|
|
2,199 |
|
|
Shares issued in private placements, net of share issuance
costs |
|
|
— |
|
|
|
(12 |
) |
|
|
— |
|
|
|
66,764 |
|
|
Shares issued to the public, net of share issuance costs |
|
|
— |
|
|
|
(163 |
) |
|
|
— |
|
|
|
94,718 |
|
|
Balance end of period |
14 |
$ |
3,433,327 |
|
|
$ |
3,410,536 |
|
|
$ |
3,433,327 |
|
|
$ |
3,410,536 |
|
|
|
|
|
|
|
|
|
|
|
|
Treasury stock |
|
|
|
|
|
|
|
|
|
Balance beginning of period |
|
$ |
(12,157 |
) |
|
$ |
(14,821 |
) |
|
$ |
(19,263 |
) |
|
$ |
(20,454 |
) |
|
Purchase of treasury stock |
|
|
— |
|
|
|
(1,131 |
) |
|
|
(958 |
) |
|
|
(1,131 |
) |
|
Shares redeemed upon exercise of restricted share units |
|
|
191 |
|
|
|
— |
|
|
|
8,255 |
|
|
|
5,633 |
|
|
Balance end of period |
|
$ |
(11,966 |
) |
|
$ |
(15,952 |
) |
|
$ |
(11,966 |
) |
|
$ |
(15,952 |
) |
|
|
|
|
|
|
|
|
|
|
|
Contributed surplus |
|
|
|
|
|
|
|
|
|
Balance beginning of period |
|
$ |
2,607,572 |
|
|
$ |
2,612,685 |
|
|
$ |
2,617,216 |
|
|
$ |
2,618,212 |
|
|
Share-based payment arrangements |
|
|
3,064 |
|
|
|
2,523 |
|
|
|
7,067 |
|
|
|
4,797 |
|
|
Shares redeemed upon exercise of restricted share units |
|
|
(191 |
) |
|
|
— |
|
|
|
(8,255 |
) |
|
|
(5,633 |
) |
|
Shares redeemed upon exercise of performance share units |
|
|
— |
|
|
|
— |
|
|
|
(499 |
) |
|
|
— |
|
|
Transfer to share capital on exercise of options |
|
|
(595 |
) |
|
|
(31 |
) |
|
|
(5,679 |
) |
|
|
(2,199 |
) |
|
Balance end of period |
|
$ |
2,609,850 |
|
|
$ |
2,615,177 |
|
|
$ |
2,609,850 |
|
|
$ |
2,615,177 |
|
| |
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
Balance beginning of period |
|
$ |
42,469 |
|
|
$ |
(18,937 |
) |
|
$ |
(4,751 |
) |
|
$ |
(42,284 |
) |
|
Other comprehensive income for the period attributable to
shareholders of the Company |
|
|
2,717 |
|
|
|
1,257 |
|
|
|
49,937 |
|
|
|
24,604 |
|
|
Balance end of period |
|
$ |
45,186 |
|
|
$ |
(17,680 |
) |
|
$ |
45,186 |
|
|
$ |
(17,680 |
) |
|
|
|
|
|
|
|
|
|
|
|
Deficit |
|
|
|
|
|
|
|
|
|
Balance beginning of period |
|
$ |
(2,399,335 |
) |
|
$ |
(2,572,845 |
) |
|
$ |
(2,488,420 |
) |
|
$ |
(2,593,050 |
) |
|
Net earnings (loss) attributable to shareholders of the
Company |
|
|
94,971 |
|
|
|
(7,998 |
) |
|
|
184,056 |
|
|
|
12,207 |
|
|
Balance end of period |
|
$ |
(2,304,364 |
) |
|
$ |
(2,580,843 |
) |
|
$ |
(2,304,364 |
) |
|
$ |
(2,580,843 |
) |
|
Total equity attributable to shareholders of the
Company |
|
$ |
3,772,033 |
|
|
$ |
3,411,238 |
|
|
$ |
3,772,033 |
|
|
$ |
3,411,238 |
|
| |
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
Balance beginning of period |
|
$ |
(6,078 |
) |
|
$ |
(4,427 |
) |
|
$ |
(6,182 |
) |
|
$ |
(3,200 |
) |
|
(Loss) earnings attributable to non-controlling interests |
|
|
(3,706 |
) |
|
|
131 |
|
|
|
(3,775 |
) |
|
|
(1,361 |
) |
|
Contributions from non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
173 |
|
|
|
265 |
|
|
Balance end of period |
|
$ |
(9,784 |
) |
|
$ |
(4,296 |
) |
|
$ |
(9,784 |
) |
|
$ |
(4,296 |
) |
|
Total equity |
|
$ |
3,762,249 |
|
|
$ |
3,406,942 |
|
|
$ |
3,762,249 |
|
|
$ |
3,406,942 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________________________________
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 September 30, 2024
MD&A.
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 September 30,
2024 MD&A.
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 September 30,
2024 MD&A.
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 September 30,
2024 MD&A.
Eldorado Gold (TSX:ELD)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Eldorado Gold (TSX:ELD)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024
