Eldorado Gold Delivers Gold Production of 520,293 Ounces in 2024, Above the Midpoint of Tightened Guidance, With Solid Fourth Quarter Preliminary Gold Production of 155,669 Ounces; Provides Skouries Construction Progress and Conference Call Details
Eldorado Gold reports strong Q4 2024 gold production of 155,669 ounces and full-year production of 520,293 ounces, marking a 7% annual growth over 2023. The company exceeded the midpoint of its tightened guidance range of 505,000-530,000 ounces.
The Lamaque Complex achieved record production both quarterly and annually, with Q4 showing a 48% increase over Q3. Kisladag saw a 37% quarter-over-quarter increase in Q4, benefiting from dual ADR facilities. Efemcukuru maintained stable production, marking its 10th consecutive year of meeting guidance. Olympias experienced lower Q4 production due to maintenance challenges.
At Skouries, construction reached 60% completion for phase 2 and 82% overall completion. However, capital spending was below guidance at $320 million for 2024, primarily due to construction labor shortages in Greece. The company plans to provide an updated capital cost estimate and project schedule in February 2025.
Eldorado Gold riporta una forte produzione d'oro nel Q4 2024 di 155.669 once e una produzione annuale totale di 520.293 once, segnando una crescita annuale del 7% rispetto al 2023. L'azienda ha superato il punto medio della sua fascia di guida ristretta di 505.000-530.000 once.
Il Complesso Lamaque ha raggiunto una produzione record sia trimestrale che annuale, con il Q4 che mostra un incremento del 48% rispetto al Q3. Kisladag ha registrato un aumento del 37% rispetto al trimestre precedente nel Q4, beneficiando di strutture ADR doppie. Efemcukuru ha mantenuto una produzione stabile, segnando il suo 10° anno consecutivo di rispetto delle previsioni. Olympias ha sperimentato una produzione inferiore nel Q4 a causa di problematiche di manutenzione.
A Skouries, la costruzione ha raggiunto il 60% di completamento per la fase 2 e l'82% di completamento totale. Tuttavia, le spese in conto capitale sono state inferiori alle previsioni a $320 milioni per il 2024, principalmente a causa di carenze di manodopera per la costruzione in Grecia. L'azienda prevede di fornire una stima aggiornata dei costi di capitale e del programma del progetto a febbraio 2025.
Eldorado Gold informa de una fuerte producción de oro en el cuarto trimestre de 2024 de 155,669 onzas y una producción total anual de 520,293 onzas, marcando un crecimiento anual del 7% respecto a 2023. La empresa superó el punto medio de su rango de guía ajustado de 505,000-530,000 onzas.
El Complejo Lamaque logró récords de producción tanto trimestral como anual, con el Q4 mostrando un aumento del 48% respecto al Q3. Kisladag experimentó un incremento del 37% en el cuarto trimestre respecto al trimestre anterior, beneficiándose de instalaciones ADR duales. Efemcukuru mantuvo una producción estable, marcando su décimo año consecutivo cumpliendo con las previsiones. Olympias experimentó una producción más baja en el Q4 debido a desafíos de mantenimiento.
En Skouries, la construcción alcanzó un 60% de finalización para la fase 2 y un 82% de finalización total. Sin embargo, el gasto de capital fue inferior a la orientación, con $320 millones para 2024, principalmente debido a escasez de mano de obra en la construcción en Grecia. La empresa planea proporcionar una estimación actualizada de costos de capital y del programa del proyecto en febrero de 2025.
엘도라도 골드는 2024년 4분기 금 생산량이 155,669온스, 연간 생산량이 520,293온스에 이르렀다고 보고하며, 이는 2023년 대비 연간 7% 성장한 수치입니다. 회사는 조정된 가이드라인 범위인 505,000-530,000온스의 중간값을 초과했습니다.
라마크 복합체는 분기 및 연간 모두에서 기록적인 생산량을 달성하였으며, 4분기는 3분기 대비 48% 증가했습니다. 키슬라다그는 4분기 동안 분기별 생산량이 37% 증가하였으며, 이중 ADR 시설의 혜택을 받았습니다. 에페미쿠루는 안정적인 생산을 유지하여 10년 연속으로 가이드를 충족했습니다. 올림피아스는 유지보수 문제로 인해 4분기 생산량이 감소했습니다.
스콜리에서는 2단계 건설이 60% 완공되었고 전체적으로는 82% 완료되었습니다. 그러나 자본 지출은 2024년 동안 3억 2천만 달러로 가이드를 하회했으며, 이는 그리스에서 건설 인력 부족으로 인한 것입니다. 회사는 2025년 2월에 업데이트된 자본 비용 추정치와 프로젝트 일정을 제공할 계획입니다.
Eldorado Gold rapporte une production d'or solide au quatrième trimestre 2024 de 155,669 onces et une production annuelle totale de 520,293 onces, marquant une croissance annuelle de 7% par rapport à 2023. L'entreprise a dépassé le point médian de son intervalle de prévisions ajusté de 505,000-530,000 onces.
Le Complexe Lamaque a atteint une production record tant trimestrielle qu'annuelle, le quatrième trimestre affichant une augmentation de 48% par rapport au troisième trimestre. Kisladag a connu une augmentation de 37% d'un trimestre à l'autre au quatrième trimestre, bénéficiant d'installations ADR doubles. Efemcukuru a maintenu une production stable, marquant sa dixième année consécutive de respect des prévisions. Olympias a connu une production inférieure au quatrième trimestre en raison de problèmes de maintenance.
À Skouries, la construction a atteint 60% d'achèvement pour la phase 2 et 82% d'achèvement global. Cependant, les dépenses en capital étaient inférieures aux prévisions à 320 millions de dollars pour 2024, principalement en raison des pénuries de main-d'œuvre dans le secteur de la construction en Grèce. L'entreprise prévoit de fournir une estimation actualisée des coûts en capital et du calendrier du projet en février 2025.
Eldorado Gold berichtet von einer starken Goldproduktion im 4. Quartal 2024 von 155.669 Unzen und einer Jahresproduktion von 520.293 Unzen, was einem jährlichen Wachstum von 7 % gegenüber 2023 entspricht. Das Unternehmen übertraf den Mittelwert seines angepassten Prognosebereichs von 505.000-530.000 Unzen.
Der Lamaque-Komplex erreichte sowohl vierteljährlich als auch jährlich Rekordproduktionen, wobei das 4. Quartal im Vergleich zum 3. Quartal um 48 % anstieg. Kisladag verzeichnete im 4. Quartal einen Anstieg von 37 % im Vergleich zum vorherigen Quartal, was auf die Vorteile von doppelten ADR-Anlagen zurückzuführen ist. Efemcukuru hielt eine stabile Produktion aufrecht und verzeichnete damit das 10. Jahr in Folge, in dem die Prognosen erfüllt wurden. Olympias erlebte aufgrund von Wartungsproblemen eine niedrigere Produktion im 4. Quartal.
In Skouries erreichte der Bau einen Fertigstellungsgrad von 60 % für Phase 2 und insgesamt 82 %. Die Investitionsausgaben lagen jedoch mit 320 Millionen US-Dollar für 2024 unter den Erwartungen, hauptsächlich aufgrund von Arbeitskräftemangel im Bauwesen in Griechenland. Das Unternehmen plant, im Februar 2025 eine aktualisierte Kostenschätzung und einen Projektzeitplan bekannt zu geben.
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(All dollar figures are in US dollars, unless otherwise stated)
VANCOUVER, British Columbia, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) announces fourth quarter 2024 preliminary gold production of 155,669 ounces, and full year preliminary gold production of 520,293 ounces, delivering
2024 Preliminary Gold Production
| Mine | Gold Production (oz) | |||
| Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | |
| Lamaque Complex | 63,742 | 43,106 | 47,391 | 42,299 |
| Kisladag | 56,483 | 41,084 | 38,990 | 37,523 |
| Efemcukuru | 19,451 | 19,794 | 22,397 | 18,501 |
| Olympias | 15,992 | 21,211 | 13,541 | 18,788 |
| Total Gold Production (oz) | 155,669 | 125,195 | 122,319 | 117,111 |
| Mine | Gold Production (oz) | |
| Full Year 2024 | Full Year 2023 | |
| Lamaque Complex | 196,538 | 177,069 |
| Kisladag | 174,080 | 154,849 |
| Efemcukuru | 80,143 | 86,088 |
| Olympias | 69,532 | 67,133 |
| Total Gold Production (oz) | 520,293 | 485,139 |
Canada
Lamaque Complex
The Lamaque Complex delivered record gold production both in the fourth quarter and for the year. Since the beginning of 2019 a total of approximately 959,000 ounces have been produced to the end of 2024. We expect to reach another milestone with the pour of our one millionth ounce in the first quarter of 2025. During the fourth quarter, production increased
Turkiye
Kisladag
At Kisladag, fourth quarter gold production increased
Efemcukuru
At Efemcukuru, fourth quarter gold production was in line with the third quarter and resulted in the mine delivering another year of stable production. This is the 10th consecutive year of Efemcukuru achieving annual production guidance, demonstrating the site’s dedication to continuous improvement and performance.
Greece
Olympias
At Olympias, fourth quarter gold production was lower compared to the third quarter, mostly impacted by lower throughput during the quarter related to planned equipment downtime and maintenance challenges related to filter presses which negatively impacted the mill throughput.
Skouries – Slower than Planned Progress on Construction and Capital Spend at Year-End 2024
At Skouries, as of December 31st, 2024, the current phase 2 of the project was
We are evaluating the impact of these and other factors on the project schedule and capital cost. We expect to provide a full project update, including an updated capital cost estimate and project schedule, in February 2025.
Q4 2024 & Full Year 2024 Financial and Operational Results Call Details
Eldorado will release its 2024 Year-End and Fourth Quarter Financial and Operational Results after the market closes on Thursday, February 20, 2025, and will host a conference call on Friday, February 21, 2025, at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com, or via: https://event.choruscall.com/mediaframe/webcast.html?webcastid=dSeOP9wo
| Conference Call Details | Replay (available until March 28, 2025) | ||
| Date: | February 21, 2025 | 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: | 4253753 |
| Toll free: | 1 844 763 8274 | ||
Participants may elect to pre-register for the conference call via this link: https://dpregister.com/sreg/10195094/fe1e08e6f4. 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.
Additionally, the Company plans to release guidance for 2025 and an updated three-year outlook, in conjunction with the 2024 full-year results on Thursday, February 20, 2025.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye, 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
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or 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”, “budget”, “continue”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “projected” or “scheduled” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: preliminary gold production for 4Q and full year 2024, both on a consolidated basis and by mine; expectations to pour the one millionth ounce at the Lamaque Complex and the timing thereof; expected production trends at Kisladag overall and specific expectations for production in Q1 2025; a planned HPGR roll change at Kisladag and the expected impact thereof; plans to provide a full Skouries project update including the contents and timing thereof, and generally our strategy, plans and goals and priorities. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
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 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; 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.
Even though our management believes that the assumptions made and the 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. With respect to the upcoming Skouries update discussed in this news release, there can be no assurance that the information contained in the update (whether with respect to the updated capital cost estimate, project schedules or other information in respect of the project) will be accurate or will not require further updates in the future.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: risks relating to our operations in foreign jurisdictions; development risks at Skouries and other development projects; community relations and social license; liquidity and financing risks; climate change; inflation risk; environmental matters including existing or potential environmental hazards; 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; risks 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, skilled workforce, 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 operational technology systems; 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; competition as well as those risk factors discussed in the sections titled “Forward-looking information and risks” and “Risk factors in our business” 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 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 U.S.
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 or technical information contained in this news 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 data contained in this news release for the Lamaque Complex.
Data verification was completed through a site by site internal control process which confirmed ounces produced to internal reporting systems.
FAQ
What was Eldorado Gold's (EGO) total gold production for 2024?
How much gold did EGO produce in Q4 2024?
What is the current completion status of EGO's Skouries project?
How much capital has EGO invested in the Skouries project since 2023?
What was the performance of EGO's Lamaque Complex in 2024?
Why did EGO's Kisladag mine see increased production in Q4 2024?
