Welcome to our dedicated page for Eldorado Gold news (Ticker: EGO), a resource for investors and traders seeking the latest updates and insights on Eldorado Gold stock.
Eldorado Gold Corporation (NYSE: EGO, TSX: ELD) is a gold and base metals producer with mining, development and exploration operations in Türkiye, Canada and Greece. The EGO news page on Stock Titan aggregates company announcements and disclosures so readers can follow how Eldorado’s operations, projects and corporate actions evolve over time.
News from Eldorado Gold frequently covers operational and financial results, including quarterly production and sales figures, cost metrics, capital spending and updates on guidance. These releases often highlight performance at key operations such as the Lamaque Complex, Kisladag, Efemcukuru and Olympias, as well as commentary from management on portfolio performance and capital allocation.
Another major news theme is project development, particularly at the Skouries copper-gold project in Greece. Eldorado regularly reports on construction progress, capital estimates, schedules, commissioning milestones and workforce developments at Skouries, along with technical details on infrastructure such as the filtered tailings plant, primary crusher, process plant and underground development.
Investors can also expect updates on mineral reserves and resources, where Eldorado publishes changes to its Mineral Reserve and Mineral Resource (MRMR) estimates across operations and projects. These releases describe how drilling, resource conversion and mine planning affect reserve and resource totals and mine life at assets including the Lamaque Complex, Kisladag, Olympias, Perama Hill and Skouries.
Additional news items include capital markets and corporate developments, such as the renewal and use of the company’s normal course issuer bid, share repurchases, recognition in rankings like the TSX30, board and executive appointments, and investments in other companies. For investors tracking EGO, regularly reviewing this news feed provides insight into Eldorado’s operating performance, growth projects and governance decisions.
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Eldorado Gold Corporation will announce its 2023 First Quarter Financial and Operational Results on April 27, 2023, after market close. A conference call is scheduled for April 28, 2023, at 11:30 AM ET (8:30 AM PT) to discuss these results. Investors can access the call via the company’s website or by dial-in. Eldorado Gold, operating in Turkiye, Canada, and Greece, is engaged in mining, development, and exploration of gold and base metals, and is known for its skilled workforce and community partnerships.
Eldorado Gold Corporation and its subsidiary, Hellas Gold, have successfully closed a €680 million project financing facility for the Skouries Project in Northern Greece, covering 80% of the required funding. Hellas has already contributed €31.2 million towards early works at Skouries. The company's equity commitment is backed by a €190 million letter of credit. Additionally, Hellas has established a hedging program that covers gold and copper prices, including forward sales of 32,000 ounces of gold at $2,160 per ounce and 6,160 tonnes of copper at $8,525 per tonne. An interest rate swap has been arranged to cover 70% of variable interest rate exposure at a fixed rate of 3.11% over nine years.
Eldorado Gold Corporation announced promising results from step-out drilling at the Ormaque deposit in Quebec. Key findings include high-grade intercepts, such as 2.8 metres at 14.86 g/t gold and 1.75 metres at 39.37 g/t gold. The company plans to conduct approximately 190,000 metres of global exploration drilling in 2023, dedicating $35 million to $41 million towards resource expansion and conversion initiatives primarily in Quebec and Turkiye. Following the acquisition of Integra Resources in 2017, Eldorado Gold has added over 3.2 million inferred resource ounces at a cost below $18 per ounce, reinforcing their commitment to organic growth and expansion of their resource base.
Eldorado Gold Corporation reported its Q4 and full-year 2022 financial results. Gold production reached 128,453 ounces in Q4, with a total of 453,916 ounces for the year, slightly below guidance. Average realized gold prices were $1,754 per ounce in Q4 and $1,787 for the year. Production costs totaled $122.2 million in Q4 and $459.6 million for the year. Cash operating costs were $741 per ounce in Q4, above guidance. While free cash flow was $10.7 million in Q4, it was negative $104.5 million for the year. For 2023, the company expects production of 475,000 to 515,000 ounces, with cash operating costs ranging from $760 to $860 per ounce.
Eldorado Gold Corporation announced its 2023 production and cost guidance, projecting gold production between 475,000 to 515,000 ounces. Average cash operating costs are expected to be $760 to $860 per ounce sold. The company anticipates total growth capital expenditures of $394 to $437 million, primarily for the Skouries project. Eldorado also highlighted a five-year outlook, predicting a 55% increase in gold production by 2027, with first production from Skouries anticipated in the second half of 2025. The guidance reflects challenges such as inflationary pressures affecting operational costs.
Eldorado Gold Corporation reported preliminary gold production results for Q4 2022, totaling 128,453 ounces, bringing full-year production to 453,916 ounces. This represents a sequential increase in quarterly production, although the annual output fell slightly below the lower guidance threshold. Notably, Kisladag and Lamaque mines showed strong performance increases of 7% and 20% respectively, while Olympias production remained flat. The company anticipates a 22% income tax rate on mining profits in Turkey, and it plans to release detailed guidance for 2023 on February 23, 2023.
Eldorado Gold Corporation announced a €680 million project financing facility for its Skouries Project in Northern Greece, covering 80% of future funding needs. The facility, arranged by National Bank of Greece and Piraeus Bank, is non-recourse to Eldorado and backed by Skouries' assets. The project is approximately half-built, with funds expected to be drawn in Q1 2023. The Board approved the restart of construction, aiming for first production in H2 2025, which could significantly enhance Eldorado’s production and cash flow, including copper revenue. The project boasts a 19% after-tax IRR and $1.3 billion NPV.
Eldorado Gold Corporation has released its updated Mineral Reserve and Resource estimates as of September 30, 2022. The total Proven and Probable gold Reserves now stand at 12.3 million ounces, a 4% decrease from 2021, mainly due to the divestment of the Certej asset. Excluding depletion effects, Reserves remain stable. Measured and Indicated Resources are 19.2 million ounces, reflecting a 2% decline. The operational focus remains on core assets in Turkiye, Canada, and Greece, while the Certej project sale is expected to finalize in Q1 2023.