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Eldorado Gold Corporation ("Eldorado" or "the Company") announces fourth quarter 2023 preliminary gold production of 143,166 ounces, and full year preliminary gold production of 485,140 ounces. Fourth quarter production was strong across all assets and in line with the Company's expectation of a stronger second half of 2023. Full year preliminary production was at the midpoint of the tightened guidance range of 475,000 to 495,000 ounces, as announced in the third quarter 2023 results news release. Detailed production, by asset, is outlined in the table below.
Q4 2023 Preliminary Gold Production
| Gold Production (oz) | ||||
| Mine | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
| Kisladag | 46,291 | 37,219 | 34,180 | 37,160 |
| Lamaque Complex | 56,619 | 43,821 | 38,745 | 37,884 |
| Efemcukuru | 22,374 | 21,142 | 22,644 | 19,928 |
| Olympias | 17,882 | 18,848 | 13,866 | 16,537 |
| Total Gold Production (oz) | 143,166 | 121,030 | 109,435 | 111,509 |
| Gold Production (oz) | ||
| Mine | Full Year 2023 | Full Year 2022 |
| Kisladag | 154,850 | 135,801 |
| Lamaque Complex | 177,069 | 174,097 |
| Efemcukuru | 86,088 | 87,685 |
| Olympias | 67,133 | 56,333 |
| Total Gold Production (oz) | 485,140 | 453,916 |
Canada
The Lamaque Complex delivered record gold production both in the fourth quarter and for the year. During the fourth quarter, production increased 29% over the third quarter driven by increased grade and mill throughput.
Turkiye
At Kisladag, fourth quarter gold production increased by 24% over the third quarter, driven by an increase in tonnes placed on the pads and higher irrigation rates during the quarter following the commissioning of the North Heap Leach pad in the third quarter. As expected, the second half of the year was stronger as a result of the improved material handling systems which included the HPGR, larger higher-capacity conveyors and the agglomeration drum.
At Efemcukuru, record throughput rates in the fourth quarter, averaging 1,500 tpd along with higher gold grades delivered the full year gold production per plan. The mine rock storage facility has been completed and will enable more efficient waste rock and dry stack tailings placement.
The Company's profits from mining operations in Turkiye are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. In the fourth quarter, the Company expects the Turkish current income tax expense on mining profits, at an enacted rate of 25%, to be decreased by $2 to $4 million. The expected decrease is primarily related to reductions from the investments tax credit relating to Kisladag and Efemcukuru, and the increased depreciation impact from revalued fixed assets, partly offset by increases due to the weakening of the Lira, versus the US dollar, in the quarter and the resulting generation of taxable unrealized foreign exchange gains.
Greece
Fourth quarter gold production at Olympias was slightly lower compared to the third quarter. Overall, the mine delivered record annual production due to record mill throughput and gold production as a result of the operating initiatives implemented during the year. The initiatives included improved ventilation that allowed increased access to multiple work areas. In addition, it allowed increased productivity within the Flats zone which has larger stope sizes allowing the use of bulk mining methods.
Q4 2023 Financial and Operational Results Call Details
Eldorado will release its 2023 Year-End and Fourth Quarter Financial and Operational Results after the market closes on Thursday, February 22, 2024, and will host a conference call on Friday, February 23, 2024, 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://services.choruscall.ca/links/eldoradogold2023q4.html
| Conference Call Details | Replay (available until March 29, 2024) | ||
| Date: | February 23, 2024 | Vancouver: | +1 604 638 9010 |
| Time: | 11:30 AM ET (8:30 AM PT) | Toll Free: | 1 800 319 6413 |
| Dial in: | +1 604 638 5340 | Access code: | 0604 |
| Toll free: | 1 800 319 4610 | ||
Additionally, the Company plans to release guidance for 2024 and an updated multi-year outlook, in conjunction with the 2023 full-year results on Thursday, February 22, 2024.
Posted In: EGO
