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Eldorado Gold Provides 2023 Production and Cost Guidance and Outlines Five-Year Growth Profile; Achieving Approximately 700K Ounces of Gold Production in 2027
VANCOUVER, British Columbia, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or the “Company”) provides detailed 2023 production and cos
About this update from Eldorado Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or the “Company”) provides detailed 2023 production and cost guidance and five-year production outlook. All financial figures stated within this release are in U.S. dollars unless otherwise stated. 2023 Guidance Highlights Gold production of 475,000 to 515,000 ounces. Average Cash operating costs(1) of $760 to $860 per ounce sold. Average Total operating costs(1) of $860 to $960 per ounce sold. Average All-in sustaining costs(1) (“AISC”) of $1,190 to $1,290 per ounce sold. Total Growth Capital(1) of $394 to $437 million, including $240 to $260 million towards the advancement of the Skouries project. Total Sustaining Capital(1) of $114 to $139 million. Exploration expenditures of $28 to $31 million, focused on resource conversion drilling at Lamaque and Efemcukuru and resource growth and discovery in Quebec, Turkiye and Greece. An additional $7 to $10 million of non-sustaining exploration expenditures is included in growth capital. (1) These financial measures are non-IFRS financial measures. Certain additional disclosures 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’ of Eldorado’s December 31, 2021 MD&A. Five-Year Outlook Skouries incorporated into the five-year production guidance, with first production expected in the second half of 2025. Gold production of 675,000 to 735,000 ounces by 2027, resulting in growth of 55% over the five-year period, from 2022 production and a compound annual growth rate of over 9%. Continued strong commitment to exploration to unlock the outstanding potential of the Company’s brownfields property portfolio and identifying and developing new opportunities in Eldorado’s focus jurisdictions. Addition of critical mineral production, primarily copper, is not currently reflected in the five-year outlook. “Eldorado is committed to growing a safe, sustainable and high-quality gold business, creating value today and for the future,” said George Burns, Eldorado’s President and Chief Executive Officer. “2022 proved to be a pivotal year for Eldorado. As we look forward to 2023 and beyond, we have taken a disciplined approach to business ...