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Eldorado Gold Reports Q2 2024 Financial and Operational Results; Maintains 2024 Operating Guidance
VANCOUVER, British Columbia, July 25, 2024 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s financial and
About this update from Eldorado Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, July 25, 2024 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the second 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. Second Quarter 2024 Highlights Operations Gold production: 122,319 ounces in line with expectations for the quarter. Production increased 12% from Q2 2023, reflecting increased gold production of 22% at Lamaque and 14% at Kisladag. Production was slightly offset by lower production at Olympias as a result of intermittent work stoppages during ongoing negotiations for a new Collective Bargaining Agreement (\"CBA\"). Gold sales: 121,226 ounces at an average realized gold price per ounce sold1 of $2,336. Gold sales increased 10% from Q2 2023 primarily as a result of increased production at Lamaque and Kisladag. Production costs: $127.8 million in Q2 2024, compared to $116.1 million in Q2 2023. The increase was due primarily to higher sales volumes, as well as slightly higher cash costs, the latter impacted by higher royalty expense due to higher gold sales and higher gold price, as well as increases in contractor and labour costs and higher fuel prices. Total cash costs1: $940 per ounce gold sold compared to $928 per ounce gold sold in Q2 2023, with the increases primarily due to higher royalties driven by higher gold prices and higher mining costs as well as lower by-product credits. All-in sustaining costs (\"AISC\")1: $1,331 per ounce sold compared to $1,296 per ounce sold in Q2 2023, with the increase due to higher total cash costs combined with higher sustaining capital. Total capital expenditures: $165.7 million, including $91.9 million of growth capital1 invested at Skouries, with activity focused on major earthworks and infrastructure construction. Growth capital at the operating mines totalled $42.3 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 maintaining its 2024 annual production guidance of 505,000 to 555,000 ounces of gold. Production continues to be weighted to th...