Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Q4 2024 Earnings Presentation
25 slides from Eldorado Gold's earnings presentation, Feb 21, 2025
Slide 1: Q4 & Full Year 2024 Results Conference Call
Q4 & FULL YEAR 2024 RESULTS CONFERENCE CALL February 21, 2025 Millionth ounce gold pour at the Lamaque Complex, Canada
Slide 2: Forward Looking Statement
Forward Looking Statement Definitions and Photos Capitalized terms used in this presentation but not otherwise defined herein have the meanings ascribed thereto in the Management’s Discussion and Analysis dated February 20, 2025 of Eldorado Gold Corporation for the three and twelve months ended Dece
Slide 3: Non-IFRS Measures
Non-IFRS Measures Certain non-IFRS financial measures and ratios are included in this presentation, including total cash costs ($/oz sold), all-in sustaining costs ("AISC") ($/oz sold), adjusted net earnings, adjusted net earnings per share, adjusted EBITDA, cash flow from operating activities befor
Slide 4: Participants and Agenda
Participants and Agenda George Burns FOURTH QUARTER & FULL YEAR 2024 President & CEO OVERVIEW Paul Ferneyhough FINANCIALS EVP & CFO Louw Smith OPERATIONS & PROJECTS: SKOURIES & EVP, Development, OLYMPIAS Greece Simon Hille EVP, Operations and OPERATIONS: LAMAQUE COMPLEX, Technical Services KIŞLADAĞ
Slide 5: Operations Update
Operations Update Strong operational performance: delivered 7% annual production growth over 2023 and 24% increase over Q3 2024 GOLD PRICE DRIVING MARGIN EXPANSION AND STRONG 24% Record CASH FLOW. in production Gold production at Generated ~$342.0 million of free cash flow(1) from operations, exclud
Slide 6: Full Year 2024 Highlights
Full Year 2024 Highlights Strong Focus on Health, Safety & Sustainability HEALTH & SAFETY • LTIFR of 0.99 in 2024, increased from 0.65 in 2023 • TRIFR of 3.24 in 2024, decreased from 4.65 in 2023 Focus on preventing high potential incidents and further empowerment of our employees to promote a posit
Slide 7: Financial Results: Full Year & Q4 2024
Financial Results: Full Year & Q4 2024 Gold Production ($millions unless otherwise noted) Q4 2024 Q4 2023 FY 2024 FY 2023 Key Metrics 180 1000 160 Au produced (oz) 155,668 143,166 520,293 485,139 900 140 Au sold (oz) 156,864 144,827 517,926 483,978 120 800 Au koz 100 $/oz Metal sales revenues 435.7
Slide 8: Strong Financial Position
Strong Financial Position Focus on maintaining solid financial position which provides flexibility to unlock value across our business Liquidity Position(1,2) (as of December 31, 2024) TOTAL LIQUIDITY: $1.1 billion Cash balance + availability on senior secured credit facility(1) 239 CASH & CASH EQUI
Slide 9: Skouries: Recent Achievements
Skouries: Recent Achievements Revised project capital cost of $1.06 B with first production expected in Q1 2026 and commercial production in mid-2026 Q4 2024 HIGHLIGHTS(1) • Current phase 60% complete Detailed engineering and procurement: substantially complete. Focus on finalizing engineering to su
Slide 10: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver Construction project capital(1) invested since restart of construction to December 31, 2024: $509.6 million 2025: $400 to $450 million capital expected, in addition to $80 to $100 million in accelerated operational capital Q4 2024 HIGHLIGHTS (CONTINUED) • Q4 2024 inve
Slide 11: Skouries: Filtered Tailings Plant
Skouries: Filtered Tailings Plant Filtered Tailings Facility Area: Commencement of structural steel construction in February 2025. Filter plant facility overview – February 21, 2025 To view a timelapse of the installation, please visit: https://www.youtube.com/watch?v=ht5iLeOcg5w Filter plant – firs
Slide 12: Skouries: Crusher Building
Skouries: Crusher Building Primary Crusher: Continued to advance the foundation construction, with retaining walls and excavations completed. Primary crusher overview Fixed location construction crane Primary crusher - detail 11
Slide 13: Olympias
Olympias Production in 2024 increased 4% over 2023, driven by higher average grade Q4 2024 HIGHLIGHTS • Q4 gold production of 15,992 oz at total cash costs(1) of $1,463/oz sold • Production in Q4 2024 impacted by: Lower throughput and gold grades, as well as plant equipment downtime during the quart
Slide 14: Kışladağ
Kışladağ Production in 2024 increased 12% over 2023; and demonstrated a 28% increase in H2 2024 vs. H1 2024 driven by enhanced capacity Q4 2024 HIGHLIGHTS • Q4 gold production of 56,483 oz at total cash costs(1) of $978/oz sold • Production in Q4 2024 benefited from: North ADR facility commencing op
Slide 15: Efemçukuru
Efemçukuru 10th Consecutive year of achieving production guidance Q4 2024 HIGHLIGHTS • Q4 gold production of 19,451 oz at total cash costs(1) of $1,376/oz sold • Costs during the quarter and the year impacted by: Rising costs of labour and increased royalties due to average higher gold prices • FY 2
Slide 16: Lamaque Complex
Lamaque Complex Production in 2024 increased 11% over 2023; and demonstrated a 19% increase in H2 2024 vs. H1 2024 driven by enhanced capacity Q4 2024 HIGHLIGHTS • Q4 gold production of 63,742 oz at total cash costs(1) of $615/oz sold • Production in Q4 2024 driven by: Higher throughput rates and hi
Slide 17: Eldorado Gold Continuing to Deliver Value Creation
Robust balance 43% increase in sheet to fully fund gold production by our growth 2027 from 2023 initiatives Eldorado Gold Increasing On track to Continuing to Deliver production, disciplined cost become one of the EU’s largest control, strong copper producers Value Creation metal prices reflected in
Slide 18: Appendix: Mineral Reserves and Mineral Resources
Appendix: Mineral Reserves and Mineral Resources 17
Slide 19: Mineral Reserves (Gold, Silver) as of September 30, 2024
Mineral Reserves (Gold, Silver) as of September 30, 2024 Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Gold (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) (x1000) g/t ounces (x1000) Efem
Slide 20: Mineral Reserves (Copper, Lead, Zinc) as of September 30, 2024
Mineral Reserves (Copper, Lead, Zinc) as of September 30, 2024 Project Proven Mineral Reserves Probable Mineral Reserves Total Proven and Probable Tonnes Cu Contained Cu Tonnes Cu Contained Cu Tonnes Cu Contained Cu Copper (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) (x1000) % tonnes (x1000) Sk
Slide 21: Mineral Resources (Gold, Silver) as of September 30, 2024
Mineral Resources (Gold, Silver) as of September 30, 2024(1) Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Tonnes Au Contained Au Gold (x1000) g/t ounces (x1000) (x1000) g/t ounces (
Slide 22: Mineral Resources (Copper, Lead, Zinc) as of September 30, 2024
Mineral Resources (Copper, Lead, Zinc) as of September 30, 2024 Project Measured Resources Indicated Resources Total Measured and Indicated Inferred Resources Contained Contained Contained Contained Tonnes Cu Cu tonnes Tonnes Cu Cu tonnes Tonnes Cu Cu tonnes Tonnes Cu Cu tonnes Copper (x1000) % (x10
Slide 23: Notes on Mineral Resources and Reserves
Notes on Mineral Resources and Reserves General Mineral Reserves and Mineral Resources are as of September 30, 2024 The Mineral Reserves and Mineral Resources were classified using logic consistent with the CIM Definition Standards for Mineral Resources & Mineral Reserves (2014) incorporated, by ref
Slide 24: Notes on Mineral Reserves (cont'd)
Notes on Mineral Reserves (cont’d) Mineral Reserve Notes Eldorado reports Mineral Reserves in accordance with CIM Definition Standards. Mineral Reserves for the operating sites (Efemcukuru, Kisladag, Olympias, and within the Lamaque Complex – Ormaque and Triangle) were determined using a long-term g
Slide 25: Notes on Mineral Resources
Notes on Mineral Resources Mineral Resource Notes: Eldorado reports Mineral Resources in accordance with CIM Definition Standards. All Mineral Resources are assessed for reasonable prospects for eventual economic extraction (RPEEE). The Resource cut-off grades or values (e.g. gold equivalent) are de