Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Q1 2024 Earnings Presentation
17 slides from Eldorado Gold's earnings presentation, Apr 26, 2024
Slide 1: Q1 2024 Results Conference Call
Q1 2024 RESULTS CONFERENCE CALL April 26, 2024 Lamaque Complex, Canada
Slide 2: Forward Looking Statement
Forward Looking Statement Definitions Capitalized terms used in this presentation but not otherwise defined herein have the meanings ascribed thereto in the Management’s Discussion and Analysis dated April 25, 2024 of Eldorado Gold Corporation for the three months ended March 31, 2024 (the “MD&A”).
Slide 3: Non-IFRS Measures
Non-IFRS Measures Certain non-IFRS financial measures and ratios are included in this presentation, including total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and growth capital, average realized gold price per ounce sold, adj
Slide 4: Participants and Agenda
Participants and Agenda George Burns FIRST QUARTER 2024 OVERVIEW President & CEO Paul Ferneyhough FINANCIALS EVP & CFO Louw Smith OPERATIONS & PROJECTS: SKOURIES & EVP, Development, OLYMPIAS Greece Simon Hille EVP, Technical Services OPERATIONS: LAMAQUE COMPLEX, and Operations KIŞLADAĞ & EFEMÇUKURU
Slide 5: Operations Update
Operations Update Production expected to be H2 2024 weighted In-Line Quarter 5% STEADY Q1 2024 in production Operations continued to perform in-line with over Q1 2023 expectations, and generated over $33 million of free cash flow(1), excluding Skouries spend Q1 2024 2024 Guidance Total Cash Total Ca
Slide 6: Q1 2024 Highlights
Q1 2024 Highlights Production and costs in-line with expectations HEALTH & SAFETY • LTIFR of 1.63 in Q1 2024 • Focus on preventing high potential incidents and further empowerment of our employees to promote a positive health and safety culture SUSTAINABILITY HIGHLIGHTS • Recognized as one of 30 com
Slide 7: Financial Results: Q1 2024
Financial Results: Q1 2024 Gold Production(4) ($millions unless otherwise noted) Q1 2024 Q1 2023 Key Metrics 160 1000 Au produced (oz) 117,111 111,509 140 900 Au sold (oz) 120 116,008 109,817 800 100 Metal sales revenues 258.0 227.8 Au koz $/oz 80 700 Average realized gold price ($/oz sold) (1) 2,08
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 March 31, 2024) TOTAL LIQUIDITY: $628 million Cash balance + availability on revolving credit facility(2) CASH, CASH EQUIVALENTS & TER
Slide 9: Skouries
Skouries Progress continues on major earthworks and infrastructure construction Q1 2024 Highlights • Overall project progress at 43%, and overall completion at 73% including prior work • Engineering, procurement and contracting Detailed engineering at 67% Procurement substantially complete • Constru
Slide 10: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver $52.5 million invested in Q1 2024: $375 to $425 Million Capital Expected in 2024 on track 2021 2022 2023 2024 2021 Procurement & Engineering: Q1: Amended investment Agreement – signed and ❑ Substantial completion of procurement ratified into law by Greek parliament ❑
Slide 11: Skouries: Crusher Building & Filter Plant
Skouries: Crusher Building & Filter Plant Primary Crusher (left photo) and Filter Plant Area (right photo) Excavations and slope stabilizations are progressing in all areas and the excavation and backfill for the conveyor Four active drills are working at the filter plant, where 50% of the piles are
Slide 12: Skouries: Low-Grade Stockpile & Pad Area
Skouries: Low-Grade Stockpile & 580 Pad Area Low-Grade stockpile (left photo) 580 Pad area (right photo) Low-grade stockpile area – currently excavating topsoil from the base of the low-grade stockpile. 580 Pad – Geotechnical and Drainage Works prior to construction of OP/UG Workshops, Paste Plant a
Slide 13: Olympias
Olympias 14% increase over Q1 2023 – driven by productivity improvements Q1 2024 HIGHLIGHTS • Q1 gold production of 18,788 oz at total cash costs(1) of $1,287/oz sold • Production in Q1 2024 driven by: Productivity improvements over the past year increased mining and processing volumes • Total cash
Slide 14: Kışladağ
Kışladağ Q1 2024 production in line with expectations Q1 2024 HIGHLIGHTS • Q1 gold production of 37,523 oz at total cash costs(1) of $820/oz sold • Production in Q1 2024 driven by: Continued leaching gold ounces from the leach pads stacked in H2 2023 Higher grade of new tonnes placed in the quarter
Slide 15: Efemçukuru
Efemçukuru Steady producer quarter over quarter Q1 2024 HIGHLIGHTS • Q1 gold production of 18,501 oz at total cash costs(1) of $1,154/oz sold Lower quarterly production as a result of lower planned grade, compared to Q1 2023, partially offset by higher throughput in the quarter • Total cash costs(1)
Slide 16: Lamaque Complex
Lamaque Complex Delivered solid gold production in Q1 Q1 2024 HIGHLIGHTS • Q1 gold production of 42,299 oz at total cash costs(1) of $779/oz sold • Production in Q1 2024 driven by: Increased mill throughput as a result of increased mill utilization and access to stockpiled ore • Total cash costs(1)
Slide 17: Eldorado Gold Continuing to Deliver Value Creation
Robust Balance 45% Increase in Sheet to fully fund Gold Production our growth by 2027 initiatives Eldorado Gold On track to Continuing to Deliver Increasing production, become one of the EU’s largest decreasing costs, copper producers Value Creation and higher metal prices and key supplier of the cr