Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Q4 2023 Earnings Presentation
21 slides from Eldorado Gold's earnings presentation, Feb 23, 2024
Slide 1: Q4 and Year-End 2023 Results Conference Call
Q4 AND YEAR-END 2023 RESULTS CONFERENCE CALL FEBRUARY 23, 2024 Efemçukuru, Türkiye
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 February 22, 2024 of Eldorado Gold Corporation for the twelve months ended December 31, 2023 (the “M
Slide 3: Non-IFRS Measures
Non-IFRS Measures Certain non-IFRS financial measures and ratios are included in this presentation, including cash operating costs and cash operating costs per ounce sold, total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and g
Slide 4: Participants and Agenda
Participants and Agenda George Burns FOURTH QUARTER AND YEAR END 2023 & President & CEO GUIDANCE OVERVIEW Paul Ferneyhough EVP & CFO FINANCIALS Joseph Dick OPERATIONS & PROJECTS: SKOURIES & EVP & COO OLYMPIAS Simon Hille EVP Technical Services OPERATIONS: LAMAQUE COMPLEX, and Operations KIŞLADAĞ & E
Slide 5: Operations Update
Operations Update Finished 2023 with the strongest quarter of production and strong cost performance Strong Operational Year 7% 6% in C1 SOLID Q4 2023 in production 4% in AISC Delivered key initiatives at Kışladağ and Olympias over 2022 that drove increased tonnage and production over 2022 Q4 2023 F
Slide 6: Q4 & Full Year 2023 Highlights: Guidance Achieved
Q4 & Full Year 2023 Highlights: Guidance Achieved Increased production 7% while lowering cost profile 4% to 6% over 2022 HEALTH & SAFETY • LTIFR of 0.42 in Q4 2023 • FY 2023 LTIFR a 45% improvement from FY 2022 (0.65 vs. 1.19 in 2022) • Focused on improving workplace safety to ensure a safe working
Slide 7: 2024 Guidance and 4-Year Production Outlook
2024 Guidance and 4-Year Production Outlook Growing production with significant upside from Skouries Au & Cu production 2024 4-YEAR PRODUCTION OUTLOOK: GOLD INCREASING 45% FROM 2023 TO 2027 GOLD PRODUCTION: 505,000 – 555,000 oz COPPER PRODUCTION STARTING IN 2025 800 TOTAL CASH COSTS(1): $840 - $940
Slide 8: Capital Cost: Evolution from Feasibility Study to Full Construction
Capital Cost: Evolution from Feasibility Study to Full Construction Updated Estimate Reflects Higher Labour Costs ADVANCING A WORLD-CLASS ASSET Administrative Offices CAPITAL COST ESTIMATE: $920 million FIRST PRODUCTION: Q3 2025 COMMERCIAL PRODUCTION: End of 2025 Filter Area 2025 PRODUCTION: 50,000
Slide 9: Financial Results: Q4 2023
Financial Results: Q4 2023 Gold Production(4) ($millions unless otherwise noted) Q4 2023 Q4 2022 FY 2023 FY 2022 160 850 Profit Metrics 800 140 Au produced (oz) 143,166 128,453 485,139 453,916 120 750 700 Au sold (oz) 144,827 132,462 483,978 452,953 100 Au koz 650 $/oz 80 Metal sales revenues 306.9
Slide 10: 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 Dec. 31, 2023) TOTAL LIQUIDITY: $652 million Cash balance + availability on revolving credit facility(2) $110M CASH, CASH EQUIVALENTS
Slide 11: Skouries
Skouries Full construction mode on the Company’s next phase of growth Q4 2023 Highlights • Overall project process at 38%, overall completion, at 70% including prior work • Engineering, procurement and contracting Detailed engineering at 61% Procurement at 82% Primary crusher foundation • Constructi
Slide 12: Skouries - Positioned to Deliver
Skouries - Positioned to Deliver Advancing Construction: $375 to $425 Million Capital Expected in 2024 2021 2022 2023 2024 2021 Procurement & Engineering: Q1: Amended investment Agreement – signed and ❑ Substantial completion of procurement ratified into law by Greek parliament ❑ Substantial complet
Slide 13: Skouries: Open Pit
Skouries: Open Pit Pre-stripping for Waste Rock Dam and Low-Grade Ore Stockpile Pre-stripping already completed. Trucks on-site that are progressing on the open pit pre-stripping to support construction of the haul roads and water management ponds. 12
Slide 14: Skouries: Crusher Building
Skouries: Crusher Building Piles Drilled & Poured; First Stage of Crusher Excavation Complete The piles have been drilled and poured and the next stage of civil construction has begun. 13
Slide 15: Skouries: Filter Plant
Skouries: Filter Plant Excavation & Pilings Underway Significant amount of excavation work that has been done. The pilings are underway. 14
Slide 16: Skouries: Surface and Underground
Skouries: Surface and Underground Ramping up Activities on Surface and Underground First four company owned CAT 745 (45 tonne) trucks; 15 additional expected for delivery The first phase of underground development continues to advance the West Decline and through the end of Q2 2024. access to the te
Slide 17: Kışladağ
Kışladağ 24% production increase in Q4 2023 over Q3 2023 Q4 2023 HIGHLIGHTS • Q4 gold production of 46,291 oz at cash operating costs(1) of $623/oz sold • Production in Q4 2023 driven by: Newly commissioned North Heap Leach Pad & ongoing optimization of on-belt ore agglomeration Upgraded materials h
Slide 18: Efemçukuru
Efemçukuru Steady producer quarter over quarter Q4 2023 HIGHLIGHTS • Q4 gold production of 22,374 oz at cash operating costs(1) of $816/oz sold Result of record throughput rates and higher grades • FY 2023 gold production of 86,088 oz at cash operating costs(1) of $797/oz sold 2024 GUIDANCE • Gold p
Slide 19: Lamaque Complex
Lamaque Complex Delivered record gold production both in Q4 and for the full year Q4 2023 HIGHLIGHTS • Q4 gold production of 56,619 oz at cash operating costs(1) of $580/oz sold • Production in Q4 2023 driven by: Productivity improvements at the Triangle Mine, allowing the mill to perform at capacit
Slide 20: Olympias
Olympias Delivered record annual production – driven by productivity improvements Q4 2023 HIGHLIGHTS • Q4 gold production of 17,882 oz at cash operating costs(1) of $1,224/oz sold • Production in Q4 2023 driven by: Record mill throughput as a result of the operating initiatives implemented during th
Slide 21: Thank You
Thank You TSX: ELD NYSE: EGO eldoradogold.com