Eldorado Gold Corporation · TSX:ELD
Eldorado Gold — Q3 2024 Earnings Presentation
19 slides from Eldorado Gold's earnings presentation, Nov 1, 2024
Slide 1: Q3 2024 Results Conference Call
Q3 2024 RESULTS CONFERENCE CALL November 1, 2024 Sigma Milling Complex at Lamaque
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 October 31, 2024 of Eldorado Gold Corporation for the three and nine months ended September 30, 2024
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 THIRD QUARTER 2024 OVERVIEW President & CEO 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 & EFEMÇUKURU
Slide 5: Operations Update
Operations Update 2024 Guidance Ranges Tightened: Remain On Track GOLD PRICE DRIVING MARGIN EXPANSION AND STRONG 3% CASH FLOW. Generated ~$98.3 million of free cash flow(1) from in production operations, excluding Skouries investment spend over Q3 2023 Q3 2024 2024 Guidance(3) Total Cash Total Cash
Slide 6: Q3 2024 Highlights
Q3 2024 Highlights Strong Focus on Health, Safety & Sustainability HEALTH & SAFETY • LTIFR of 0.91 YTD 2024, increased from 0.71 YTD 2023 • TRIFR of 3.11 YTD 2024, a decrease from 4.70 YTD 2023 Focus on preventing high potential incidents and further empowerment of our employees to promote a positiv
Slide 7: Financial Results: Q3 2024
Financial Results: Q3 2024 Gold Production ($millions unless otherwise noted) Q3 2024 Q3 2023 160 1000 Key Metrics 140 Au produced (oz) 125,195 121,030 900 120 Au sold (oz) 123,828 119,200 800 100 Au koz $/oz Metal sales revenues 331.8 244.8 80 700 Average realized gold price ($/oz sold) (1) 2,492 1
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 Sept 30, 2024) TOTAL LIQUIDITY: $885 million Cash balance + availability on senior secured credit facility (1) CASH, CASH EQUIVALENTS
Slide 9: Skouries: Recent Achievements
Skouries: Recent Achievements Underground mining, mechanical, piping and instrumentation in the process plant continued to ramp up Q3 2024 HIGHLIGHTS(1) • Overall project completion at 79% including prior work Detailed engineering at 78%; Procurement substantially complete Construction of major eart
Slide 10: Skouries: Positioned to Deliver
Skouries: Positioned to Deliver $227 million invested year-to-date 2024: $350 to $380 million (1,2) capital expected in 2024 Q3 2024 HIGHLIGHTS (CONTINUED) • Q3 2024 invested: $82.7 million Ball mill feed Sag mill Pebble conveyor Concentrate filter Thickener (1) These are non-IFRS financial measures
Slide 11: Skouries: Crusher Building & Filtered Tailings Plant
Skouries: Crusher Building & Filtered Tailings Plant Primary Crusher (left photos) and Filtered Tailings Facility Area (right photo) Excavations and slope stabilizations are progressing in all areas and the excavation and backfill for the conveyor Three active drills are working at the filtered tail
Slide 12: Skouries: Advancing Support Infrastructure
Skouries: Advancing Support Infrastructure Main Process Plant Building – West Side Pump House Secondary Substation Control Building 11
Slide 13: Skouries: Advancing Support Infrastructure
Skouries: Advancing Support Infrastructure Main Process Plant Building – East Side East side of main process plant building Lime Plant Top: Guar Plant. Bottom: Air Compressor 12
Slide 14: Olympias
Olympias Production driven by higher grade ore during the quarter: 56% increase from Q2 2024. Q3 2024 HIGHLIGHTS • Successfully signed a 3-year CBA agreement, providing the Company with the confidence to move forward with the 650ktpa expansion when combined with the increased productivity in the und
Slide 15: Kışladağ
Kışladağ Production impacted by lower tonnes stacked, and slightly lower recovery Q3 2024 HIGHLIGHTS • Q3 gold production of 41,084 oz at total cash costs(1) of $899/oz sold • Production in Q3 2024 impacted by: Operational challenges including lower tonnes stacked, slightly lower recovery and a long
Slide 16: Kışladağ: Completion stage of North-ADR Plant
Kışladağ: Completion stage of North-ADR Plant North-ADR plant First gold pour in late October 2024 Top: Aerial view of North-ADR plant and infrastructure; Bottom: Interior of North-ADR plant. 15
Slide 17: Efemçukuru
Efemçukuru Steady producer quarter over quarter Q3 2024 HIGHLIGHTS • Q3 gold production of 19,794 oz at total cash costs(1) of $1,325/oz sold Gold production, throughput, and average gold grade were in line with the plan for the quarter Total cash costs(1) impacted by increased royalties due to high
Slide 18: Lamaque Complex
Lamaque Complex Progress continues at Ormaque, stockpiling of ore for inaugural reserve has commenced Q3 2024 HIGHLIGHTS • Q3 gold production of 43,106 oz at total cash costs(1) of $728/oz sold • Production in Q3 2024 impacted by: Lower average grades during the quarter, slightly offset by higher th
Slide 19: Eldorado Gold Continuing to Deliver Value Creation
Robust balance 45% increase in sheet to fully fund gold production by our growth 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 an important supplier