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Eldorado Gold Produces 485,140 Ounces of Gold in 2023 With Strong Fourth Quarter Preliminary Gold Production of 143,166 Ounces; Achieves 2023 Production Guidance

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Eldorado Gold Produces 485,140 Ounces of Gold in 2023 With Strong Fourth Quarter Preliminary Gold Production of 143,166 Ounces; Achieves 2023 Production Guidance

 

 

 

 

 

Eldorado Gold Corporation announces fourth quarter 2023 preliminary gold production of 143,166 ounces, and full year preliminary gold production of 485,140 ounces. Fourth quarter production was strong across all assets and in line with the Company’s expectation of a stronger second half of 2023. Full year preliminary production was at the midpoint of the tightened guidance range of 475,000 to 495,000 ounces, as announced in the third quarter 2023 results news release. Detailed production, by asset, is outlined in the table below.

 

Q4 2023 Preliminary Gold Production

 

  Gold Production (oz)
Mine Q4 2023 Q3 2023 Q2 2023 Q1 2023
Kisladag 46,291 37,219 34,180 37,160
Lamaque Complex 56,619 43,821 38,745 37,884
Efemcukuru 22,374 21,142 22,644 19,928
Olympias 17,882 18,848 13,866 16,537
Total Gold Production (oz) 143,166 121,030 109,435 111,509

 

 

  Gold Production (oz)
Mine Full Year 2023 Full Year 2022
Kisladag 154,850 135,801
Lamaque Complex 177,069 174,097
Efemcukuru 86,088 87,685
Olympias 67,133 56,333
Total Gold Production (oz) 485,140 453,916

Canada

 

The Lamaque Complex delivered record gold production both in the fourth quarter and for the year. During the fourth quarter, production increased 29% over the third quarter driven by increased grade and mill throughput.

 

Turkiye

 

At Kisladag, fourth quarter gold production increased by 24% over the third quarter, driven by an increase in tonnes placed on the pads and higher irrigation rates during the quarter following the commissioning of the North Heap Leach pad in the third quarter. As expected, the second half of the year was stronger as a result of the improved material handling systems which included the HPGR, larger higher-capacity conveyors and the agglomeration drum.

 

At Efemcukuru, record throughput rates in the fourth quarter, averaging 1,500 tpd along with higher gold grades delivered the full year gold production per plan. The mine rock storage facility has been completed and will enable more efficient waste rock and dry stack tailings placement.

 

The Company’s profits from mining operations in Turkiye are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. In the fourth quarter, the Company expects the Turkish current income tax expense on mining profits, at an enacted rate of 25%, to be decreased by $2 to $4 million. The expected decrease is primarily related to reductions from the investments tax credit relating to Kisladag and Efemcukuru, and the increased depreciation impact from revalued fixed assets, partly offset by increases due to the weakening of the Lira, versus the US dollar, in the quarter and the resulting generation of taxable unrealized foreign exchange gains.

 

Greece

 

Fourth quarter gold production at Olympias was slightly lower compared to the third quarter. Overall, the mine delivered record annual production due to record mill throughput and gold production as a result of the operating initiatives implemented during the year. The initiatives included improved ventilation that allowed increased access to multiple work areas. In addition, it allowed increased productivity within the Flats zone which has larger stope sizes allowing the use of bulk mining methods.

 

About Eldorado Gold

 

Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye, Canada, Greece and Romania. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

 

Posted January 15, 2024

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