Group 1 - The increase in gold prices over the past year has positively impacted the value of mining companies, which had previously struggled to find upward catalysts despite rising global inflation post-pandemic [1] - Mining companies are benefiting from the surge in gold prices, indicating a potential investment opportunity in the sector [1] Group 2 - The article does not provide specific financial data or performance metrics related to individual companies or the mining sector [2][3] - There is no mention of specific companies or their stock performance in relation to the gold price increase [2][3]

Core Viewpoint - The Schall Law Firm is investigating potential securities law violations by Eldorado Gold Corporation, focusing on misleading statements and undisclosed information related to the Skouries Project and its financial implications [1][2]. Group 1: Investigation Details - The investigation centers on whether Eldorado issued false or misleading statements and failed to disclose critical information to investors [2]. - A press release from Eldorado on February 5, 2025, provided updates on the Skouries Project, including production and cost guidance, indicating labor market tightness in Greece has delayed construction progress [2]. - The company now expects first production at Skouries in Q1 2026 and commercial production by mid-2026, with a revised capital cost estimate increasing by approximately $143 million (15.5%) to a total of about $1.06 billion [2]. Group 2: Market Reaction - Following the announcement of the revised project timeline and cost estimates, Eldorado's shares fell by 11.27% the next day [2].

Financial Data and Key Metrics Changes - In Q4 2024, net earnings attributable to shareholders from continuing operations were $108 million or $0.53 per share, while for the full year, net earnings were $301 million or $1.48 per share, reflecting an increase due to higher gold prices and sales volumes [21][22] - Adjusted net earnings for Q4 were $128 million or $0.62 per share, with full-year adjusted net earnings at $321 million or $1.57 per share, impacted by foreign exchange losses and unrealized gains on derivatives [22][23] - Free cash flow in Q4 was $75 million, totaling $176 million excluding capital investment in the Skouries project, while for the full year, free cash flow was $7 million or $342 million excluding Skouries capex [23][24] - Total cash costs for Q4 were $944 per ounce sold, with all-in sustaining costs (AISC) at $1,226 per ounce sold; for the full year, total cash costs were $940 per ounce sold and AISC was $1,285 per ounce sold [25] Business Line Data and Key Metrics Changes - At the Lamaque Complex, record production of 196,538 ounces was achieved, contributing to a total gold production of 520,293 ounces for the year, a 7% increase from 2023 [7][9] - Olympias produced 15,923 ounces in Q4, with total cash costs of $1,463 per ounce sold, lower production attributed to planned equipment downtime and lower gold grades [41] - Klada had a strong quarter with production of 56,483 ounces and total cash costs of $978 per ounce sold, benefiting from the operation of the new North ADR facility [43] - Efemcukuru produced 19,451 ounces at total cash costs of $76 per ounce sold, achieving annual production guidance for the tenth consecutive year [46] Market Data and Key Metrics Changes - Average realized gold prices increased from $1,944 per ounce to $2,405 per ounce, significantly impacting revenue and cash flow [24] - The company reported a total liquidity of $1.1 billion at year-end, including $857 million in cash and cash equivalents [30] Company Strategy and Development Direction - The company is focused on advancing the Skouries project, with a revised capital cost of $1.06 billion and expected first gold production in Q1 2026 [33] - Continued investment in high-return growth projects is emphasized, with a commitment to maintaining a strong financial position while advancing construction [31][50] - The company aims to optimize operations across its assets, with a disciplined approach to capital management and cost control in a high gold price environment [51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets and emphasized the importance of safety and operational efficiency [12][50] - The company is optimistic about the future of the Lamaque Complex, with ongoing drilling and resource conversion efforts [78][79] - Management acknowledged challenges in the labor market but reported progress in recruitment efforts for the Skouries project [56][60] Other Important Information - The company received a silver award at the 2024 European Mine Safety Awards for its innovative training program [14] - An amended technical report for the Lamaque Complex was filed, removing a preliminary economic assessment due to regulatory feedback [16][17] Q&A Session Summary Question: Update on Skouries labor market and hiring needs - Management reported good progress towards a target workforce of 1,300, focusing on concrete workers and actively recruiting both locally and outside Greece [56][58] Question: Clarification on the removal of the preliminary assessment in the technical report - Management explained that the British Columbia Securities Commission required the removal of the PEA due to the use of technical parameters that should not have been applied to inferred resources [71][72]

Q4 & FULL YEAR 2024 RESULTS CONFERENCE CALL February 21, 2025 Millionth ounce gold pour at the Lamaque Complex, Canada 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 December 31, 2024 (the "MD&A"). Photos shown within the presentation were taken as recently as Fe ...

Core Viewpoint - Eldorado Gold Corporation has filed an amended Technical Report for its Lamaque Complex, which replaces the previous report and removes the preliminary economic assessment case without altering the reserve case or mineral estimates [1][2]. Group 1: Technical Report Details - The amended Technical Report, effective December 31, 2024, supersedes the January 2025 Report and reflects the removal of the preliminary economic assessment case [2]. - The amended report does not change the reserve case, mineral resource estimates, mineral reserve estimates, financial assumptions, or economic analysis [2]. - Minor changes include updates to the qualified persons responsible for the report, additional details on their experience, and compliance updates to sections as per NI 43-101F1 requirements [3]. Group 2: Company Overview - Eldorado Gold is a producer of gold and base metals with operations in Türkiye, Canada, and Greece, emphasizing a skilled workforce and responsible operations [5]. - The company's shares are traded on the Toronto Stock Exchange (TSX:ELD) and the New York Stock Exchange (NYSE:EGO) [5].

Financial Performance - Revenue for 2024 reached $1,322.6 million, a 31.1% increase from $1,008.5 million in 2023[15] - Net earnings for the period were $289.1 million, compared to $104.6 million in 2023, marking a significant increase[15] - Adjusted net earnings from continuing operations were $320.7 million in 2024, up from $110.7 million in 2023[15] - Free cash flow for 2024 was $6.8 million, a recovery from a negative $47.2 million in 2023[15] - Cash and cash equivalents increased to $856.8 million, up from $540.5 million in 2023[15] - Total assets rose to $5,835.6 million in 2024, compared to $4,987.6 million in 2023[15] - Total revenue for Q4 2024 reached $435.7 million, a 42% increase from $306.9 million in Q4 2023[135] - Net earnings from continuing operations in Q4 2024 were $108.2 million, compared to $91.8 million in Q4 2023, reflecting a 17% year-over-year growth[135] - Adjusted earnings per share (basic) for Q4 2024 were $0.62, up from $0.24 in Q4 2023, representing a 158% increase[135] Production and Sales - Gold produced in 2024 was 520,293 ounces, up 7.2% from 485,139 ounces in 2023[15] - Gold sales in 2024 amounted to 517,926 ounces, a 7% increase from 483,978 ounces in 2023[32] - Gold production in 2025 is expected to be between 460,000 and 500,000 ounces, with higher production anticipated in the second half of the year[55] - Kisladag produced 174,080 ounces of gold in 2024, a 12% increase from 154,849 ounces in 2023, benefiting from higher average grades[64] - Lamaque produced 196,538 ounces of gold in 2024, an 11% increase from 177,069 ounces in 2023, due to higher mining rates and ore throughput[73] - Efemcukuru produced 80,143 payable ounces of gold in 2024, a 7% decrease from 86,088 ounces in 2023, due to lower grades and recoveries[80] - Olympias produced 69,532 ounces of gold in 2024, a 4% increase from 67,133 ounces in 2023, attributed to higher average gold grades[88] Costs and Expenses - Total cash costs per ounce sold in 2024 were $940, compared to $850 in 2023[35] - Production costs for 2024 were $564.2 million, an increase from $478.9 million in 2023[35] - Royalty expenses increased to $79.4 million in 2024 from $51.8 million in 2023, reflecting higher average gold prices and sales volumes[36] - Total cash costs averaged $940 per ounce sold in 2024, up from $850 per ounce sold in 2023, primarily due to higher royalties and labor costs[37] - AISC per ounce sold increased to $1,285 in 2024 from $1,220 in 2023, driven by higher total cash costs and increased sustaining capital expenditures[37] - Total cash costs per ounce sold increased to $1,231 in 2024 from $954 in 2023, reflecting rising labor costs and increased royalties[82] - All-in sustaining costs (AISC) per ounce sold rose to $1,411 in 2024 from $1,154 in 2023, primarily due to higher total cash costs and sustaining capital expenditures[83] Capital Expenditures and Financing - The company secured a €680.4 million project financing facility for the Skouries Project, enhancing its development capabilities[10] - The company completed a $350 million revolving senior secured credit facility on June 27, 2024[26] - Capital expenditures on a cash basis in 2024 amounted to $594.2 million, including $130.3 million for sustaining capital and $146.1 million for growth capital investments[117] - The total capital expenditures for 2024 were $620.3 million, compared to $411.2 million in 2023[118] - Skouries Project construction capital cost estimate increased by approximately $143 million, totaling $1.06 billion, with first production expected in Q1 2026[93] Cash Flow and Debt - Net cash generated from operating activities increased to $645.7 million in 2024 from $382.9 million in 2023, primarily due to higher revenue[50] - As of December 31, 2024, the Company’s long-term debt was $915.4 million, up from $636.1 million in 2023[128] - The Company had unrestricted cash and cash equivalents of $856.8 million as of December 31, 2024, compared to $540.5 million at the end of 2023[129] - The Company’s working capital as of December 31, 2024, was $1,063.4 million, compared to $639.4 million in 2023[128] Exploration and Development - The company plans to continue exploring and evaluating new projects, with exploration costs reported at $3.9 million for 2024[159] - Exploration and evaluation expenditures in Q4 2024 totaled $7.7 million, up from $5.7 million in Q4 2023, with a total of $23.8 million for 2024 compared to $22.4 million in 2023[111] - The company is actively managing risks associated with exploration and development, with a quarterly risk assessment report prepared for the Board's review[196] Market Conditions - Average realized gold price per ounce sold increased to $2,405 in 2024, a 23.7% rise from $1,944 in 2023[15] - The average realized gold price increased to $2,424 per ounce in 2024 from $1,953 in 2023, reflecting market conditions[67] - Higher average realized gold prices contributed to revenue and net earnings growth in 2024, despite increased royalties[139]

Core Viewpoint - Eldorado Gold Corporation is facing an investigation regarding potential securities fraud and unlawful business practices, coinciding with recent operational challenges and increased project costs [1][2]. Group 1: Company Operations - Eldorado provided an update on its Skouries Project, indicating that labor market tightness in Greece has limited the availability of key construction personnel, leading to a slower ramp-up of the workforce and delays in project progress [2]. - The company now expects first production at Skouries in Q1 2026, with commercial production anticipated in mid-2026 [2]. - The revised capital cost estimate for the Skouries Project has increased by approximately $143 million, or 15.5%, bringing the total to around $1.06 billion [2]. - Eldorado plans to accelerate the purchase of higher capacity mobile mining equipment, resulting in $154 million of accelerated operational capital prior to commercial production [2]. Group 2: Market Reaction - Following the announcement of the operational updates and increased costs, Eldorado's stock price fell by $1.78 per share, or 11.27%, closing at $14.01 per share on February 6, 2025 [2].

Core Viewpoint - Eldorado Gold Corporation has provided an update on the Skouries Project, highlighting construction progress, revised production and cost guidance for 2025, and a three-year production outlook, with first production now expected in Q1 2026 and commercial production in mid-2026 [1][3][34]. Construction Progress and Challenges - Labour market tightness in Greece has limited the availability of key construction personnel, resulting in slower workforce ramp-up and delayed project progress [2][4]. - A comprehensive analysis was conducted to mitigate the impact of these constraints, leading to an optimized production plan that allows earlier access to higher-grade ore [2][3]. Financial Overview - The revised capital cost estimate for the Skouries Project has increased by approximately $143 million (15.5%) to a total of approximately $1.06 billion, with additional pre-commercial production mining and accelerated equipment purchases amounting to $154 million [3][5]. - As of December 31, 2024, the company has incurred approximately $512 million in capital expenditures at Skouries, with about $705 million remaining to achieve commercial production [5][6]. Workforce and Operational Strategy - The company aims to maintain approximately 1,300 workers on-site during peak construction, with a current on-site total of about 1,150 workers [4]. - The operational strategy includes transitioning to an owner-operated model for the open pit mine and accelerating the purchase of higher-capacity mobile mining equipment [14][15]. Production and Cost Guidance for 2025 - The updated gold production guidance for 2025 is between 460,000 and 500,000 ounces, reflecting delays in initial production at Skouries [9][18]. - Total cash costs are expected to range from $980 to $1,080 per ounce sold, with all-in sustaining costs projected between $1,370 and $1,470 per ounce sold, driven by higher labour costs and inflation [19][22]. Three-Year Production Outlook - The company anticipates gold production of between 660,000 and 720,000 ounces by 2027, representing a 33% growth over the three-year period compared to 2024 production [34][36]. - The addition of copper to the portfolio is expected to enhance overall production capabilities [34].

Core Viewpoint - Eldorado Gold Corporation (EGO) is positioned to potentially continue its earnings-beat streak in the upcoming report, having a history of surpassing earnings estimates, particularly in the last two quarters with an average surprise of 16.49% [1][2]. Earnings Performance - For the last reported quarter, Eldorado Gold achieved earnings of $0.35 per share, exceeding the Zacks Consensus Estimate of $0.33 per share, resulting in a surprise of 6.06% [2]. - In the previous quarter, the company was expected to report earnings of $0.26 per share but delivered $0.33 per share, leading to a surprise of 26.92% [2]. Earnings Estimates - Recent estimates for Eldorado Gold have been trending upward, with a positive Zacks Earnings ESP (Expected Surprise Prediction) indicating a favorable outlook for earnings performance [3][6]. - The current Earnings ESP for Eldorado Gold stands at +3.99%, suggesting increased analyst optimism regarding its near-term earnings potential [6]. Predictive Metrics - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have historically produced a positive surprise nearly 70% of the time, indicating a strong likelihood of beating consensus estimates [4]. - Eldorado Gold's combination of a positive Earnings ESP and a Zacks Rank of 2 (Buy) further supports the possibility of another earnings beat [6]. Importance of Earnings ESP - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions, which may provide a more accurate prediction [5]. - A negative Earnings ESP does not necessarily indicate an earnings miss, but it can reduce predictive power [6].

Core Viewpoint - Eldorado Gold Corporation has released an updated Technical Report for the Lamaque Complex, highlighting an 8-year mine life with a production of 1.2 million ounces of gold in the Reserve Case and a potential extension of mine life by 9 years with an additional 1.5 million ounces in the PEA Case [1][2]. Summary by Sections Technical Report Highlights - The Lamaque Complex Technical Report includes updated life-of-mine plans based on Mineral Reserves and Inferred Mineral Resources [1][3]. Reserve Case Highlights - The Reserve Case outlines an 8-year mine life producing 1.2 million ounces of gold with an average annual production of approximately 175,000 ounces through 2028 [2][8]. - The all-in sustaining cost (AISC) is projected at $1,176 per ounce of gold [8]. - The after-tax net present value (NPV) at a gold price of $2,000 per ounce is estimated at $555 million [8]. PEA Case Highlights - The PEA Case indicates the potential to extend the mine life to 17 years, producing an incremental 1.5 million ounces of gold [2][8]. - Average annual gold production is expected to be around 185,000 ounces through 2036, with an AISC of $1,149 per ounce [8]. - The after-tax NPV at a gold price of $2,000 per ounce is projected at $623 million, leading to a total after-tax NPV of $1.2 billion when combined with the Reserve Case [8][19]. Economic Metrics - The PEA Case shows an incremental internal rate of return (IRR) of 43.5% at a gold price of $2,000 per ounce and 68.2% at $2,600 per ounce [8][19]. - The total capital costs for the Reserve Case are estimated at $497 million, while the PEA Case has total capital costs of $457 million [14]. Exploration Potential - There is significant exploration potential to grow Mineral Resources in existing deposits, particularly in the Ormaque and Triangle deposits, which remain open at depth [9][10]. - The company plans to continue resource conversion drilling and assess exploration opportunities across the Lamaque Complex and the contiguous Bourlamaque property [25][26]. Historical Context - Since acquiring the Lamaque Complex in 2017 for $430 million, the company has generated over $300 million in net cash flow and produced nearly one million ounces of gold [19][21]. - The Lamaque Complex is expected to remain a cornerstone asset for the company over the next decade and beyond [19].