Financial Data and Key Metrics - Gold production in Q3 2024 was 125,195 ounces, aligning with full-year guidance [8] - Total cash costs were $953 per ounce sold, and all-in sustaining costs (AISC) were $1,335 per ounce sold, driven by higher royalties and labor costs [9] - Year-to-date production increased by 7% compared to 2023 and 12% compared to 2022 [10] - Gold production guidance tightened to 505,000-530,000 ounces, down from 505,000-555,000 ounces, due to inventory buildup at Kisladag and work stoppages at Olympias [11] - Total cash cost guidance tightened to $910-$940 per ounce sold, and AISC to $1,260-$1,290 per ounce sold, reflecting higher royalties and lower production [12] - Depreciation guidance lowered to $250-$260 million from $280-$290 million due to lower depreciation at Kisladag and Olympias [13] - Sustaining capital guidance tightened to $135-$145 million, primarily due to deferred projects at Olympias [13] - Skouries capital investment guidance lowered to $350-$380 million from $375-$425 million due to rescheduled non-critical work and slower contractor mobilization [14] - Growth capital at operating mines increased to $145-$160 million, driven by waste stripping and accelerated spending at Kisladag [15] Business Line Performance - **Olympias**: Q3 gold production was 21,211 ounces with total cash costs of $1,210 per ounce sold, impacted by higher labor costs and royalties [44] - **Kisladag**: Q3 production was 41,084 ounces with total cash costs of $899 per ounce sold, slightly below plan due to maintenance issues and slower leach cycles [46] - **Efemcukuru**: Q3 production was 19,794 ounces with total cash costs of $1,325 per ounce sold, in line with plan [50] - **Lamaque**: Q3 production was 43,106 ounces with total cash costs of $728 per ounce sold, slightly lower than the prior year due to lower gold prices [50] Market and Regional Performance - **Greece (Skouries)**: Overall project progress reached 79%, with detailed engineering 78% complete, and first production expected in Q3 2025 [33][34] - **Turkey (Kisladag and Efemcukuru)**: Production and costs were impacted by higher royalties due to increased gold prices [46][50] - **Canada (Lamaque)**: Strong production and development rates, with a focus on productivity improvements [50] Strategic Direction and Industry Competition - The company is focused on maintaining disciplined cost control and capital allocation, with elevated gold prices driving margin expansion and free cash flow growth [53] - Skouries remains on track for first production in Q3 2025, with significant derisking achieved through major contract signings and operational readiness [16] - The company is managing labor market challenges by rescheduling non-critical work and integrating additional personnel to maintain productivity levels [17] Management Commentary on Operating Environment and Future Outlook - Management highlighted the positive impact of record-high gold prices on margins and cash flow, with expectations of continued margin expansion [53] - The company remains committed to responsible mining and maintaining a safe workplace, with ongoing health and safety initiatives [18][19] - Management expressed confidence in achieving tightened production and cost guidance for 2024, with strong momentum heading into Q4 [52] Other Important Information - The company ended Q3 with total liquidity of $885 million, including $677 million in cash and $208 million in available credit capacity [31] - Free cash flow in Q3 was negative $4.8 million, or positive $98.3 million excluding Skouries capital investment, reflecting strong operating performance [25] - The company recognized a $50 million gain on deferred consideration from the sale of the Tocantinzinho mine, contributing to adjusted net earnings of $71 million [24] Q&A Session Summary Question: Impact of Skouries Underground Development Delays on Ramp-Up - The underground development delay at Skouries is not expected to impact the timing of first production in Q3 2025, as the underground mine is not a critical part of the initial production profile [56][57] - The delay is due to transitioning from a Greek contractor to a Finnish contractor, with productivity improvements expected as more workers are deployed [57] Question: Skouries Capital Expenditure Timing - The company remains confident in the $920 million total capital expenditure for Skouries, with significant spending expected in Q4 2024 and Q1 2025 [59] - Some non-critical infrastructure work may spill into 2025, but it will not impact the ability to operate [60] Question: Drivers of Q4 Production Increase - Strong production at Lamaque and Efemcukuru, along with improved performance at Olympias, are expected to drive a 10% quarter-over-quarter increase in Q4 production [63] Question: Inflation and Labor Costs - Labor costs account for 27% of total costs, with inflation averaging 3% annually under the new collective bargaining agreement at Olympias [77][80] - Contractors face similar inflationary pressures, though timing may differ [79] Question: Royalty Sensitivity to Gold Prices - Royalty costs increased by $105 per ounce in Q3 due to a $600 increase in realized gold prices compared to the budgeted $1,900 per ounce [82] Question: Reserve Cutoff Grades and Gold Price Assumptions - The company plans to update its reserve statements by the end of 2024, with no material change expected in the $1,400 gold price assumption [84][85] Question: Dividend Reinstatement and M&A Strategy - The company plans to focus on reinstating a sustainable dividend in 2026 after Skouries reaches commercial production [89] - While M&A is not a primary focus, the company remains opportunistic and open to exceptional opportunities [90]

VANCOUVER, British Columbia, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the third quarter of 2024. For further information, please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis ("MD&A") filed on SEDAR+ at www.sedarplus.com under the Company’s profile. Third Quarter 2024 Highlights Operations Gold production: 125,195 ounces were produced in the quarte ...

Eldorado Gold Corporation (EGO) is slated to report third-quarter 2024 results on Oct. 30, after market close. EGO is expected to deliver a year-over-year improvement in earnings in the quarter, aided by upbeat gold prices and production and sales volumes. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. The Zacks Consensus Estimate for EGO's third-quarter 2024 earnings has moved down 10.8% over the past 60 days to 33 cents per share. Despite the revision, the consensus mark suggest ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even ...

Eldorado Gold Corporation (EGO) shares closed at $18.50 yesterday, just 2% shy of its 52-week high of $18.85 reached on Sept. 26. EGO shares have gained 80.7% in the past year, outpacing the Zacks Mining - Gold industry’s growth of 48.9%. In comparison, the Zacks Basic Materials sector and the S&P 500 have rallied 19.7% and 38.5%, respectively, in the same period.EGO Outperforms Industry, Sector & S&P 500 Image Source: Zacks Investment Research The Canadian mid-tier gold and base metals producer has perform ...

TORONTO, Oct. 03, 2024 (GLOBE NEWSWIRE) -- The Hellenic Initiative (THI) Canada is proud to announce Hellas Gold as a key sponsor of the 2024-2025 THI Canada Scholarship Program. Through a generous grant of €10,000, Hellas Gold is supporting the academic journey of Artemis Balafouti, a standout scholar pursuing her MSc in Mining Engineering at the University of British Columbia, along with other deserving Greek students. The THI Canada Scholarship Program was created to provide financial aid to Greek nation ...

VANCOUVER, British Columbia, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation ("Eldorado" or the "Company") will release its Third Quarter 2024 Financial and Operational Results after the market closes on Thursday, October 31, 2024, and will host a conference call on Friday, November 1, 2024 at 11:30 AM ET (8:30 AM PT). Q3 2024 Financial and Operational Results Call Details The call will be webcast and can be accessed at Eldorado Gold's website: www.eldoradogold.com, or via: https://event.chorus ...

Eldorado Gold Corp. (EGO) is riding the highs of record gold prices in 2024. This Zacks Rank #1 (Strong Buy) is expected to grow earnings by the triple digits in 2024. Eldorado Gold is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece. Headquartered in Vancouver, Canada, it has a market cap of $3.3 billion. Another Beat in the Second Quarter of 2024 On July 25, 2024, Eldorado Gold reported its second quarter 2024 results and beat on the Zacks C ...

Editor's note: Seeking Alpha is proud to welcome Bujon Capital as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Click here to find out more » andyKRAKOVSKI/iStock via Getty Images Thesis Eldorado Gold (NYSE:EGO) is at a turning point in its history as the Skouries project located in Greece is expected to reach first production in Q3-25. Even though El ...

Shares of Eldorado Gold (EGO) scaled a new 52-week high of $18.38 on Aug 20 before ending the session lower at $17.92. The upside was fueled by a spike in gold prices. Eldorado Gold has a market capitalization of $3.7 billion and currently sports a Zacks Rank #1 (Strong Buy). Shares of the company have gained 38.2% year to date, outpacing the industry's 28.6% growth and the S&P 500's 17.7% rise. Meanwhile, the Basic Materials sector has declined 4.2% in the same time frame. Image Source: Zacks Investment Re ...