Eldorado Gold(EGO)2025-02-20 22:36Financial Performance - Revenue for 2024 reached 1,008.5 million in 2023[15] - Net earnings for the period were 104.6 million in 2023, marking a significant increase[15] - Adjusted net earnings from continuing operations were 110.7 million in 2023[15] - Free cash flow for 2024 was 47.2 million in 2023[15] - Cash and cash equivalents increased to 540.5 million in 2023[15] - Total assets rose to 4,987.6 million in 2023[15] - Total revenue for Q4 2024 reached 306.9 million in Q4 2023[135] - Net earnings from continuing operations in Q4 2024 were 91.8 million in Q4 2023, reflecting a 17% year-over-year growth[135] - Adjusted earnings per share (basic) for Q4 2024 were 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 850 in 2023[35] - Production costs for 2024 were 478.9 million in 2023[35] - Royalty expenses increased to 51.8 million in 2023, reflecting higher average gold prices and sales volumes[36] - Total cash costs averaged 850 per ounce sold in 2023, primarily due to higher royalties and labor costs[37] - AISC per ounce sold increased to 1,220 in 2023, driven by higher total cash costs and increased sustaining capital expenditures[37] - Total cash costs per ounce sold increased to 954 in 2023, reflecting rising labor costs and increased royalties[82] - All-in sustaining costs (AISC) per ounce sold rose to 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 594.2 million, including 146.1 million for growth capital investments[117] - The total capital expenditures for 2024 were 411.2 million in 2023[118] - Skouries Project construction capital cost estimate increased by approximately 1.06 billion, with first production expected in Q1 2026[93] Cash Flow and Debt - Net cash generated from operating activities increased to 382.9 million in 2023, primarily due to higher revenue[50] - As of December 31, 2024, the Company’s long-term debt was 636.1 million in 2023[128] - The Company had unrestricted cash and cash equivalents of 540.5 million at the end of 2023[129] - The Company’s working capital as of December 31, 2024, was 639.4 million in 2023[128] Exploration and Development - The company plans to continue exploring and evaluating new projects, with exploration costs reported at 7.7 million, up from 23.8 million for 2024 compared to 2,405 in 2024, a 23.7% rise from 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]