Eldorado Gold Reports Q2 2024 Financial and Operational Results; Maintains 2024 Operating Guidance

Core Viewpoint - Eldorado Gold Corporation reported strong financial and operational results for Q2 2024, with significant increases in gold production and revenue compared to the same period in 2023, driven by higher average realized gold prices and increased sales volumes [24][25][26]. Financial Performance - Revenue for Q2 2024 reached $297.1 million, a 30% increase from $229.0 million in Q2 2023, primarily due to higher average realized gold prices and increased sales volumes [26][35]. - Net earnings attributable to shareholders from continuing operations were $56.4 million, or $0.28 per share, compared to $1.5 million, or $0.01 per share in Q2 2023 [26]. - Adjusted net earnings were $66.6 million, or $0.33 per share, compared to $9.7 million, or $0.05 per share in Q2 2023 [26]. Production and Costs - Gold production totaled 122,319 ounces, a 12% increase from Q2 2023, with notable increases at Lamaque (22%) and Kisladag (14%) [25]. - Total cash costs were $940 per ounce sold, up from $928 per ounce in Q2 2023, attributed to higher royalties and mining costs [25][26]. - All-in sustaining costs (AISC) rose to $1,331 per ounce sold from $1,296 per ounce in Q2 2023, driven by higher total cash costs and sustaining capital expenditures [25][26]. Capital Expenditures - Total capital expenditures for Q2 2024 amounted to $165.7 million, including $91.9 million of growth capital invested at Skouries [25][26]. - Growth capital at operating mines totaled $42.3 million, primarily related to ongoing projects at Kisladag [25]. Operational Outlook - The company maintains its 2024 annual production guidance of 505,000 to 555,000 ounces of gold, with production expected to be weighted towards the second half of the year [25][26]. - Total cash costs for the full year are projected to be between $840 to $940 per ounce sold, with an average AISC of $1,190 to $1,290 per ounce sold [25]. Sustainability and Community Engagement - Eldorado published its Annual Sustainability Report, highlighting its commitment to sustainability and positive scores in external verifications against the Mining Association of Canada's protocols [28]. - The company received AAA scores in various sustainability categories at its Efemcukuru site, indicating excellence in practices [28]. Skouries Project Progress - As of June 30, 2024, the Skouries project was 76% complete, with significant progress in construction and procurement activities [29][30]. - The company expects to complete critical milestones in 2024, including the construction of water management ponds and the process plant [30][31].