Eldorado Gold reports Q4 EPS 24c, consensus 20c

Reports Q4 revenue $306.9M, consensus $303.0M CEO George Burns states: “Eldorado finished 2023 with its strongest quarter of production, delivering 143,166 ounces of gold. Across our four operating mines we produced 485,139 ounces of gold at an all-in sustaining cost of $1,220 per ounce, within our guidance range. This was an important year as we delivered 7% production growth, a 6% lower cash cost per ounce and a 4% lower AISC per ounce compared to 2022. We achieved this in a challenging inflationary environment and successfully delivered key initiatives across our operations. Kisladag successfully commissioned the new agglomeration drum and North Heap Leach Pad; Olympias started up its ventilation system and bulk emulsion explosives; Lamaque converted a portion of the Ormaque inferred resources into indicated in preparation for an initial reserve later in 2024. By completing these critical activities we have set up our operations for success to deliver consistent, sustainable results through continued execution. In 2023, following the closing of the EUR 680 million project financing facility with two Greek Banks we advanced into full construction on our transformational Skouries project in Greece. In addition, we completed a C$81.5 million strategic investment in Eldorado with the European Bank for Reconstruction and Development. As we advanced on finalizing key contracts in 2023, we remained within the original capital cost estimate from the December 2021 feasibility study. More recent and pending contracts incorporate labor rates and labor hours established through a diligent tendering process that are higher than the feasibility study. This has positioned us to provide an update to the overall capital cost estimate which has increased by 9% to $920 million from $845 million. With the project financing in place and a robust balance sheet we remain fully funded to complete the construction of Skouries. We look forward to bringing online this world class copper-gold asset that will deliver an additional 40% of high-quality gold production growth for our company by 2027. We are well positioned for a strong 2024 and beyond as we continue to benefit from our efforts over the past several years to optimize our asset portfolio. With a solid balance sheet we are well funded to complete construction of Skouries and to advance on continuous improvement projects across our assets. Our focus in 2024 is on safety, productivity and driving efficiencies across our portfolio to generate free cash flow.”