VANCOUVER, British Columbia, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) announces third quarter 2022 preliminary gold production of 118,790 ounces, and year-to-date preliminary gold production of 325,461 ounces. Eldorado remains on track to achieve the low end of consolidated full-year guidance for 2022 of 460,000 ounces, as operating trends continue to improve, and sequential quarterly improvements in production are realized. Detailed production, by asset, is outlined in the table below.

Q3 2022 Preliminary Gold Production

Production (oz)
Mine Q3 2022 Q2 2022 Q1 2022
Kisladag 37,741 27,973 29,779
Lamaque 42,454 46,917 33,377
Efemcukuru 22,473 22,793 21,057
Olympias 16,122 15,779 8,996
Total Gold Production (oz) 118,790 113,462 93,209


Production (oz)
Mine 9 months ending Sept. 30, 2022 9 months ending Sept. 30, 2021
Kisladag 95,493 141,229
Lamaque 122,748 101,847
Efemcukuru 66,323 70,076
Olympias 40,897 40,116
Total Gold Production (oz) 325,461 353,268
Canada

At Lamaque, third quarter production was slightly below plan due to throughput. Underground development of high-grade stopes progressed well during the quarter.

Turkiye

Third quarter gold production at Kisladag increased 27% and 35% over the first and second quarter, respectively. The increase in gold production quarter-over-quarter was driven by an increase in tonnes placed on the pad during the second quarter. As evidenced by the production results, the on-belt agglomeration continues to perform as expected. As part of the North heap leach pad project, larger conveyors will be installed on schedule in the fourth quarter, providing further improvement in materials handling capabilities in the belt agglomeration circuit and throughput rates. As a result, Eldorado continues to anticipate production at Kisladag to be weighted to the second half of the year.

At Efemcukuru, gold production, throughput and average gold grade were in line with plan.

The Company’s profits from mining operations in Turkiye are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. In the third quarter, the Company expects the Turkish current income tax expense on mining profits, at an enacted rate of 22%, to be further increased up to $2 million. The expected increase is primarily related to the weakening of the Lira in the quarter and the resulting generation of taxable unrealized foreign exchange gains, partly offset by reductions related to Lira deposits and the investment tax credit relating to Kisladag.

Greece

Third quarter gold production at Olympias improved 79% over the first quarter and was in line with second quarter production. In the third quarter, Olympias had steady production, and good grade control, evidence of the progressive transformation in action. Other transformation initiatives continue at pace, as the mine continues to ramp up productivity. Full-year 2022 production at Olympias is expected to be lower than plan.

Q3 2022 Financial and Operational Results Call Details

Eldorado will release its 2022 Third Quarter Financial and Operational Results after the market closes on Thursday, October 27, 2022, and will host a conference call on Friday, October 28, 2022, at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed at Eldorado Gold’s website: www.eldoradogold.com, or via: https://services.choruscall.ca/links/eldoradogold2022q3.html

Conference Call Details Replay (available until Dec. 2, 2022)
Date: October 28, 2022 Vancouver: +1 604 638 9010
Time: 11:30 AM ET (8:30 AM PT) Toll Free: 1 800 319 6413