VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to announce second quarter 2021 preliminary gold production of 116,066 ounces, in-line with the Company’s 2021 annual guidance of between 430,000 and 460,000 ounces of gold. Detailed production, by asset, is outlined in the table below.
Q2 2021 and Year-to-Date 2021 Preliminary Gold Production
Mine Q2 2021 Q2 2020 Q1 2021
K?sladag 44,016 59,890 46,172
Lamaque 35,643 33,095 28,835
Efemcukuru 23,473 26,876 23,298
Olympias 12,934 17,921 13,437
Total Gold Production (oz) 116,066 137,782 111,742
Mine YTD 2021 YTD 2020 Full Year 2021
K?sladag 90,188 110,066 140,000 – 150,000
Lamaque 64,478 60,448 140,000 – 150,000
Efemcukuru 46,771 50,115 90,000 – 95,000
Olympias 26,371 33,103 55,000 – 65,000
Total Gold Production (oz) 227,808 253,732 430,000 – 460,000
Second quarter gold production at Lamaque continued on track with both throughput and grade in-line with the plan to deliver annual guidance of 140,000 to 150,000 ounces. The decline connecting the Sigma mill with the Triangle underground mine is progressing ahead of schedule
and is expected to be completed in the fourth quarter. Infill and expansion drilling continued during the quarter at the recently announced Ormaque gold resource.
Kisladag performed well in the second quarter with gold production consistent with the plan to deliver 2021 guidance of 140,000 to 150,000 ounces. The two additional CIC trains that were commissioned in the first quarter have performed as planned and are now fully operational. The
installation of a new carbon regeneration kiln was completed in the second quarter and is expected to support improved gold recoveries in the circuit. The commissioning of the highpressure grinding roll (HPGR) circuit remains on track.
At Efemcukuru, gold production, throughput, and average gold grade were in-line with guidance.
In addition to the current income tax expense relating to profits from mining operations in Turkey for the quarter, the Company estimates an additional $14-16 million in current tax expense in the second quarter. This primarily included withholding tax and a retroactive adjustment for the
previously announced tax rate increase, effective at the start of the year. However, theseadditional taxes are fully offset by the Turkish investment tax credit used in the second quarter.
In the second quarter, operations at Olympias were affected by work slowdowns as progress was made on transformation efforts in Greece. As previously disclosed, the Company is implementing a wide-ranging, sustained effort to optimize the Greek operations that touches every part of the business in Greece, from employee education and training, to physical plant and business systems upgrades. Implementing this scale of change at an existing operation like Olympias is challenging and entails risk, which is part of the transformation plan. Eldorado expects this effort will lead to sustainable continuous improvement over the balance of the year. The long-term benefits in safety, culture, and productivity will result in a stronger operation with greatly enhanced economic opportunities.
Eldorado has been engaged in transparent, constructive discussions with key stakeholders, including employees, unions and the government, and is confident that with their cooperation the Company will make meaningful progress in building a culture of growth, best practice, and continuous improvement in Greece. Eldorado’s 2021 production guidance at Olympias remains unchanged at this time.
Eldorado remains committed to responsibly developing the Kassandra mines to create value for all stakeholders including job creation, investment into local communities and opportunities for local suppliers, while maintaining high environmental standards.
Eldorado is forecasting full year 2021 depreciation expense to be $200-215 million.
Q2 2021 Financial and Operational Results Call Details
Eldorado will release its second quarter 2021 Financial and Operational Results after the market closes on Thursday, July 29, 2021 and will host a conference call on Friday, July 30, 2021 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: