VANCOUVER, British Columbia, Jan. 16, 2023 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) announces fourth quarter 2022 preliminary gold production of 128,453 ounces, and full year preliminary gold production of 453,916 ounces. During the year, consolidated production continued to increase sequentially, quarter over quarter. Fourth quarter production was strong across all assets, in line with the Company’s expectation of a stronger second half of 2022. Full year preliminary production was just below the bottom end of the guidance range. Detailed production, by asset, is outlined in the table below.
Q4 2022 Preliminary Gold Production
Production (oz)
Mine Q4 2022 Q3 2022 Q2 2022 Q1 2022
Kisladag 40,307 37,741 27,973 29,779
Lamaque 51,349 42,454 46,917 33,377
Efemcukuru 21,362 22,473 22,793 21,057
Olympias 15,435 16,123 15,779 8,996
Total Gold Production (oz) 128,453 118,791 113,462 93,209
Production (oz)
Mine Full Year 2022 Full Year 2021
Kisladag 135,801 174,365
Lamaque 174,097 153,201
Efemcukuru 87,685 92,758
Olympias 56,333 55,577
Total Gold Production (oz) 453,916 475,850
Canada
At Lamaque, fourth quarter production increased 20% over the third quarter, mainly driven by higher grade and increasing throughput performance at the mill. The mine delivered record annual production, a 14% increase over 2021.
Turkiye
Fourth quarter gold production at Kisladag increased 7% over the third quarter and had steady, improvement through 2022. The higher in gold production quarter-over-quarter was driven by an increase in tonnes placed on the pad during the third quarter. In the fourth quarter, eight larger, higher-capacity conveyors were installed, which has improved material handling capacity and on-belt agglomeration. Despite an approximate 35% increase in production in the second half, compared to the first half of 2022, full year production results were lower than planned, mainly attributable to lower tonnes stacked as a result of weather and COVID-absenteeism challenges in early 2022, and ongoing agglomeration optimization that continues to progress well.
At Efemcukuru, gold production, throughput and average gold grade were in line with plan for the quarter and for the full year.
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 fourth 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 $0.5 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
Fourth quarter gold production at Olympias was relatively flat quarter over quarter. Overall, 2022 production from Olympias was lower than planned due to lower-than-expected tonnes processed and availability of ore stopes. The Company continues to implement operating initiatives designed to improve productivity.
Q4 2022 Financial and Operational Results Call Details
Eldorado will release its 2022 Year-End and Fourth Quarter Financial and Operational Results after the market closes on Thursday, February 23, 2023, and will host a conference call on Friday, February 24, 2023, 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/eldoradogold2022q4.html.
Conference Call Details Replay (available until March 31, 2023)
Date: February 24, 2023 Vancouver: +1 604 638 9010
Time: 11:30 AM ET (8:30 AM PT) Toll Free: 1 800 319 6413
Dial in: +1 604 638 5340 Access code: 9760
Toll free: 1 800 319 4610
Additionally, the Company plans to release detailed guidance for 2023 and an updated five-year outlook, which is expected to include Skouries, in conjunction with the 2022 full-year results on Thursday, February 23, 2023. Further, to streamline disclosure, the Company will no longer be pre-releasing production figures in advance of the financial results, with the exception of the annual preliminary production results.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
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