Benzinga | Oct 12, 2021 05:02PM EDT

Eldorado Gold Reports Prelim. Q3 Production Results: Gold Production ~125K Oz., Up 8% Quarter Over Quarter

Eldorado Gold Corporation ("Eldorado" or "the Company") is pleased to announce third quarter 2021 preliminary gold production of 125,459 ounces, an 8% increase from 116,066 ounces produced in the second quarter 2021. Based on strong production performance in the first nine months of 2021, the Company is reviewing the full year 2021 production guidance ranges and will provide an update with the release of its financial and operational results on October 28, 2021. Detailed production, by asset, is outlined in the table below.

Q3 2021 and Year-to-Date 2021 Preliminary Gold Production

Production (oz)Mine Q3 2021 Q3 2020 Q2 2021Ksladag 51,040 59,593 44,016Lamaque 37,369 39,525 35,643Efemcukuru 23,305 23,892 23,473Olympias 13,745 13,912 12,934Total Gold Production (oz) 125,459 136,922 116,066 Production (oz) Mine YTD 2021 YTD 2020 Ksladag 141,229 169,659 Lamaque 101,847 99,973 Efemcukuru 70,076 74,007 Olympias 40,116 47,015 Total Gold Production (oz) 353,268 390,654

Canada

Third quarter gold production at Lamaque remained on track with both throughput and grade in-line with 2021 plans. The decline connecting the Sigma mill with the Triangle underground mine is progressing on schedule and is expected to be completed in the fourth quarter. Infill and expansion drilling at Ormaque continued during the third quarter. Refer to the September 27, 2021 news release that summarizes recent infill drilling results at Ormaque, titled "Eldorado Gold Identifies New Mineralized Lenses at Ormaque; Multiple Styles of High-Grade Mineralization at Bonnefond; Kokarpinar Vein Extension Drilled at Efemcukuru".

Turkey

Kisladag performed well in the third quarter with gold production higher than previously forecast. Several operational improvements implemented in the mine, crushing circuit, and leach pad earlier this year are resulting in increased throughput. The commissioning of the high-pressure grinding roll (HPGR) circuit remains on track.

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

The Company's profits from mining operations in Turkey are taxed at the effective 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 effective rate of 25%, to be further reduced by $8-11 million. The expected reduction is primarily related to the investment tax credit relating to Kisladag heap leach improvements.

Greece

Third quarter production at Olympias reflects some initiatives that were implemented in relation to the transformation efforts at the Kassandra assets 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. The Company continues to target efficiency and productivity improvements at Olympias. The long-term benefits in safety, culture, and productivity will result in a stronger operation with greatly enhanced economic opportunities.

Q3 2021 Financial and Operational Results Call Details

Eldorado will release its third quarter 2021 Financial and Operational Results after the market closes on Thursday, October 28, 2021 and will host a conference call on Friday, October 29, 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: http://services.choruscall.ca/links/eldoradogold20211029.html