Eldorado Gold production drops 4%!

Aug 24, 2023

Eldorado Gold Reports Q2 2023 Financial and Operational Results; Well Positioned to Meet 2023 Guidance; and reports the Company’s financial and operational results for the second quarter of 2023. According to the

Second Quarter 2023 Operations, Gold production remained to 109,435 ounces, compared to 113,462 ounces in Q2 2022, a 4% decrease from Q2 2022 as a result of lower throughput at Lamaque due to the wildfires in the region and lower average gold grade and recoveries at Olympias.

At Gold sales front, total 110,134 ounces at an average realized gold price per ounce sold1 of $1,953, compared to 107,631 ounces at an average realized gold price per ounce sold of $1,849 in Q2 2022. Gold sales increased 2% from Q2 2022 primarily a result of an increase in production at Kisladag.

Production costs that remained $117.0 million, compared to $109.3 million in Q2 2022. The increase was primarily due to higher royalty expense and increased sales volumes. Cash operating costs, $791 per ounce gold sold, compared to $789 per ounce gold sold in Q2 2022. Cash operating costs increased from Q2 2022 primarily as a result of lower by-product credits.

Production and cost outlook say, the Company is maintaining its 2023 annual gold production guidance and cost guidance. Gold production is expected to be 475,000 – 515,000 ounces of gold. Cash operating costs per ounce sold are expected to be $760 to $860, total operating costs of $860 to $960 per ounce sold and AISC per ounce sold of $1,190 to $1,290.

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