Eldorado produces over 340K Oz gold in 3Q

Oct 10, 2023

Eldorado Gold announces third Quarter 2023 preliminary production and conference call details; provides project update on Skouries!

Eldorado Gold Corporation announces third quarter 2023 preliminary gold production of 120,042 ounces and year-to-date preliminary gold production of 340,986 ounces. Eldorado remains on track to achieve consolidated full-year guidance of 475,000 – 515,000 ounces, with operations delivering as expected. Production, by asset, is outlined in the table below.

Canada: At Lamaque, third quarter production increased slightly over the first and second quarter. Production was impacted by slower than expected development in the underground as a result of suspended shifts in the second quarter due to the wildfires in the region. In the fourth quarter, we expect to continue to push development, allowing access to higher grade stopes from the C4 zone.

Turkiye: Third quarter gold production at Kisladag increased by 1% and 9% over the first and second quarter, respectively. The increased production was driven by the successful commissioning of the agglomeration drum that was added to the crushing circuit in the second quarter and tonnes placed on the heap leach pad have continued to increase as a result of the higher-capacity grasshopper conveyors and radial stacker.

The larger surface area of the newly commissioned north heap leach pad has enabled the full capacity of the 54” (larger) stacking equipment to increase ore tonnes placed and along with the higher irrigation flow rates in the fourth quarter is expected to provide a strong finish to the year.

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

Greece: Third quarter gold production at Olympias increased by 13% and 35% over the first and second quarter, respectively. In the third quarter, Olympias benefited from transformation initiatives completed early in the quarter including emulsion blasting and increased underground ventilation. Productivity continues to ramp up with development into the larger stopes within the Flats zone which is expected to result in steady production into the fourth quarter.

Skouries Project Update: Eldorado is pleased to provide an update on the Skouries project located within the Halkidiki Peninsula of Northern Greece with respect to progress to date and development plans in 2023. With full construction activities having commenced in the second quarter of 2023, Eldorado remains on budget and on track for first gold production in mid-2025 with commercial production expected at the end of 2025.

The Skouries Project critical path is driven by tailings filter construction and commissioning. The tailings dam construction is projected to be completed by mid-2025 using a single 10-hour shift schedule. Ongoing work continues on the construction of haul roads and in addition, civil work is underway for the primary crusher foundation.

Progress Project Highlights as at August 30, 2023 are, 1: Overall project progress was 33%; forecast to be 48% complete by year-end; 2: Detailed engineering was 55% complete; forecast to be 90% complete by year-end;

Procurement was 68% complete; forecast to be 90% complete by year-end; 3: Personnel onsite increased to 400 with 900 expected by year-end; and 4: Personnel off-site is at 200 and the remaining engineering has transferred from Fluor to Greek firms.

General works are focused on tree cutting, site preparation, relocation of temporary facilities, and the haulage of aggregates to site for construction purposes. The first phase of underground development continues to advance the west decline and lateral development for the test stopes to validate the underground assumptions prior to first production. Test stope work will commence at the end of 2024 with expected completion by mid-2025.

During the second quarter, Eldorado mobilized the first major earthwork initiative for the construction of the haul roads to build earthworks structures and are now preparing for the mobilization of major earthworks and concrete contractors.

With respect to key contracts, evaluations are ongoing, with a view to generating cost and productivity synergies during the process. The Company expects to complete this process and award the remaining key contacts by the end of 2023.

Key contracts include: The filter plant, including the earthworks, pilings and foundation work to support the filters; Open pit pre-stripping and construction of the ore stockpile, water management ponds, and the integrated extractive waste management facility dam embankment; Structural concrete for the primary crusher and associated process facilities; and Mechanical, piping, electrical and instrumentation for the process plant.

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