Q3 2024 Eldorado Gold Corp Earnings Call Transcript
Key Points
- Eldorado Gold Corp (EGO) achieved safe gold production of 125,195 ounces in Q3, aligning with full-year guidance.
- The company successfully concluded a three-year CBA agreement with the union workforce at Olympias, supporting long-term profitability.
- Year-to-date production increased by 7% compared to the same period in 2023, indicating strong operational performance.
- Eldorado Gold Corp (EGO) reported net earnings attributable to shareholders of approximately $101 million, positively impacted by higher revenue and a gain on deferred consideration.
- The Skouries project remains on track for first production in Q3 2025, with significant derisking and all major contracts signed.
- Total cash costs and all-in sustaining costs increased due to higher royalties and labor costs, impacting profitability.
- Gold production guidance was slightly lowered due to inventory buildup at Kisladag and work stoppages at Olympias.
- The company's lost-time frequency rate increased to 0.91 per million work hours, indicating a need for improved safety measures.
- Free cash flow was negative $4.8 million, reflecting the impact of capital investment in the Skouries project.
- Underground development at Skouries was delayed, potentially impacting future ramp-up speed after first production.
Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold third-quarter 2024 results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)
I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations, Communications and External Affairs. Please go ahead, Ms. Gould.
Thank you, operator, and good morning, everyone. I'd like to warmly welcome you to our third quarter 2024 results conference call. Before we begin, I would like to remind you that we will be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary statements included in the presentation and the disclosure on non-IFRS measures and risk factors in our management's discussion and analysis.
Joining me on the call today, we have George Burns, President and Chief Executive Officer; Paul Ferneyhough
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