Eldorado Gold ( (EGO) ) has released its Q3 earnings. Here is a breakdown of the information Eldorado Gold presented to its investors.
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Eldorado Gold Corporation is a gold and base metals producer operating in Turkiye, Canada, and Greece, known for its high-quality assets and commitment to responsible mining practices. The company recently reported its financial and operational results for the third quarter of 2024, highlighting increased gold production and sales, driven by higher production at its Olympias and Kisladag mines. Eldorado Gold’s revenue for Q3 2024 rose by 36% to $331.8 million, while net earnings attributable to shareholders reached $101.1 million, signifying a significant turnaround from a loss in the same period last year.
The company’s operational performance saw gold production increase by 3% to 125,195 ounces, with sales rising 4% to 123,828 ounces, thanks to enhanced output at Olympias and Kisladag. Despite the increased production costs, which rose to $141.2 million due to higher sales volumes and cash costs, Eldorado Gold managed to achieve a total cash cost of $953 per ounce, up from $794 in Q3 2023. Notably, the all-in sustaining cost (AISC) reached $1,335 per ounce, reflecting higher cash costs and sustaining capital investments.
Eldorado Gold’s strategic focus remains on optimizing its existing assets while advancing major projects like the Skouries project, which saw a significant investment of $82.7 million in growth capital during the quarter. The Skouries project is progressing well, with first production expected in the third quarter of 2025. The company tightened its 2024 guidance for gold production and costs, anticipating full-year production between 505,000 to 530,000 ounces, with total cash costs expected between $910 to $940 per ounce.
Looking ahead, Eldorado Gold remains committed to achieving its production and cost targets for 2024, with a focus on realizing long-term profitability across its operations. The company aims to leverage current high gold prices to sustain strong cash flow generation while continuing to develop its high-potential projects like Skouries to ensure future growth and value creation.
