Eldorado Gold Posts Q3 Production Above Q2 & Q1 Levels, On Track To Achieve FY23 Target

Eldorado Gold Corporation EGO disclosed preliminary Q3 FY23 gold production.

The company sees preliminary gold production of 120,042 ounces (vs. 109,435 ounces in Q2 and 111,509 ounces in Q1 2023). 

Year-to-date, the company reported preliminary gold production of 340,986 ounces. 

Also, Eldorado says it is on track to achieve FY23 guidance of 475,000 – 515,000 ounces.

In Canada, Q3 production increased slightly vs. Q1 and Q2, with slower-than-expected development in the underground on suspended shifts in Q2 due to the wildfires in the region. In Q4, EGO expects to continue accelerating development, allowing access to higher grade stopes from the C4 zone.

In Turkiye, EGO reported Q3 gold production at Kisladag increase of 1% and 9% vs. Q2 and Q1, respectively, on successful commissioning of the agglomeration drum.

In Greece, Q3 production at Olympias grew 13% Y/Y and 35% Y/Y vs. Q1 and Q2 on transformation initiatives closed in the quarter. 

Skouries Project: Eldorado is on track to achieve its first gold production in mid-2025, with commercial production expected at the end of 2025.

As of August 30, 2023, EGO's overall project progress was 33%, and the company expects it to be 48% completed by year-end. 

In July, the company reported Q2 adjusted EPS of $0.09, beating the estimate of $0.08 and sales of $229.85 million, missing the consensus of $263.68 million.

The company reported gold production of 109,435 ounces (-4% Y/Y) on lower throughput at Lamaque and a decline in average gold grade and recoveries at Olympias.

Price Action: EGO shares traded lower by 5.78% at $8.40 on the last check Monday.