Why Eldorado Gold Shares Are Trading Lower Premarket Tuesday?

Eldorado Gold Corporation EGO shares are trading lower after the company reported preliminary production on Monday.

The company posted gold production of 143,166 ounces in Q4 and 485,140 ounces in 2023.

EGO stated that Q4 production was strong across all assets and aligned with its expectation of a stronger in the second half of 2023. 

The full-year preliminary production came at the midpoint of the previously narrowed guidance range of 475,000 to 495,000 ounces.

In Canada, Q4 production increased 29% quarter-over-quarter, led by higher grade and mill throughput, with Lamaque Complex asset delivering record production in the fourth quarter and full year 23.

In Turkiye, EGO reported Q4 gold production at Kisladag increase of 24% Q/Q, on an increase in tonnes placed on the pads and higher irrigation rates following the commissioning of the North Heap Leach pad in Q3. In Greece, Q4 production at Olympias was slightly lower Q/Q.

The company plans to release its Q4 & FY23 results on February 22, 2024. 

Earlier this month, EGO disclosed the appointment of Paul Ferneyhough as Executive Vice President and Chief Financial Officer following the retirement of Philip Yee, effective January 2, 2024.

Price Action: EGO shares are down by 4.48% at $12.15 premarket on the last check Tuesday.

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