Eldorado Gold Achieves Record Production in 2024

Eldorado Gold Reports Record Gold Production for 2024

(All dollar figures are in US dollars, unless otherwise stated)

Eldorado Gold Corporation (“Eldorado” or “the Company”) has announced its remarkable preliminary gold production figures for the year 2024. The company achieved an outstanding total of 520,293 ounces of gold produced, marking a significant 7% increase from its 2023 output. In the fourth quarter alone, Eldorado produced 155,669 ounces of gold, showcasing a strong finish to the year.

Much of this success can be attributed to impressive performances from key mining sites, particularly the Lamaque Complex and Kisladag. The Efemcukuru mine also performed well, contributing to the company exceeding its previous production guidance of 505,000 to 530,000 ounces for the full year.

Detailed Production Insights for 2024

The preliminary figures illustrate the following breakdown of gold production by site:

Lamaque Complex

The Lamaque Complex achieved record gold output, producing 63,742 ounces in the fourth quarter. This was a notable increase from the previous quarter and demonstrates the complex's capability, as it has produced nearly 959,000 ounces since 2019. The first quarter of 2025 is expected to mark the milestone of one million ounces.

Kisladag

Kisladag experienced a production surge in the fourth quarter, reaching 56,483 ounces, up 37% compared to the previous quarter. This spike was supported by two Adsorption-Desorption-Recovery (ADR) facilities, optimizing the leaching process.

Efemcukuru

Continuous steady performance was noted at Efemcukuru, which reported fourth-quarter results aligning closely with the third quarter outcomes, demonstrating the site’s robust operational consistency.

Olympias

Conversely, the Olympias mine’s production in the fourth quarter fell compared to the third quarter due to scheduled maintenance and equipment challenges. Despite this shortfall, the site has been an essential part of Eldorado's overall output.

Skouries Project Progress Update

As of year-end, the Skouries project was 60% complete in its current phase, with overall construction progress reaching 82%. In 2024, capital expenditures totaled approximately $320 million, with $93 million spent in the fourth quarter alone. Human resource constraints in Greece, particularly a tight labor market, has delayed the project's ramp-up.

Upcoming Financial Results and Communications

Eldorado is set to release its comprehensive Year-End and Fourth Quarter Financial and Operational Results after the market closes on February 20, with a conference call scheduled for February 21. Investors and stakeholders are encouraged to participate as the company shares detailed insights into its financial health and future outlook.

About Eldorado Gold

Eldorado Gold is a premier producer of gold and base metals with active operations spanning Türkiye, Canada, and Greece. With a focus on safety, sustainability, and community partnerships, the company maintains high standards in its mining practices while prioritizing long-term operational success. Eldorado’s shares are traded on both the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Frequently Asked Questions

What were Eldorado Gold's total ounces produced in 2024?

Eldorado Gold produced a total of 520,293 ounces of gold in 2024, showing a 7% growth over the previous year.

How did the fourth quarter production compare to previous quarters?

The fourth quarter production reached 155,669 ounces, significantly higher than the previous quarters, showcasing improved operational efficiency.

Which mine contributed the most to Eldorado's 2024 production?

The Lamaque Complex was the largest contributor in Q4 with 63,742 ounces, reflecting its strong operational performance.

What are the expected next steps for the Skouries project?

The Skouries project is 82% complete overall, and Eldorado is expected to provide an updated capital cost estimate and project schedule in February 2025.

When will Eldorado Gold's financial results be released?

The company will release its Year-End and Fourth Quarter Financial Results on February 20, 2025, followed by a conference call on February 21.

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