Eldorado Gold Corp. Q3 FY2024 earnings call

• George Burns provided an overview of Q3 results, noting safe coal production of 125,195 ounces aligning with full-year guidance, and discussed the successful CBA negotiations at Olympias. - Paul Ferneyhough reviewed financial results, including net earnings attributable to shareholders, cash flow, and balance sheet status. - Louw Smith and Simon Hille reviewed operational performance: Scurius project progress, Olympias CBA, Kisladag and Efemcukuru operations, and Lamaque productivity drive.

Olympias: Q3 gold production was 21,211 ounces with total cash cost of $1,210 per ounce sold. Year-to-date production increased 7% compared to the same period in 2023. Kisladag: Q3 production was 41,084 ounces with total cash cost of $899 per ounce sold, impacted by higher royalties and maintenance issues. Efemcukuru: Q2 gold production was 19,794 ounces at a total cash cost of $1,325 per ounce sold. Lamaque complex: Q3 production was 43,106 ounces at a total cash cost of $728 per ounce sold, with focus on driving productivity. Scurius: Year-to-date spend at Scurius was $227.1 million, with capital guidance tightened to between $350 million and $380 million, and first production expected in Q3 2025.

• Gold production guidance revised to between 505,000 and 530,000 ounces vs previous 505,000 to 555,000. - Total cash cost guidance adjusted to between $910 and $940 per ounce sold vs previous $840 to $940. - All-in sustaining costs expected to be between $1,260 and $1,290 per ounce sold vs previous $1,190 to $1,290. - Capital guidance adjusted for Scurius and other projects, with sustaining capital between $135 million and $145 million, Skirdie's capital between $350 million and $380 million, and growth capital at operating mines between $145 million and $160 million.

• Delays in underground development at Scurius due to licensing of workforce and equipment, and mobilization of contractors. - Higher labor costs and royalties impacting cost guidance. - Operating challenges at Kisladag such as longer leach cycles, larger particle size reducing recovery, and gold inventory buildup.

Q: Cosmos Chiu asked about underground development delays at Scurius and its impact on ramp-up.

A: George Burns responded that underground development isn't critical to initial production, delays were due to workforce certification, and productivity of the new workforce is strong, with no material impact on near-term operations.

Q: Mike Parkin inquired about ripping procedures on heap leach pads.

A: Simon Hille explained ripping helps with permeability, using track hoes for better fluffing of ore, and ongoing studies on agglomeration and particle size optimization.

Q: Tanya Jakusconek asked about deferred noncritical work at Scurius and labor cost breakdown.

A: George Burns noted deferred work includes truck shop and office construction, and labor costs are ~27% of total costs, consistent with inflation in Europe.

Q: Lawson Winder asked about dividend reinstatement and M&A stance.

A: George Burns stated dividends will be sustainable post-2026 commercial production at Scurius, and Eldorado is opportunistic with M&A but focuses on Scurius currently.