Eldorado Gold Announced Robust Gold Sales in Second Quarter

SEATTLE (Scrap Monster): Eldorado Gold Corporation reported financial and operational results for the second quarter of 2023.

The company’s quarterly gold production totalled 109,435 ounces during the quarter, marginally down by 4% when compared with 113,462 ounces in the corresponding quarter a year before. The lower production was due to lower throughput at Lamaque and lower average gold grade and recoveries at Olympias.

The gold sales recorded 2% surge from 107,631 ounces in the prior year quarter to 110,134 ounces in Q2 this year. The average realized gold price per ounce sold too increased from $1,849 to $1,953.

The all-in sustaining costs (AISC) recorded increase from $1,270 per ounce sold in Q2 2022 to $1,296 per ounce sold in Q3 2023.

The quarterly revenue totalled $229.9 million in Q2 2023, higher by 8% from $213.4 million in Q2 2022. The company reported net earnings of $1.5 million, or $0.01 earnings per share, compared to net loss of $22.9 million or $0.12 loss per share in Q2 2022. The adjusted net earnings were up from $13.6 million or $0.07 earnings per share in Q2 2022 to $16.1 million or $0.09 earnings per share in Q3 this year.

The quarter reported negative free cash flow of $21.7 million compared to negative $62.7 million during the prior year quarter.