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Eldorado Gold (EGO)

Participants
Peter Lekich Manager, IR
George Burns President and CEO
Phil Yee EVP and CFO
Joe Dick EVP and COO
Jason Cho EVP and Chief Strategy Officer
Mike Parkin National Bank
Tanya Jakusconek Scotiabank
Carey MacRury Canaccord Genuity
Cosmos Chiu CIBC
Kerry Smith Haywood Securities
Call transcript
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Operator

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Corporation Third Quarter 2020 Conference Call.

As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. now Manager, turn Investor would to conference I Lekich, Peter Relations. Instructions] like the to over [Operator Please go ahead, Mr. Lekich.

Peter Lekich

today. into Thank you, taking conference dial for and ladies call our operator, and the thank time you gentlemen to

Phil On the line COO; Executive Vice are Chief George and Dick, Jason and Joe President Vice Yee, President Strategy and CFO; and Burns, President Vice Executive President today CEO; and Cho, Executive Officer.

conjunction should with XXXX third third quarter and dollars be yesterday read and release dollar This otherwise in are available statements analysis, details our financial They on Our and U.S. our on unless stated. filed figures EDGAR. both our SEDAR been which operating quarter All financial today discussion discussed website. in results. management’s also and have of are

speaking that webcast. will accompany to We slides this the be

You of can our slides website. from download copy these a

remind our would in detailed involve call begin, in I turn our Before slide note the and X. I today over on like risks, are discussion included will we that to now XXXX the in likely to George. any cautionary to projections are AIF which you

George Burns

Peter, morning, and Thanks, everyone. good

few that to Western I the started, on a Turkey earthquake ago. Before brief get just update you give like I’d a hours hit

Turkey’s this of operations indications, are the safe. to Izmir. employees there’s damage point The been un-impacted Our province are at at in buildings early our and the sites some significant

so, situation. And monitor we’ll continue to

$XXX then, QX another up We an by excited increased I’m in it announced balance pleased in of follow the operationally reporting across equivalence. give outstanding Here’s and we over both reduction XX% performance. Joe to million through debt I’ll million it shape significant go for flow. report, to quarter in along some delivered operational all and the to and great financials. comments. reviewing open I’m outline today’s Production for our sheet quarter. QX of I’ll to also is we in metrics, $XX.X be And Phil cash overview cash free completed with year-over-year, questions. Then, financially. with had pass call. we’ll another by will and

for HPGR continue progress Joe including We make shareholders and Kisladag, will delivering across portfolio. Lamaque. more speak our to in our to value

a reminder can Great. I’m year. annual potentially supported be all won’t detail displayed has highlight back renewal and report, operating received to This see. step-out can the the I Olympias for open Stratoni raised a the I is we At indication where during drilling the get at demonstrate ancient key Alexander Halkidiki happy Greece complete that engagement during government. work office, becoming also visitors as that to area, more you this But, of is the in we activity We Petres near expand here. positive us progress Greece area see These allow permits mining steps orebody. quarter Mavres quarter. supportive is picture. So, per mining artifact incremental into of great of for to drilling the We the on relocation an historic want intend these to era with pit that of quarter, that XXX,XXX with developments an our on of few surface the see the advanced limit tons from received furnace site as will the sentiment permit Skouries, a to projects. our in the the an the mining Also prominent to production it in ongoing way to in moving area

Environment with are transfer continues are the evident reflected Hill the communities officials are Skouries will advancing senior the words and few currently Phil. and assets and during in site. Phil, government to growth visiting I’ll Greece. in was on I negotiations to agreement stop evaluation. it Energy how from add Perama to that Greece our our over progressing Before represent Greek quarter Eldorado. hand fantastic The state. Over perhaps support Skouries Minister things of not local our for world-class and investors, it’s you, there. opportunity believe significant We a value a for

Phil Yee

were the flow comparative Good adjusted an also increase adjusted quarter exchange million, EBITDA or $X.XX was EBITDA delivered the a gold XXXX, after per on higher before $XX.X XXXX This material adjusted deferred million earnings share. volumes increased senior quarter net quarter $X.XX a higher partial was EBITDA and adjusted share. premium of comparative paid in reflect earnings amounted in quarters. third This again, earnings We ounce the of higher production remove quarter $XXX.X Income average to earnings generation to secured for million notes, for Nova $X.XX in Thank or million of results the of amounted million in morning, million over primarily higher a previous key comparative redemption nine higher was $XXX.X to EBITDA million QX The to costs. third $XX.X from adjusted increase compared in net cash the of strong to we revenue, the XXXX, million. of per combined a mineral over redemption to removing amounted in income the This in result The reported non-cash Finance realized quarter, sales third in $XX.X increase $XX.X million and of $XXX.X XXX,XXX XXXX significant our earnings of depreciation revenue in Year-to-date in The certain our QX $XX reported quarter and After per sales you, relative of XXXX. second totaled to strong compared quarter. the in on of items, earnings higher of share The XXXX. the share, increase of was the transaction earnings This per gold the and and prices earnings gold gold George. to significantly a net in period of QX was quarter costs finance the of of XXXX, in on in QX XXXX, result million XXXX. reflected costs XXXX third Vila taxes or compared credit quarter sale XXXX, $XXX.X the and the and of third the an is due the Depreciation which quarter, as metal Eldorado increased the earnings charges net the share. a and over which result slide $XX.X ounces charges headline price the of million senior to in sales with gold for third $XX and prior ounces XXXX. $XX.X shareholders net $X.X $XX.X $XX free revolving and million significant quarter generated of deposits $XXX.X $XX.X increase $XX.X of QX was of the gold compared from everyone. quarter in the reserves. quarter production million price. per XXXX. the amortization the quarter adjusted comparative quarter reported net in in notes cash in for quarter calculated months unit Eldorado’s on assets, million in in in higher higher increased $XX.X or of increases. flow quarter provide the cash, million metrics, quarter, higher the million tax four, our third free of with quarter on under related A an increase of approximately includes of both, and the million million reflecting in and improvement we earnings third of basis, XXXX. ounce foreign XXXX. on had losses, significant adjustments of XXXX Once third gain net sales of We for a the and property, very to an the portion quarter. production equivalents XX,XXX plant producing $X.XX revenues to financial our equipment Starting available $XXX.X a results overview for depreciates a higher based the XX% the year. cash XXXX The to in to of volumes. in life of mine of over The facility. in XXXX. increase finished quarter $X,XXX first Company X,XXX million comparative $XXX and million as million total term the of

the in further X.XX strong on at $XXX.X now be equity Senior notes is completed September remains to very provides Net opportunities December. of outstanding and QX continues the the in we cash at to year and growth our debt the Eldorado million net as QX generate in Our of are in a The end to by to be to and XXXX reflects year, ago. reduction continue balance EBITDA expects the Company net a X.X sheet, at also debt much a This of flow reduce strong as significant support million redemption development clawback will at a optionality and reduce of senior EBITDA debt the XXXX. end end compared from reduced and XXth debt. portfolio. is at $XX.X August. the notes million times cash of $X.X stronger times position liquidity

to generation impacted by we We timing year. our also for look free expect flow capital the the as be complete spending, projects capital cash QX of to

These on financial improving continued position, in QX will sustained, delivery is reduction results. respectively, financial to continues Overall, a of through impressive slide generation graphs it X. I’ll with note highs quarters, over and generated activities of is have the Joe and and EBITDA to balance of flow quarter-over-quarter highlights. significant conclude flow each turn Eldorado and strong past the cash past Company’s established go XXXX, from in demonstrate of solid Moving XX Adjusted higher Company $XXX.X positive performance turnaround at that earnings. the a end to have months. $XXX.X demonstrated strong to is now over operational free and cash cash performance solid free the two priority, significantly the million on and operating increased cash of adjusted the earnings million, in and show reporting QX is debt the sheet XXXX.

Joe Dick

as standpoint from worth ounce operational QX top $XXX It’s was We per a gold costs well zone. and Phil, Thanks, costs the as all-in the produced ounces ramp expectations. good as had of ounce sold the morning, CX reached of our of per $XXX at and XXX,XXX cash QX quarter higher in with the grade sold. noting that with development consistent Lamaque operating sustaining quarter record an of everyone.

XXXX the to XXXX lower maintaining environment. we significant given our are the but of a Looking the guidance, forward, range, end expect operating be production accomplishment at

with in continue efficiently tracking place We order protocols COVID-XX. to in manage systems and and to for operate safety strict risk health the

at of teams our as have protocols in including the resume case These adapt the our as at agility We operating worked proud activated continue effectively a management Olympias operations expected we and protocols form I’m September. of as normal. were in able COVID to our normal order. site, they of short to positive new

during some Here we flotation have color developments operations commissioning installed The the quarter. were on columns X on further Efemcukuru and is underway. slide at at our

this As gold our shipping quality a will of costs. concentrates, increase reminder, the reducing

than This production CX COVID picture production can the and fourth QX We of our mandatory you in comes Difficulty] begins. provincial We’ll suspensions look optimization development the larger the CX the realizing first planned reached see has created high-grade bit from commissioning CX quarter. top thus as the circuit zone, At [Technical a gap by during expect and a underground to QX. CX. that in the and value Lamaque during begin as includes take is zone concludes,

crews Mill. are the Triangle underground the decline enhancing Our towards from currently Sigma

completed have through of meters September. the We XXX end

necessary planning has our surface solution process. contractor this the recoveries was the investment we framework in anticipated. to advancing Difficulty] concert at work continued will operating gold business Olympias with engineering XXXX us like are be toward at production to the with our we of as report of Additionally, Over [Technical operational updated we allowing be recently tons the to capital this and week. the I consistent started Mill completed from QX, work complete prep inventories to permit, for renewed will Kisladag, improvements the volumes up mobilized deposit we remain Sigma expected. process Underground annum. up to continue add the remained would XXX,XXX to of as the our and Triangle and where mention as mine. the [Technical ramp And numbers Lamaque, Hill. that as levels technical updating focus in work At available at efficiency along development and Olympias to per year Perama than production higher with continued Difficulty]

I’ll [ph] what start quick talking XXXX doing we are we about give of Before to-date. at a recap Kisladag,

During we our experienced QX, pad. place impacting to [Technical ability the higher-than-normal precipitation, on Difficulty]

began stage recover we [Technical operations deficit, COVID actions. the we [Technical QX, to from early resulting Difficulty] pad to staffing, due and maintenance During but Difficulty] reduced

During pad to operations. to QX, return normal we [Technical Difficulty] started and

our ongoing to increasing for began project as planned solution also by new will capacity have been during projects additional the be end. Difficulty] early re-circulate will need as bit the by [Technical be we Difficulty] completed [Technical Difficulty] This adopted We advance solution we installation we XX%. underway. had processing CIC this [Technical [Technical eliminating to of has completed provide of year. plan a year. Difficulty] that work QX the XXXX. will have two mine background I project practice we year this on a standard The solution,

the We’re complements to Carbon QX QX of replacing and projects which XXXX. these scheduled a project, as in on project completion HPGR also activated is New carbon This for to result come Timing capacity. Regeneration scheduled during increase is our volume, all XXXX. of line Kiln

the Before plan. Difficulty] and as sampling to I it closing to also add for remarks. composite that would mine George our up, our [Technical With per turn like I’ll that, over ongoing wrap

George Burns

Thanks, Joe.

Mike our served stepped I for at Board the in Mike we up, wish future end on his years, September. XX want down thank and the Board wrapping of Price, Before him endeavors. well Directors of to from who

that President, Board, goal I’m to to to corporate of has Ower people Lisa The is great we of positive exceeds XXXX promoted External that appointment laid we reflected the our two strengthening As the of XXXX. Judith Mosely welcome very-pleased XX% want continued is to results work our Executive gain conclusion, continues in a and Affairs. women Xst. brings off to unlock our done also to upward In in reminder, having September effective and we been our a in pay I past which share assets. the the People our expect to Board, groundwork quarter. this by trajectory Vice over parity continue has our representation Judith’s practices This gender culture, add we as emphasize throughout value testament years. and to delivered price, Greek Lisa

solid you, value balance turn to performance questions. a it combined the Quebec, record for supports growth, our proposition. Greece Our to combined gold compelling Thank potential sheet now with as When that operating sustained Eldorado positions everyone. term for execute in and prices, over with drive several catalysts, the near creation. energy well offers value operator and and I’ll

Operator

you. Thank

session. with [Operator We question will question-and-answer the Mike now Instructions] Parkin ahead. begin from go first Bank. The comes Please National

Mike Parkin

taking for Thanks guys. questions. Hi, a on my good Congrats quarter.

of in correct? be weeks, and should update on getting couple a reserves resources. that First We

George Burns

update do We it November, resource last up And this in it year the put year. quarter. expect we fourth Yes. do and to our in again reserve

Mike Parkin

that, having On us lenses. exploration like really can share of a You’re of a work with some anything us, you you Lamaque, just some been recap? is give deeper good the doing obviously success. on info some Can there you’ve bit

this for a assume than reserve So, expect more replacement I assumption update? Lamaque is to fair we think should

George Burns

as to some points, grow there, Yes. deposit, stated, results good infill of in to expecting good and expecting part Triangle, five resources At then, of Lamaque results next in two year release drilling reserves and of drill and some. to specifically, inferred veins the we some inferred month. so to exploration, had really a convert have replace good top again expand those focal deeper you to resources, our continuing And expecting the reserves in to

Mike Parkin

that early. about or off a to the -- to guess, do Obviously in you you’re holes ramp doing into there surface -- bit are discovery I drill are with like Is target you position What looking looking it resource drill. putting bigger encouraging. from Ormaque? that’s But, the better a get a are to

George Burns

has -- of the Ormaque discovery. been year, continued determine full new from been drilling surface our on to potential this that focus the So, has

quarter. updating assess new And in and that regard discovery, be success. to the we’ve continue had look as geologists the we’ll the that fourth so, in We’ll And drill with engineers markets our well. to market and update

Mike Parkin

And then, switching -- to over oh sorry.

George Burns

I was your to decline. just going additional about to point the

the the definitely Triangle, is of of One outside or decline’s deposits of the side and once of positions. is the we’ve some to ability drill the Ormaque got positioned well that in for position drilling drill benefits decline satellite

Mike Parkin

there non-core Toca bit on form process there’s asset sold, to great Nova taking [Ph] the mentioned and sales, give color there? a you that the be water of of testing you more us Super. Vila just Any and that inbound initiating appreciated. at are would update Can getting interest some Switching place over process you with the being Certej. Is advisors -- interests? for color

Jason Cho

it’s Jason. Michael, Sure.

characterize probably doing way as supportive constructive a relates we’re we’re is and generally What obviously, it, evaluating and just like seeing, is speaking. assets. strategic it what evaluating, is market those to for more environment So, the alternatives gold to

for the evaluating just different of and Certej So, is way it’s characterize I it. an alternatives initiation the would TZ

Operator

Tanya go The ahead. Please with Jakusconek is next question Scotiabank. from

Tanya Jakusconek

for I’m me. of sorry. have -- voice bit a is quality bit I the a low

I missed back wanted I you circle technical the may So, of just have couple a of information to some on But, that mentioned. things.

there just for just how in stuff Lamaque. and see the people terms in of that the terms impacted assets because of and on -- drilling? we Mike on Do over reserves The looking Kisladag we about upside rest talking with one do the of site is was first COVID we of were

George Burns

at deposit potential Kisladag. Kisladag, of the open drilling, no pit at the deposit. of been Well We drilled there’s out, in least terms that

So, there’s result. drill no

As metallurgical checking engineering always, and we’ll optimization updating pit. of be work the analysis,

resource So, that’s extending fairly life successful inferred underway. at Efemcukuru, mine this been we’ve through conversion.

a to continuing that’s be So, focus.

an Greece, there. those assets. we’ve In multi-decade be there’ll update got So, lives in mine

nothing there, underground drilling Petres. us from we that the of surface significant drilling that we’ve So, with some we’re on, There, helped exception design the done Mavres as speak. embarking

say, definitely our and potential a So, where part as be Kisladag on the budget life Lamaque update to and there, got mine will we’ve significant of an I’d expiration extend it’s again highlight well. great

Tanya Jakusconek

you as resource Just to same make the reserve will you year? using sure, be pricing last used and

George Burns

Yes.

for price gold $X,XXX using Yes. We’re -- reserves. remaining for

Tanya Jakusconek

I could specifically, and I and on it just talked you with about Kisladag, guess, expected. wanted put And to know understand the to -- Lamaque more little had January, you -- pad. the than just more you if ore you my I My have that, ask, the golden I I clarity didn’t phone. than you understanding on and Kisladag have is issue Joe, on have -- a bit time a solution really you

you there pad it got you -- -- put in it on QX, You QX. in in in put the

leaching out, a in And and that bigger we’re enough so, is bump expecting and for QX QX, QX to wasn’t saying XX just get are you up production? which just it days of

Joe Dick

it think, correct. got I you’ve generally Well,

the QX, a So and heavy that that was QX in to gap COVID to of close with in rains but began pad. were QX got QX, in there complicated stacking and plan then it kept lower manpower. kind We on bit us from everything in

So, that. schedule got and a bit maintenance, Difficulty] of behind [Technical we all pad routine

looking get little of be to to catch be meters consistent up, looking us higher during with QX we more to and we irrigation. bit get relatively But, couple under I will quarters. as flow solution last So, a rate expect that

Tanya Jakusconek

Okay.

the because is lower Kisladag? to so And really be end towards we’re why going guidance of the of that’s

Joe Dick

That’s correct.

Tanya Jakusconek

Minrail equipment. to what having you are release then, through your the if some complications you And is about there Okay. Lamaque, the talked happening of that and exactly Can us in with can there? walk you move we

Joe Dick

scope So, the have over and that a QX the test it say to mixed. towards Minrail I end monitoring we the working have mode -- tail most get equipment and productive are to that results of been would a in QX. And we of or into

to issues how through our Lamaque. of biggest is method the and to we determining and And We method promise, I we’re kind method probably wish in. adapted working to that continued finding of are the think, focus to much how put just kind -- getting inventory the determine shows much equipment adaptable is to energy

in still process. So, we’re

Tanya Jakusconek

-- the And the Lamaque, you to when if say to adaptation, adapted get what not be the what what adapted… to exactly equipment is seems issue you are

Joe Dick

Well, the into device. I equipment Difficulty] around think, put we the metals as [Technical mining mine,

So, that’s given us a little bit of fallout.

sure that or and make just of pilot really out an up availability kind we bugs trying drilling We’re what the generally, a keep R&D. is working commission of equipment, the to around

progress [Technical that and So, we haven’t Difficulty] making progress. levels, the But, production there. of we’ve kind we’re but yet made achieved consistent ability

Tanya Jakusconek

assets? we’ll Greece, guess, Perama due there. of is of Okay. how the it? with of understand And on on plans just to circle they to are they part the you visits, just Environment are -- trying I just progress quarter-over-quarter. understand it Skouries. to the site back the to framework, diligence the I’m and if go Hill what into continue kind -- to plan to was of you maybe and there. these Are Are and made Olympias, monitor moving or how mentioned progressing that person this trying doing could, then, there you you congrats for Mines the I George, And Minister on over

George Burns

to our Sure. that’s than Olympias we anticipated schedule, ministerial I -- Perama. schedule, believe, will reason catalyst on really, reasons. we be Skouries visit couple pipeline, delivered in a the It’s the for faster first the is mean, our believe Skouries, the for or of

Tanya Jakusconek

Okay.

third and So, safe done it? get good visits we’re -- they’re once is a to going asset-by-asset other, we’re assume we’ve now -- second and Skouries, that about working the think [Technical on is we site way and framework that Difficulty] to there, it so

George Burns

timelines Skouries driving the Yes. requirements are Minister went the permitting the say, to I fact mean, essentially, and first. I’d

tailings that reduces site, water that the in It Skouries, needs an EIA recycle. as the with a be footprint risk for dry also improvement of you is have increases modified So, we mitigation. to stack massive to know deal

good improvement really design operation. a to the of it’s the So,

get Olympias, by to to facility. such, be state-of-the-art EIA throughput to a tailings increase simpler process moving Kokkinolakkas more line disposal of ways, as plan it’s permitting of we’ll So, in And processing more, the the modified. rates more we’ll In out the XX%. our case be we expand about that our we’ll of disposal that underground plant

requires so, regulatory stack, stack our that tailings appropriate system. And water. all is dry And air, line filter disposal this the are the impacts facility. terms in reviews on a paste dry of state-of-the-art sound. cemented backfill And Again, designs noise, a is going into

So, And permit, a I’m environmental to have And require it very will confident through don’t we EIA. at will be but time there Olympias, work impacts that consultation an to that we have currently process. takes get considered. the process then, that because Perama, public are

re-optimizing project current European Greek So, with of the regulatory we’re process the in and requirements.

need that so, it’s Skouries a EIA to consultation. Olympias. and will through And bit go public And behind probably further

the one in faster. is So, to site. our deliver move were at we going that And I that attention I we’re Eldorado we’re value progress. And is the to to Skouries reason very making peers. well have going think that And positions remain confident that the likely from for Minister And to against assets. Minister these happy the again,

Tanya Jakusconek

consultation. to your be increase -- I your came realize the with Yes. No, didn’t I amendment I appreciate that permit public just an Olympias it didn’t the amendment thought George, to would -- current I throughput. appreciate, thought. that

on framework? maybe of didn’t the we aspects framework, financial realize the the how one And that. are So, just I progressing

George Burns

lost say, I’d well momentum the there. We’re some we COVID during progressing crisis.

and did our we Eldorado Greek to. the and people. safety focused We So, what both needed of health state on

And Eldorado committed deal investments get changed. that. deal for shareholders. [Technical local and bankable the discussions and I’d most communities both, mean, that deliver Greek into fair is for the we government and the that our didn’t production value these so, these of and in factor for negotiating that takes lot for that’s important that to a But I decent Difficulty] we Eldorado, a are account have deliver to the have discussions. have we’ll progress in say, we into confidence And Eldorado a state,

Tanya Jakusconek

you’ve in their terms moved And priorities? of in do you priority feel in up their roster

George Burns

his top Prime the investments Greece. two the priorities mean, campaign Mitsotakis, Eldorado I Well, for one cited Minister, of in is

And top again, so, we list. of remain we’ll confident at And successful. be that I’m the

Tanya Jakusconek

much. Okay. Thank so you

George Burns

Thank you.

Operator

with from next MacRury The question Canaccord comes Please ahead. Genuity. Carey go

Carey MacRury

Hi. green talk little you how from another the on here I at thinking specifically? question light on about Good forward Can a the morning. Greece, your project mean, bit presumably, Maybe just there. moves to Skouries get just

George Burns

Sure. I catalysts need I an deliver mean, the construction. believe, that Board three for there’s Skouries order the really restart and to approve executive to we

The first agreements is that we’re negotiating. bankable this

of move stack the need construction. dry well second those up The for put in to sets advancing hand, are tailings. When modification is both in And the place we’ll have well. it forward with those we to both of financing the

reminder, we in nearly to a construction. And So, a roughly constructed. once approve spent position we have Board and billion operation $X.X those, then we’re in a construction. is just as XX% an The team executive restart

million constructed. of to be tailings main be and needs of needs dam crusher plant capital underground of control primary development about that an and in pretty constructed. in well work place. We to will The to The is be have have erosion $XXX The in terms downstream, on done A the stoping. the lot remaining. test body area

So, lots and there’s piping half of and a two, two And, work. period. we year construction it’s about electrical think,

in We’ll are year be these belief. position construction next again, a view well. So, is my moving my restart is, catalysts to

Carey MacRury

loan? then you And with maybe a at how’s in would a partner relationship the or more still community go Skouries level? Is And bring plan the secondly, the at just two to questions.

George Burns

to the structure, level. question, So, be interested first these is primary But likely we’ll joint on discussions the at catalysts enter the optimum the a solution. further highest our delivered, We strategy candid, into to with once think current the to able still venture remains are parties. that be

is there think Board uptick at been this in likely preferred Greece, gold the the there’s and so at But, every as structure moving I we’re interest alternative. point, And price. I increased has be with opportunity the management think think, looking in with well, we’ll the outcome. don’t joint -- in forward opportunity

perception concerned operations in available question, the I groups we our On are think, a are mining best around monitoring support. perception The this that We’ve tailings. I those and stack don’t believe a mining. historic villages wrong of individuals XX/X. villages. around community a deploying communities, out have class being that from our strong the world, there’s are there publicly got strong have we that about veteran second that in designs systems for industry operation Halkidiki are in for impacts multi-decades support are And communities. local -- Like everywhere the in dry Greece firmly

We’re we in meeting regulatory Greece. very Europe how we’re transparent all and in operate and requirements

got strong confidence get we’ve need permits we’re local support the we the we able be move and need forward. to to to going and agreement So, that

Operator

comes next go The CIBC. question Chiu Cosmos ahead. Please from from

Cosmos Chiu

Maybe in depreciating. question as for been Turkish you first impact; on in of the your guess, USD. is here. down cost lira Clearly, terms MD&A, I Turkey it’s from positive talked perspective, actually cost come has about my has been that your the

the risk I of And that number costs could actually denominated of you any in two, number much kind any comments lira? are how lira? of one, your question However, Turkey brought is guess, about by concerned depreciating in Turkish my be the on

George Burns

high level a at answer supplement. Phil and can maybe I’ll

on our our historically, time this say our So, inflation that for sure, costs as to workforce happened expect lira positive the question, be a kicks would has labor, we’ve exchange impact given in, in largely again, roughly and it’ll denominated, the Turkish impact the when mean, I and I contractors. though, past, are happen labor and that’s seen to of fair your half rate. of and this I costs

some an at And Turkish our costs on so, inflationary that erode will of benefits. least will that we impact see

So, the in moving can’t you benefits. bake forward,

Phil, impact We impact to -- will an inflationary anything see structure. our cost add on an that? you’d

Phil Yee

George. Cosmos. Sure, Hi,

we So, an to of we’re be mean, to And reserves. through payroll risk. operating at surplus, or in crisis being their offshore. costs, think, depleting for country. escalating They those I any of surplus your ensure I Eldorado to not overall or with that question, funds are significantly a we answer taking funds we’re that We From bit risk in well measures our and the any headlines currency funds, not deem our required Turkey currency went terms just aware our of currencies currency move the manage funds appropriate a day-to-day. perspective, paying taxes in

-- with think, traditionally perspective, do on that’s teams operating in in of communication, different have proceeds that are this traditionally dollars. think, companies two our requirements, proceeds do provides consistent from sales the talking and as lira, point, in well. We that those terms and But, -- any talk I to Turkey keep that’s other in developments adequate. to just think, point pretty at within be country. so, one this ground managing are from I And that sales that the I in regular -- operations happening we in about appear provides Turkey, and We currency are the at proceeds, one have we U.S.

manage currency And we we definitely to any the unnecessary don’t that effectively transactions. can -- So, balance. have do

good pretty think, perspective, I we’re spot. that So, a I in think, from

Cosmos Chiu

QX completed you be COVID-XX as risk any seen number HPGR sometimes course. any XXXX. Of on delivery -- to in I any and Have guess, currency at And in about, how in of managing I follow-up as of -- scheduled any USD? two, caught and talked Joe, of with then And the terms there you, a versus allowances it’s currency? based you COVID-XX, potential risk Kisladag, you that that any you number are HPGR? I delays for as Is kind you’ve terms on you seen one, then, factored have said, think delays

Phil Yee

So, Joe the HPGR. about I then first address can question can risk maybe and currency talk

of and lira so we our earlier, do of do as Cosmos, holdings. USD And have mentioned equipment sufficient the USD, are we cost in if the I contracts in have generated within forth, the well. So, terms as

So, manage we can that effectively. quite

there’s project. Joe? So, much risk, not the when really it comes currency to

Joe Dick

them on and still targeted back about remains us. equipment on the [Technical information schedule. It was between did engineering issues still and and We’re delivery. We XX some at for forth schedule Difficulty] early have through

largely hand now. that’s in think, I

We still to scheduling this are Difficulty] year. concrete [Technical get

put we’re for in of I contingency have -- reasonably we So, haven’t scheduled We a think sitting good. don’t COVID. lot

forward of -- going attempting bit what’s chunks, we ongoing schedule on. quarterly look as based a Although manage so, basis we’re on in on an to kind

ourselves with hard and along adding quantify. deal is it’s from of risk And there, schedule kept but the contingency. a necessary. to a we’ve moving the pretty It’s target. adjustments the So, per pushed project as bunch We

We and [Technical representative Difficulty] Amsterdam into the a same. the facility deliver on constant are get in communication with look actually for see progress to

Cosmos Chiu

And maybe one last question on Lamaque here.

here. back. to Of ramp X,XXX your If and ton terms XX-days my course, a me per get the that I to minus, day. now are a I Can when quarterly in expecting per is you devise tons throughput tonnage or to But, going for received your of how X,XXX you by you plus it on day. or good and happen? have to about That’s question is throughput, to see that remind while up permit been X,XXX,

Joe Dick

late we’re X,XXX the XXXX, still hitting roughly. where But in and couple range, business We’re into planning XXXX we’re process. that really a generally, early years

Cosmos Chiu

Okay.

around more now, So, is X,XXX straight a we the so line, like kind leap? then should day quantum it level or a of model… there’s it stick per for and How is ton

Joe Dick

It’s ramp-up. a of a bit

So, to straight pretty line. close

Operator

comes next Please Securities. with go from Smith question Haywood The ahead. Kerry

Kerry Smith

know, don’t release or project doing maybe timing you’re for is that that this. the answer to Joe can Perama? What review I George

George Burns

as it, Mike, working mean, we’re I we Yes. speak. on

Perama the really quarter of passed a And Greece strategic law half year. anticipation around year. was in factors fourth of next last our investment second So, is that the for timeline

obviously EIA. second in don’t And on definitive the approval I a but well that of support to time working you, the ahead for documents getting we’re it’s technical So, half. have

then with -- I quarter, I’d on Year? and some the you update, perhaps updates New So, update mineral reserve in the guess, expect characterize this that update further an that can

Kerry Smith

Okay.

file the next expecting Is second just George? to be correct, EIA half you’re in that the of So, year. clear,

George Burns

No.

be We’re strategic the year. get approval able second on expecting to of next an half to EIA the in

Kerry Smith

What does exactly? that mean,

George Burns

be year. it next fourth quarter first either quarter year, That first means quarter next probably of of submitting or we’ll

Kerry Smith

Got Okay. you.

-- of -- is all are it per et can costing dollars per year, what curious you PPE, trying cetera, is. I’m your people Okay. number. or to and just just it’s Like, month cetera? companies et most quarter testing most that dollars giving number what or per Phil, quantify And, in your COVID whether costs,

Phil Yee

cost. significant I has a we wouldn’t our say, But, a don’t and give got But at with We’ve you, ready. you take very COVID. it’s protocols it’s back to this put Hi, -- on look have -- But some you, in can new to tell significant number I and programs got really estimate. which can ensure Kerry. number. But, Kerry, effective. been other we put that for point. definitive I not example, overall, employees We’ve introduced to place proper in I a tracks I anything it’s for a get new some an programs have site, don’t a tracking system,

George Burns

might answer. look talk really I the whether I you that impacts PPE they’re some developed, or systems Yes. at so just if you far, the we’ve of mean, supplement non-material. had we’ve

we protect you you we our if to when days most about did really was our made decision the XX% that in think, And reduced it the when I if and significant want our then early of by manpower business. recall, talk impact, about we total COVID. people to the

high reduced that those stay by we had family at in our or that manpower were people work and risk XX%. our asked of COVID, weren’t any for we employees done, that members work to getting them. the and So, Obviously, any home, category employees about of paid

but a impact. that’s can don’t number Phil I And really significant So, you, have only give been that. for

Kerry Smith

right. All

then, And last question. great. one just maybe Okay,

both now adding You really gold able by going a new columns above would talked what is out in on that your when XX%. capacity carbon bring impact have material between down online which Kisladag, mean that you produced Does in will your going come QX? that production or normally you QX that and to in it of improve and those won’t inventory to inventory you’ve the at over been is have extra draw the gold to lines then, got you’ve about and

George Burns

bit maybe reason. you If up Joe, know, to I can jump I be line seems question. I’ll a take your breaking technical in. that miss for anything

ounces I at on tons at made that But and the recoverable we’ve So, and Kisladag we general, were little the high that QX up -- Joe in bit a would the look year. due the it in maybe slower was placing QX, QX. wet I and yes, mean, stated, way to and as a we level,

So, first the are on is, point pad. ounces the

place that all of Joe ongoing our point continues material our assumptions solid valid. made actual the to recovery tests second are The is indicate work on and

point. important an that’s So,

the that on is And it’s expectations production all the statement low year. trending those pads. to ounces for of the made Kisladag the out rinsing relative about our have really We

lower manpower matter as we’re And than time result, pouring COVID, a material. expected. we we to the what going those manpower number, the emitters And are to refresh solution that to and so, when a pad. of ounces water are to crushed was we of have things crews impact decide didn’t one volumes up, -- the a rip the the haven’t through. done. that And had got little catching the slept levels it’s as the ounces top we through and of And slower wasn’t we our the ability from that our a there. But, are just The had some deliver gold to get the And to result, of normal. back get

the again. So, a that’s of kind summary year of

Now, question all. by water XX%. we’re can’t coming process expansion, your it reason of expand the the the about processed that that that to the day said, existing roughly plant plant. to a of of ADR we Joe out and that And have pad, through XX% on XX,XXX going we we ADR And is bottom cubic solution meters about is as

been up XX,XXX XX,XXX about cubes has but cubes balance, the to go So, the plant, through re-circulated. the

So, the we grams did per the we on to gold think, in solution we pump by I solution ton [Ph] I to have that wet re-circulating winter pad tells early tail and that and load think from into process pond volumes the are on back QX QX, back pad dropped. higher plants XX. a of have going at only like back inventory But, this is a all. can’t the not because we is that X.XX the the itself largely

during be able process the that wetter pad the should expanded, the plant we of the to comes we gold timely basis, once ADR all for produce water out and that season. get particularly So,

really So, I move. a good this is think

expanding other levels, forward. pond I supportive managing going we’re inventory think our or -- I and capacity also think, better the of this the process we did point is, expand that in is to

Kerry Smith

helpful. Thanks, Okay. Yes. George. That’s

Joe Dick

leach George, add the would only long I is, cycle it’s a just leach remember, Kisladag, cycle. XXX-day thing at

So, to react. things take time

George Burns

Yes. point. Good

Operator

conference the session. any Mr. concludes over Burns This question-and-answer like back the closing George to remarks. turn would I to for

George Burns

for tuning continue great our to we and you Thank and weekend. to further results. Have value into shareholders. QX deliver our value a add to thank everybody you as operator Look forward updates

Operator

conference today’s This concludes call.

disconnect for your and day. participating, pleasant may lines. Thank a you have You