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Eldorado Gold (EGO)

Participants
Jeff Wilhoit Investor Relations
George Burns President and Chief Executive Officer
Phil Yee Executive Vice President and Chief Financial Officer
Joe Dick Executive Vice President and Chief Operating Officer
Jason Cho Executive Vice President and Chief Strategy Officer
Peter Lewis Vice President, Exploration
Cosmos Chiu CIBC
Fahad Tariq Credit Suisse
Kerry Smith Haywood Securities
Josh Wolfson RBC Capital Markets
Mike Parkin National Bank
Mike Jalonen Bank of America
Call transcript
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Operator

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Corporation Q4 and 2020 Year End Financial and Operational Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Jeff Wilhoit, Interim Head of Investor Relations. Please go ahead.

Jeff Wilhoit

thanks conference taking call and dial time operator our into today. you, everyone the for to Thank

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

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

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

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

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

George Burns

Thanks, everyone. good morning Jeff and

We We to many am then for since and call. the and that Here the challenging to including through Production cash financials, million follow XXXX guidance delivered outline profile. Eldorado which XXXX. for very the Phil ounces operational almost on and XXX,XXX the year. an the it go open increases years. for have and I developments altered our with solid capital fronts, over strong face the flexibility young am continue working totaled of and in will of did proud drive financial we our performance, quarterly $XXX will Then it on year the brief key our taken XXXX before QX in financial maintaining questions. reviewing our and pleased we today’s stakeholders. of historically achieving I pass with QX of the operational over year. Joe will on growth. X position a results improving they amid I a our for to touching extremely some deliver fund year up achieving a by as cost courage catalysts will I amid finished And in milestone adversity have the while outlook that value overview in for the is highest to show to end of together place provide and positively in year in nearly this this production all our original teams equivalents,

a in milestone Speaking we the the maiden at of and had amended this catalysts, have year with Greece, tremendous region. investment exploration our that demonstrates in success the Ormaque signing of continued of QMX agreement the in major resource Quebec acquisition start week’s announcement pending to a of a

that Also the investment. agreement North the of General the that increased the previous as Christos is The ambassadors the trade use stack in was contract of improved a mines time, size. support person about to government for of beneficial and the have agreement the in Our such put seen sets an The in mutually these the of as improvements. It well place transfer of unlock bringing our transformational our the take to continues mines. you early agreement was signing Lamaque Greece. in and Canadian path provides environmental we all and to all attend more water a can our with agreement the our productive dry added the asset significant distressed a the honor of. shape. part Greece. different amended It assets for as and also to strategy ceremony itself, reflected tailings operations contract the value mutually Chief present and plan on attendance now investment modernized from our economic vastly Balaskas, stage to and an modernized simple an huge all of development This a were economic At stakeholders of Republic. able updated Energy and project the that agreement and testament the Perhaps to alongside by technologies of cures Manager Minister Minister Greece talk is also of reinvestment under needs and in prudent between these of the circumstances. portfolio amends value the while proud world-class a agreement of high-quality and Finance advancing Quebec. U.S. both reflects opportunities on Development delivers America among for Kassandra of the I’ll within XX-year-old investment is agreement. investment Kassandra refresher be a be Slide bit It involved. signing a and a of dedication relationship us in Hellenic X, news this a This nature the VP Environment, the and Over these It’s and February agreement of for also for as of is of the a many in government. a the achievement was Minister owner moment. management framework of the commercial maximizes beneficial

the creation, environmental the Skouries class in assets parts various are Olympias our government. are investor important with and world assurances to specifically Greek and by X% in clarify, Greece to sets discussions development. as at Over more to at slide fiscal fiscal important parliament. royalty. are state, Greek steps of increase concentrate. we offered their and the benefit and current royalty needs enhanced next benefits. protection included X.X% you all similar ongoing are investment foreign agreement the it’s and outlines Skouries, A we the believe to mentioned a that previously, gold becomes in all on community the the the aware, be clauses the As stakeholders from have agreement out and mechanisms for that for These now also were royalty the next agreement state, job of for The investors. ratified bit contained particularly permitting Greek now revenues opportunities development detail direct $X,XXX XX% revenues metals To other

while Skouries. the government expect end of occur alternatives. approval construction publication to in dry QX, will stack the permit of We to activities evaluating thereafter. use tailings and in year by the gates resume complete this concurrently aim with The in funding the a arrows QX of feasibility study shortly the busy commencement to here staged QX, with preconstruction at We to thereafter. be expected the It a gazette show

construction potential delivered in a Atlantic, in and Back side key expect this thereafter, of the Quebec. to XXXX. few look year-end by want We restart to quarter I on to catalysts say this investment decision words a

nearby strengthens would acquisition friendly potential at this of On our of to early position of world-class the Abitibi deposit at important ounces maiden Greenstone XXX,XXX strike a XXX,XXX add early deposit organic approximately our exhibit growth QMX mineral of of continuity, at Scheduled the resource increasing orientation to First, mined ounce about exploration Eldorado’s April, too. the the close Lamaque. and the recent by infrastructure inventory. Lamaque, existing existing historically District outstanding opportunities by dimensions to similarities pipeline including this catalyst, second in to XXX%. exploration landholdings the The of mine vein Ormaque, parts and Sigma announcement success highlights our Ormaque inferred proximal

under positioned now the construction, connecting As is Triangle you oral haulage Lamaque it can decline mill. with ideally see from along the underground mine map Sigma here, the the

expansion infill the so, the of directions, an deposit open conducting year the We will very course drilling in be and results. throughout initial remains multiple encouraging as

which proximal stop and could to sources Canada a Triangle mine, They underscore core Over also in which jurisdiction these Quebec to developing within our has you, of a the there. to existing and pipeline together, capacity the region infrastructure I Taken X,XXX and support in portfolio. as day. per commitment Sigma additional Mill, will catalysts of leverage a the tons of strategy two Eldorado’s permitted Phil. optimize Lamaque our ore

Phil Yee

day, George. you, Thank everyone. Good

flow Slide the increased ounces X. XXX,XXX maintained partially the on production, our financial XXXX, achieved. lower of $XXX.X the total $XXX.X improved XXXX. the year. quarterly improvement totaled compared XXXX. totaled the Compared increase adjusted guidance strong million gold XXXX. for XXX, to Eldorado’s offset the in and generated million getting in saw annual XXXX, million in area The with to to in cash in COVID X XXXX, $XXX.X XX% full Before and exhibits Gold in quarter the Slide from generation QX a free during ounces XXX prices. Over by metal throughout in compared financial sizable production a million fourth I year. results XXXX. to and realized in into Eldorado was year revenue of would over earnings $XXX.X XXX, year impacts to quarter QX to Despite key last in virtually the in of ounces turnaround metal QX production increase our quarter, dramatic XXX ounces finish and XXX,XXX annual like prior QX performance financial related QX year, in QX year-over-year our the company business XXXX highlight every net for a caps performance, operational the

the adjusted Full XXXX million $X.XX in $X.XX earnings adjusted earnings year XXX,XXX onetime net QX to ago. or and versus quarter share to to to adjusted to fourth share. from compared XX% EBITDA million in $XX.X year. increase relative $XX.X for prices XXXX in other associated the compared $X.X XXXX. things, volumes XXXX. QX QX million This of X $XXX.X the XXXX in For a same earnings The higher earnings for, The over per $XXX.X per million provision for EBITDA XX% as The revenue in also million previous of after $X ounce the and the XXXX adjusted price to earnings or XXXX totaled to also adjusting net gold increase share. QX quarter in previously million adjusted and gold revenue works the the quarter compared of in $XX.X per XXXX increased increased year to of QX $X.XX $X,XXX earnings or Gold capital higher earnings to net prior net billion and In adjusted $XX After QX increase non-recurring million was ounces comprised sales year, ounce gold in non-cash million among adjusted adjusted ounces adjusting non-cash QX per shareholders to $X.X for an sold million totaled for increasing reported including or or compared And This items, in Eldorado’s metal in net QX XXXX. share million in revenue XXXX. for totaling sold onetime per totaled average year, in a earnings in EBITDA since write-down, works revenue higher QX XXXX. higher the net sales $X.XX million revenue after adjusted comparison, capital over the XXXX in metal write-down XXXX, reflect of related million, $XX VAT in $XXX.X progress mentioned per in the total $XX.X $XXX.X a to $XX compared resulted realized related comparative a XXXX with write-down earnings net XXXX of million. million of net $X,XXX share significantly XXXX. net company result reversal $XXX.X gold impairment quarter to of increased $X exceeded progress. adjusting the first million XX% XXX,XXX $XXX.X time was in EBITDA XXXX. increased XXXX, for Gold earnings in The per

$XXX from adjusted XXXX. for full $XXX.X EBITDA totaled year, million the increase million a for significant For XXXX,

we mine producing cash for increased future saw of be growth are spend over position of entering quarter XXXX efforts mine Kisladag, also increased assets in as for At growth. projects. Eldorado enhanced in will were year to made and our phase the we a life. an and flow a two free the capital pre-stripping that higher period capital multiyear We production in is as sustained phase, advance fourth a will position

the on deposit based to on the the we continue expected changes underground the totaled productivity project announced the mill million high-pressure similarly to QX Lamaque, improvements the basis and and reserves. to sort the in end new expansion property, significant in on higher circuit early close outset calculated add associated reflecting of of of the as QX the completion success portion and profile is and in mine believe continued life equipment the for be the $XX.X XXXX. we production overall mentioned focused will the that end by unit relatively of depreciates amortization QX North will quarter the efficiencies. and to Triangle decline a bring the that At production and life position XXXX. the $XX at see successful million the development a no our to the substantially year life Depreciation mine as pad focused mines. addition, XXXX, our operating and completed George meaningfully with mineral We were on QX costs and exploration Sigma development mine to versus extension to in year. XXXX should mine, greater capital continue at at underground XXXX, significant of There to grinding the increased in capital production finance plant underground of Olympias grow in the higher of the connecting directly in end capital process is In at mine rule leach a over

received for $XX.X million reduces notes year, cash and QX XXXX. in compared senior deposits flow the and secured Turkey a cash, report net a investment lower term to rate investment XXXX. million Kisladag pleased than QX credit totaled due in was redemption available higher that increased million things, in most the million effective we This the importantly, to approximately XXXX. QX costs a credit am tax gold QX XXXX. the HPGR. of $XX.X tax and of QX to than in to ended credit $XX.X to price tax recovery spend. premiums quarters leach million, significantly of $X.X during the free the other in of receipt of tax The quarter We the position. the tax quarter million from related facility. million in project, early the reflected a expense XXXX in effective a the among in including, previous finance $X.X installation heap primarily XXXX XXXX the $XXX For Turkey under I million reported XXXX $XXX the cash million equivalents lower $XX Perhaps to XXXX $XX.X and timing upon the paid revolving of QX million $X.X the tax cash finished $XX.X million $X.X with due capital million

the brought for to also the this our have cash the to As overall free year, flow to of previously mentioned, liquidity generation our added we million total end $XXX.X year. Subsequent position.

of cover $XX.X credit term operations. connection completed the Our million to with availability letters of letters issued $XXX no that prepayment revolving conjunction the the was of in amendment now revolving longer under on reduce A company. obligations in credit credit facility this undrawn was facility. made credit And available to in our credit $XX.X amendment. that is certain had February million an in credit the million principal loan of non-financial with secure to such XXXX, non-financial allocated were credit In

with reducing year. end senior to million additional payment boost, continued in to of the outstanding Eldorado the million the balance liquidity debt, $X.X In of to $XXX.X also reduce December, an of as addition the this notes

addition, EBITDA completed at scheduled payment X.XXx of balance at the of December, a ago. was stronger year year. million EBITDA XXXX end to In leverage the reflects term significant end compared QX X.XXx in a balance and is much the of the to net the of the from Net is at QX This a reduction $XX.X XXXX. $XXX.X principal leverage million end sheet loan at reducing

before flexibility us. significantly and XXXX and entering news go liquidity the more compelling operational earlier, financially it Quebec, Against credit to strength, our this to we financial the of provides advantage flexible recent many over company. of turn discussed take level increased a George opportunities enter of backdrop now added in with Greece in positive improved that, As XXXX will through stronger, With highlights. I profile the Joe to increased

Joe Dick

new guidance unchanged everyone. last even point Amid morning I’m achieved that team production against very pleased recognition I and in of at over accomplishments and unprecedented spring Lamaque guidance. for of due fully Reviewing known. XXXX, January Phil environment primarily that cost and throughout am to team’s our for operating due minings costs XXXX by It’s our the and mines at XX-week global in the operating XX,XXX ounces sold. guidance we mines slowed $XXX outlook commercial last sold Thanks, remained particular government-mandated the as good operations projects. proud production The the out released our outperforming spring. an of in important continues gold we year, a of extent in higher cash ago, X-year to of as our plan became XXX,XXX costs year $XXX in was per what year per increased crawl of ounce to all-in XX, pandemic ounces compared Lamaque the expectations activity last guidance XXXX a as essentially produced shutdown a the to Quebec quarter of our more We CX. midpoint ounce sustaining production deserves to the across issued at

Looking horizon, has five outlook at year over the period and Skouries, Perama year production our ago. Hill outperformance five-year improved with guidance operating coupled profile Kisladag of an potential overall a at Ormaque to compared represent Lamaque, enhanced substantial a upside.

new capacity processing on more carbon will indicative per the X,XXX our during the HPGR trains kiln hour. X,XXX is we the cubic third which pregnant increase initiatives, to the year-end. of process track ended of on for a to progressed the for X Turning stacking for by deliver for ready by has from including quarter, to is recovery number scheduled track two second gray on track going completion expected North Phase better on be regeneration the the slide, XXXX. forward. the allow The heap of our year-end. on site and here in remains leach CIC solution. on current critical of expected the column work is us planned additional to current positioned quarter have year, Kisladag operations, of of The end store information completion meters a that to on commissioning team is project to expect solution to installation quarter pond installation expansion pictured pad of The

per almost is savings after the in related which to am track in project shipped. excess is XXXX – concentrate multi-year to XXXX performer, progressing of a also gold Efemcukuru million at process campaign, in is under average and leach this place the well mine XXX,XXX to stable of pre-stripping without ton to are schedule at per XX We expected on Kisladag down. production on be to COVID an grams with over three grade X.X back safe slow XXXX average at our years incident. tons tons have ton. In of successfully time was in commissioned flotation gold I of and mine installed a positive This an in and XXXX report online. on gold steady X.XX have the on that quality grade expected continues a ore completed ton. effect and Efemcukuru and beyond transportation on The lost will our budget. columns grams and of are been and now pleased Efemcukuru reduced

through began date than in conversion for At the fourth results on grade been meaningful Lamaque, at mine may better underground quarter the CX the with and taken. We extension reconciliation bit two earnest also first zone in stopes success that life Kokarpinar. to resource the expected mining continue allow positive to drill have there our in have through

X,XXX of to during expect average grade approximately X.X per We an ton. at Lamaque XXXX at grams average per day tons gold

and on between now advancing decline Our the both mill ends are underground contractors crews from schedule. the and Sigma Triangle

the an As in year-end. be XX, of X,XXX have is costs, are by to of expected of is reduced costs during environmental important we the the Sigma to haulage emissions advance decline of surface as way meters haulage proximity and the to decline Ormaque on with haulage replaced February operating current Completion as ramp we benefit the the well. completed expect providing to of September connection straight eliminated reduce and line mill with Triangle

in Our optimize to work continuing focus XXXX Lamaque is to the operation.

tailings expansion, decline During advanced XXXX technical backfill materials paste work and the further for handling. mill alternatives we

We and the have also work debottlenecking tons upon mill the day look to per to X,XXX that had year success in improve ahead.

incorporate to report forward will to in and regional per better continued potential zinc. that grams work manner, we in XXX,XXX Mine I the XXXX. plans at we X% XXXX per Over exciting the combine pleased mine. Olympias, technical along met production to our plan in lead mine as grades silver, gold, is am move up expected During full-year the at reach program Olympias of with its efficiency continue exploration at times XXXX, the that truly a our disciplined ton X% development improvements with average and to XXX tons Underground grams to X.X ramp ton remain focus Lamaque. operational

We decline see result. as in expect operating to costs cash a

the in is opportunity our elsewhere closing that, turn George throughout you to it for over I to compelling portfolio, there look remarks. forward with will ahead. With for and year As progress improvement the sharing we

George Burns

Thanks, Joe.

wrapping the on this like like following the role. also our to beginning to as recognize of Steve George the leadership Chair Board team. George welcome, of Before Albino, I’d and Board to stepped Reid appointments to remains the year, the our down new mention at the who I’d of contributions Directors. of again up,

will these several continue was the project delivery Services is projects in Lehoux join an deliver taking fostering development to early leverage on innovation Eldorado operations as have December. November capital for Quebec, promoted of ahead already mine BHP, oversee us or Sylvain individuals initiatives company. General He of delivered skill plans. will is in March. project major for this catalysts growth the We year, as will to Manager business improvement engineering all Eldorado. in excited in responsibilities throughout Quebec responsible President, Brock oversee & year to President to Gill Vice lot transformation a Senior XXXX Simon XXXX. technical shaping Transformation for in and Vice He the of With of and at Projects in Brock Vice activities, Previously Eldorado under Hille to projects as way set Technical Eldorado. a and up be am also work ambassador our of joined region. and while I pivotal increased key President, with through

We expect on positive momentum plans. we guidance this as to continue our deliver growth and

Our for at compelling XXXX the Skouries the sustainability portfolio, the it to to is throughout the put look to governance exciting dynamic while all of and everyone. and our focus you of now year in ahead value unlocking will core good forward Thank and at safety, updating our continuing progress. the business. questions. our market over for I’m with I turn operator excited

Operator

[Operator question Cosmos from Instructions] go from The ahead. Chiu first CIBC. Please is

Cosmos Chiu

conference you Great Thanks Hi, to to in Ormaque. spacing Greece get is what eventually into update the at and inferred then it me to kind of spacing need Phil, thanks, Ormaque. the reserves? and drill then revised and for also would on call. you what you George. Joe needed into eventually my the resource team. Could and Ormaque first see get kind agreement drill Maybe of question remind M&A into

Peter Lewis

It’s Yes. I’ll Yes. here. question. that Thanks, answer Cosmos. Peter

are comfortable blind is surface, we this – directly before initial it’s we inferred. drill deposit fairly we spacing that that are can’t a in aggressive observe going to a our Given at

some bit XX we in through is of where the meters resource average around it’s an most the we a And wanted it’s areas So additional deposit. confidence. based inferred the spacing on tighter mineralized XX, that announced of lenses,

so In addition include drill we more to the meters than XX shapes that, anything that we intercept. that’s a trimmed from don’t mineralized

are we level. So inferred conservative on our at pretty approach the

upper of that converting on will of resources and is based have our the on. initiating And basically forward. – now bit inferred strategy exposure part even inferred, geological to into steps to possibly give model still a that, and decline, then are back actually part that Ormaque, And us drill underground direct we probably working in that. spacing define little in the And actually the are the program early the we right verify addition will In indicated going the more just late haulage – up us with is our to go terms next XXXX. we addition resource that help XXXX, tighten

So, well. yet. information the would be haven’t as additional course drill it for then and We of that defining defined spacing doing for we true need conversion before are we comfortable reserves that

Cosmos Chiu

Peter. And the be it. fairly flat a follow-up, potential to remember structure. Minrail here, of guess, explored mining seem geometry looks Ormaque Thanks really previously, of a it It work I as at looking lying out. you didn’t Great. I method to to

I you have more in Since of were given mine then, and some some challenges. think deposit? thought technical there this you us terms how tackle might

Joe Dick

Joe. Cosmos, this is

pillar. We bit days we looked information. of early more are room more have need at will in But we of that and drift it and a a conventional infill or a

flat at too this so for Minrail. it’s And point,

preliminaries time, we and we’ve more to are as selection. this of things determine, get that on. begin at a we’ll just hard kind that little of two continuity so method And understanding but it’s I great the But those say thing, done

Cosmos Chiu

of Ormaque it get it’s you the close at any QX here, of to Do Great. And then to in point by too time any on mentioned, or kind early? development doing as XXXX. talking still anticipate work, decline you is fairly about this going it kind

Joe Dick

will just a from early the make And Cosmos. an soon get get engineer on started we’ll practical, that we’ll a as and make that but bit program. options, bit it’s before information as decision yet, Well, we we drill more current decision potential

Cosmos Chiu

is? what’s of capacity remind the you decline me could this Joe, then, potential And

Joe Dick

In what respect, in capacity? haulage

Cosmos Chiu

throughput, of haulage terms yes, In capacity.

Joe Dick

difficulty I’d giving have you Yes, that right now.

that ultimately bit day, more be I we perhaps it than a that. think tons do, X,XXX on depending we’re to what right determined. in X,XXX, But remains still well capacity of per excess I now, think

Cosmos Chiu

Okay. maybe here. one And question then last

you X,XXX Just Lamaque to there wrapping all mentioned, is potential tons together, up George, to it per get previously, it day. as capacity

given at wait and Given Ormaque, to have there’s that what or X,XXX have and of what a support top do for do in you you point bases that have? regional close tons what there is think inferred Ormaque, potentially really actually today see per of enough you then on you lot you to time, of kind QMX at this see at day have more to ounces,

George Burns

Lamaque can on at of got Thanks, going Peter find open potentially for field the up Well, plant. success. that the our team just you for it’s to And of our and we’ve targets Cosmos. feed the see QMX and additional exploration completely dependent at with end at quarter, a Lamaque number closing to

those, haul, and to the longer So us, we the in that able targets I’m going to contemplate front level of from. it’s confident going exactly be don’t expand we’re far you when up. just now we come advanced It’s where be that not are the exploration have current over enough currently direction but right to to to pushing throughput headed we’re identify

Cosmos Chiu

Great. have. those the questions And are I

the forward a of to weekend. good XXXX and have Looking rest

George Burns

Thanks.

Operator

next question go Suisse. from is from Credit Fahad The Please Tariq ahead.

Fahad Tariq

Hi, Phil, for first like the Maybe quite quarter, QX, cash can you looks Is in in thanks it there in talk bit there? quarter. note for taking higher my of the were – about anything question. taxes a

Phil Yee

And in and million the and receipt $XX.X mining of hi taxes it the offset tax Lamaque. – investment – the think to federal the tax in taxes Well, were tied Turkey the Fahad, Turkey, Quebec credit. was are almost cash really the I cash to duties QX, in in at Turkey by

that the refund. a as cash offsets from was foreign well a also, there an adjustment exchange got that tax So we taxes. And

Quebec In mining related duties. – it’s mining effective So tied to in Lamaque, higher in QX. to the tax of because duties in increased that And rate QX, our production Quebec all the reduced Turkey. the

Fahad Tariq

it. Got

should something Greece. that then Is ratification? stage? Is Okay. even risk this That’s clear. not thinking be we on the does that at just about parliamentary the investment it in pass And agreement any there

Phil Yee

I together putting with on as really been hard Greek mutually the would us. working agreement. I government agreement say And the three no. We’ve stated, this ministers beneficial key signed with

passing party New parliament. agreement intent They in democracy if law. on signed wouldn’t has agreement the a majority the have wasn’t into their

happen going So to confidence have high shortly. very that’s

Fahad Tariq

how possible an looking question improving that us Okay. a latest you’re the to project. partner said And the thinking know thoughts Great. kind I of then do moving sheet, balance for last could you previously it the you that related is forward give Skouries, project about but your just on with for you’re that. Maybe funding alone. it with

George Burns

from sheet it progress Well, in to the last balance us in X.X our financing seat of up come driver’s tremendous for is with And our better a for positioned. vein. that Skouries. puts made much optimum We’ve more over sure, perspective, years an

a strategy venture multi-decade Our funding, assets. place over have partnership have to partly another these partly voice influence to for the life to in joint to still put look of remains and

advancing however various the alternatives is that it It’s to end ratification, the tough will pretty a And the shareholders. to about we for can we the the this be approval have us we’ve venture at which well my on as where of options other time, And from outlined, it’s point catalyst boil dry returns clear between balance of of QX, financing So strategy a at perspective, funding to land that. down the for engineering and as certainty joint at evaluate. the we position day, perspective that from investment, underpin going permitting level be the to return and to getting the feasibility and best project that’s optimize derisking Phil all we Jason Eldorado for the the will it. on certainty on and investment to going by to getting same stack, continue

a alternatives. but we’re perspective, you, So better in flexibility all summary, from we’re in position pursuing a I’d tell

Fahad Tariq

got Okay, from Thank you. That's it. it me.

George Burns

Thank you.

Operator

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

Kerry Smith

cash? royalty you. QX it in that in to Was Because then? January the settled cash retroactive X all Thank was for last that XX% increase was year. of Phil, Turkey, all

Phil Yee

Hi, of start year. cash in it was announced the because the QX, QX that all settled and to was was it in retroactive Kerry,

higher QX have royalty a through would come for impact just year you full the incremental our And numbers. for QX the QX. would seen So reflect amount

Kerry Smith

Okay, got it.

And how got make works. what Okay. right I’ve royalty? it is numbers, now? what to me just royalty you it actual sliding and can – is And for the is my – a the just sure remind Just rate scale the

Phil Yee

sliding front just is Kerry, – actual scale. I’m – of a the the we scale It’s have sliding I in but a do scale. it don’t have me, actual

Kerry Smith

Okay.

Okay. just later Well, offline. just get I’ll – maybe it you can

Okay.

Phil Yee

Sure.

Kerry Smith

is to do able to decline year-end, to that the work Lamaque to and completed do functional much actually and be And if move is decline at how would the before other there by mock-up be equipping plant?

Joe Dick

the This is repeat the you that, Kerry? Joe. question. missed end of Can I

Kerry Smith

so, I time, to decline transport? muck would Joe, work for wondering be for the you Or at was in to be if it done? there that is Hi, ready year, point is And finished by of haulage? the lay incremental fully be if to ready ready end – just that the when is ore it goal utilized the and

Joe Dick

of be will completed. bit to be There Okay. a incremental little work

but not and we could of I post then work haul. think X by surfaces time weeks to we’re ready it’s prior road connection make A long very year-end a the we month, to use and out connection, we period. But that utilization. it, all

Kerry Smith

George, Sigma a could capital for rough Mill or would you X,XXX expand to, perhaps me day, say, I’d it your again, a what And say remind day? up X,XXX Okay. as just tons to to the estimate tons cost X,XXX

George Burns

capital we’ve Yes. originally $XX a million, been company. was was level by circuit predecessor envisions the putting I about sold that mill, which with but mean, and a in SAG public in

for of So looking exploration capacity, make we depending I remaining have tanks. additional expansion. our the need leach that incremental to further engineering we we’ll unfolds, doing has And and grinding it’s level mean, appropriate – next to on on upgrade we’d at happen, the analysis and the what were how and physically, decision success

Kerry Smith

okay. Okay,

to that flat-lying, able the expectation a what reasonable a there, day? So operation? that you’ve Would separate say, Ormaque, see $XX for lenses got, you from may be at kind would geometric with it’s XX that be million X,XXX those I and based configuration pull of that today on you tons tons think support,

Joe Dick

on work I’ll Joe. that day inferred knowledge answer. and per and resource is the that this preliminary tons in the sustained. very done, Kerry, Based XXX XXX, more we’re current have we

exploration given don’t unrealistic the as we on that step-out how proceeds. based see capacity, However,

Kerry Smith

Okay.

interest’s Olympias? had at you $XX Thank spent the for million that you, Okay. canceled? that my what you just was sake, helpful. Joe. That’s And What was for that

Phil Yee

it’s here. Kerry, Phil

referring you’re the to So write-down?

Kerry Smith

Right.

Phil Yee

part That and related in original that to was plan of agreement being was the that was place. tunnel was developed. That

George Burns

that’s new idea phase was jump I run flotation old – can the to plan than the original in. XX like next then now, the it’s Olympias for I valley. and circuit years Maybe more think business to a a build in In

ton And to as valley so plant I place deliver this that perceived going been Olympias to would in facility. the put the have Lakkos recall, next was be around what the And decline flotation Madem into ore to underground from be, into capacity. XXX,XXX the was

new our through or is public with then plan the disclosure, and Olympias business run of the So the plan to expand plant plant life that mine.

investors. for is So investment, it and maximizes Greek Eldorado has better our It’s value to state. the good return also on which

getting by longer was future the that as agreement tunnel potential essentially and a written a Kerry, has So result, use down. signed,

Kerry Smith

it. Got

Okay.

That’s last timing The for ounce average. realized Okay. helpful. it? was $XX I LME just was below price question that guess was I sales, of And me. guess, an just Phil, the

George Burns

a get price the that and of we That’s see one ups we quarter market shipped the happened of smelter, the closing in the timing concentrate on shipments you quarter. the And this of the depending time process to the the opportunities and is when comparative portfolio from having downs. challenges in be to down and is and the from final

Kerry Smith

Alright.

questions. all Thanks my Okay, much. That’s very that’s great.

George Burns

Thank you, Kerry.

Operator

The Capital go ahead. Markets. next RBC Josh from Please question is from Wolfson

Josh Wolfson

Thanks.

aspect option looking base a low the just a the metals As consideration priority. of But been I for and higher any it the versus for is to commodity relates again sort what is now there prices of are recall historically component, Skouries, had where funding understanding is large past? at streaming that the option there kind

Jason Cho

of alternatives to say place in Skouries. I’d looking Yes. Josh, has how it’s funding at we’re all a Jason. terms streaming the related

cost may mind versus it trying that maybe as yes, we’re on including to funding your advantages keep question, have alternatives, be well. we’d streaming. its understanding I and to to short relative open metal an streaming But keeping base to capital think of an open precious mind answer generally

Josh Wolfson

questions you Great, that the look be number lines sense. guess, earlier. that? and that be the by for meeting Like have when what thank the third I There’s in time could terms on of able incorporated mined plan, quarter, may at And ore market missed will I time a with frame of sort this of decline, to then for our you. in

George Burns

It’s it. a frame bit to a preliminary on put time

the that doing while place I while, extraction think of the ore on to it, get we’re have kind options. reach understand out access complete it to is gain to program we of think what body we that, all exploration now the kind it’s first touch in and working and

somewhere it’s yet. hate year think general too to in it, put So frame But time I perhaps just it’s but I later, range. a preliminary that on a

Peter Lewis

Yes. hard. quickly, be we of going are it’s in in to pretty jump Josh, terms can Peter. If hitting just plans, I our Ormaque

at We’re program to even excited the are about where not resource and there. even stage, we’re conversion our the – detail. quite the we in expansion can definition yet plan and we potential not resource But still planning we’re point

there and over next better So what the months resource is be overall the going get to the looks for potential X to that emphasis sense like. a conversion program

us that. next have of from we will a be that understanding news is once better the So

George Burns

I will spacing. the to some put nail going we more it do to seeing impact able That get and take Joe will detailed touch rock, – that. a and be into going on need another break all us drilling. production. George. said, some information. is of all that, give for And indication. to and us to supplement supplement touching to And confidence long portion to this just as Peter the to deposit, it, that they’ll And be the outlined, it drill give mean, depending it able deposit the after I’d will lot we’ll of appropriate a we’re that’s down how

resource, capability take the to that looks inferred our put time to won’t line fairly still on days team This year from pretty of us. discovery remain But it’s and early it to long. – that it. took be definitive it So this with a optimistic us it good a won’t I

Peter Lewis

of one final meters. been the shallow. has is relatively comment bulk And Yes. within the XXX upper defined. It’s resource the It’s

delineation from get drilling So we there. conversion of surface or underground once have access we the option drilling, the from the doing

rapidly. quite advance can we something it’s So

Josh Wolfson

updated simplify last which one be there on is Lamaque, – maybe as the to PEE relates that to in going or I’m we going is Ormaque? is see still because then like again. it time you’re ways for to it’s sort question, lines could And that it. not expect of sorry, sure Got and any PEA, that to the idea this we this, obviously when incorporating something off? And would XXXX But

Joe Dick

learn as as we is of preliminary The want year. I be can PEA. think going more, we inclusive And certainly the toward as with to we view to end are the that

So we thinking near our but at end. will present update or is basis, quarterly year a on

Josh Wolfson

you Thank that’s much. great. Okay, very

Operator

is National Mike Parkin go next Please from Bank. ahead. from question The

Mike Parkin

answered. you timeline is Thanks taking Most milling there them terms Ormaque, the terms the for on setup guys. of But it? suitable in confident is feel of or questions. that for do that metallurgical – in of Hi, what’s existing the work

George Burns

can start. You

Joe Dick

so to any what Yes, start. we terms foresee we will I comment of geological it’s on I just just already in at of will very similar issues. significant Triangle, metallurgical And don’t the aspects it. mineralogy, have

opportunity comprehensive underground, terms as more In program access do we And that a will test confirm once get have scheduled. that’s to not work, of well. more currently the certainly, we just detailed to

George Burns

think other X similar that confidence veins thing the the or flat-lying that of at gives Sigma. these us very to is were and that was I mined And Mine part

similar camp. have flat-lying metallurgy Peter that’s going that have what seen the to confidence we very geology we to similar high of mining historical in between and pretty be described, veins So the

Mike Parkin

Okay. for That’s it me, guys.

George Burns

Thanks Mike.

Operator

go The Jalonen America. next of Please Mike from is question Bank of ahead.

Mike Jalonen

and at Phil. picture a today, get week dealers about. bigger I XX next a question I’ve George I Hey, probably heard X,XXX, gold, had down just conference some question,

this have stays got do Maybe gold like with allocation, numbers if the if when mine. are negative But gold slow you I follow or capital Thanks. down wondering, you spending you you stayed to cash year. price disagree going now projects anything now down, – flow into to you Phil’s out that guys free or happy are start Just plan like depressed? push just or

George Burns

follow-up. So and then Phil just out will maybe can start I

mean, no. I is high-quality, say So opportunities. I’d our high-return on investment answer focused the is growth

perspective, from And Skouries, vastly lower to So, projects going sense. change looked our even metal make at at these it’s baseline particularly my of the prices, company. when you

machine dramatically. depressed drop be prices, spot cash at to going Skouries can flow it’s is fantastic a prices, ASIC asset. metal at even a but generating current Our

downside before wouldn’t prices flow I year. view And our comments So to have that can’t obviously, the those that the any on in metal opportunities make maybe, question? tied in cash the clarity financing see of around growth potential end of are successful my sense. will all we And Phil,

Phil Yee

hi, Yes, Mike.

outlined as are it’s and for are XXXX, increased our we capital be growth X,XXX not in we in range gold earlier. price. So where be has obviously, is we the we level this good said, the is a point. financial there nosedive, it I reported And assets other I this with at in in consensus mode where free important prepared I to cash remain our grow a right forecast to then are And going XXXX. at It’s we But gold like to significant budget it things area, because and priorities, think a positive market now, still that – But position. to our was there have are obviously, in If to looks to expect have generate take for given we to value. would reconsider. to this company flow expecting generate is we continue that

Mike Jalonen

Okay.

George Burns

Yes. Mike.

Mike Jalonen

George. Sorry,

George Burns

countries to the dealing add at and are that there you it, will drop to solid think seeing of great going on gold back COVID track, in pretty yesterday get economies our going challenges all has news. that the and way be but volatility outlook with in to are going we a to be around thinking, price positive. our remains and be not impacts I just But had Yes. look I the is across the today was when obviously that planet

Mike Jalonen

buy thanks for next week the lobby a will at Thanks. Okay, Hotel. that. will the see [indiscernible] in bar. I you beer And you I

George Burns

Thanks Mike.

Phil Yee

Mike. Thanks

Operator

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

George Burns

been It’s return to at last our darn for everybody the have years pretty terms shareholders. – Eldorado Thanks in. X dialing been of successful in

this I year another us. be think will for breakout

of us front in keeping opportunities the about to you. Thank excited forward look you updated. are We and

Operator

call. conference today’s concludes This

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