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Eldorado Gold (EGO)

Participants
Jeff Wilhoit Interim Head-Investor Relations
George Burns President and Chief Executive Officer
Phil Yee Executive Vice President and Chief Financial Officer
Brock Gill Senior Vice President, Projects & Transformation
Jason Cho Executive Vice President and Chief Strategy Officer
Cosmos Chiu CIBC
Kerry Smith Haywood Securities
Mike Parkin National Bank Financial
Tanya Jakusconek Scotia Bank
Call transcript
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Operator

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Corporation Q1 2021 Financial and Operational Results Conference Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Jeff Wilhoit, Interim Head of Investor Relations. Mr. ahead, go Please Wilhoit.

Jeff Wilhoit

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

on and Vice On George the Brock Dick and Gill Executive as operations & for experience technical for the Strategy portions President, is issues. Burns, President be line Also are Senior of conditions CFO; President Joe question-and-answer President may and will President, He Vice line CEO; Phil connectivity Transformation. that Exploration. with are available location Projects Officer; questions Brock as the period Gill, me warrant. joining today call Executive Vice Vice present Jason the Yee, the for may Peter Cho, Lewis, Chief and

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

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

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

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

George Burns

everyone. good Jeff. Thanks, day And

it performance. provide call. will open through for Brock before outline the the overview up we'll go operational for I'll it Then by today's brief to passing results reviewing follow of Phil Here's highlights a QX to questions. and financials.

discussed first as us call, joined who a will evaluated COVID-XX our challenges earnings you quarter of we the very business. on you different imposed of on last remember those year's tone and For

impact Directors, our persevere management of stronger and and On a for families, I the of has appreciation to hope will commit our Board deepest of there ensure all us, of contemplate resilient had a to and and team sense emerge behalf optimism this the my is company. to pandemic Eldorado of their thanks and tirelessly future. employees also the that again on more continue extend who from renewed we While and

was to results our with the solid Gazette. publication as unlocking very into submitted in collectively Turning parliament last to our and Greek Investment we I'm both known These by Government and Agreement value entered quarter, and Skouries the of two Mines operationally key governing development Since in officially the in milestones are as assets. further our the months financial. pleased our through the signed Olympias XXXX, law the start Greek compelling spoke Amended in Kassandra of ratified Stratoni, Greek and ago the

of that overwhelmingly favor also We shareholders Canadian operations the at milestones officially important reached voted April as on transaction X. in with closed Eldorado QMX our

and at use moment just the with we Skouries. reduce quarter. milestones latest de-risking that milestones With land gold in on discovered will updated our piece and the Skouries newly bigger, Skouries will targets, have Ormaque modification mutual and environmental possible an first process our with future parallel, achieved for of which exploration in for team quarter, to tailings The the third milestone I'm work Greece project. focused on the And submit EIA of strategic and dry position, the I've I'll ready a teams are a create this of XXX,XXX-ounce agreement. for gold the the our of a very we We stack copper design and mentioned a continued our of spend regulators in funding finalizing In the in This jurisdiction. resource now at by investment plans getting evidences timing potential host completion safe times efficient, announced project. towards pleased more XX% environmental specifically accelerate for success approval mine. a This EIA financing world-class also now was key advance growth impact. footprint the Kassandra facility and now the the Quebec high desire operating to lowest continues is X.X in the by our will outlined streamlined during to this of Greece development at feasibility yesterday. tailings study mirroring Skouries tremendous Mines

the low-cost are five-year look represent restart years, upside production decision construction by pursuing early Skouries and timely significant end, construction a to to construction of year Following we profile. production we'll two-and-a-half from that in current With completion in XXXX. our

the this a color right. using Skouries. more picture At the mill. and here is bit bottom the and at this more deployed and will and best majority a stack is leader an in pioneered a misleading, dry use that the Skouries of facilities bit mines in one tailings. it’s Greece. tailings tailings plant I in We of circled thickening technology. field left plan ponds filtration Eldorado This at industry The soccer The shows to the on you detail bottom largest small the of the is our mill shown able in filtration is available the implement the is world. Just it now processing excited building Skouries. dry size of Turkey be top, stack to see in the on the am the in a It's yellow.

articulation Notably, responsible business framework sustainability These the strengthening report do. am business we addition that at the our global initiatives Integrated short. in way practices that to right advanced In and or QX, Eldorado pleased on core SIMS, new Management System commitment for progress our made and our of significant putting during reflect to I sustainability launched all the Sustainability of to quarter. doing our we key

business here. across have is access for the and Also, responsibility to these, on a measure It we governance at host we environment, Eldorado’s sustainability, countries, we our for commitments slide able detailed pillars preferred foundation we to performance. our accountability functions and Our In be a levels indicators, of which key integrate in our to the and out organization. our will set all QX, core stakeholders. to and framework delivering that social responsible are business believe capital of SIMS grow management we for performance partner is all mining. as communities of ESG benefit how all four across of sustainability continue able will track be approach by to on be the standards and system articulates better This rolled that

we Towards the also Gold World of Mining our that mining and Canada's SIMS, frameworks, Responsible the Mining are so Association in Sustainable as Mining We over with that have continuous review integrated own leading responsible other SIMS things the Council's Gold to I'll into short, objectives such adhering turn standards, management improvement. In compliance first Phil financials. with complying risk for of regulatory are Principles these responsible a What's core quarter voluntary and frameworks. to compliance, commitments,

Phil Yee

the George. due line per guidance. Lira Starting results during XXXX share Turkish were with Good solid was than and and in operational expected expectations. to XXXX everyone. But plan production our day Thank Slide consistent is from adjusted annual weakening revenues And the and with earnings X, taxes you, resulting with lower quarter higher increased in QX depreciation.

the Lira. $X.XX adjusted $X,XXX to a quarter of per share $XX numbers, $XX gold compared the quarter. net exchange of million million price pricing $X.XX earnings Adjusted compared increase related of XXXX. the a earnings to Turkish brief operating a non-cash provisional million for share increased to on in million primarily per of EBITDA net $X.X ounce same of $X.X $XXX a adjusting million translation adjusted of in $XX.X adjusted million per previous a to to or million tax to in the the the sales one-time to shareholders concentrate After quarter results, The quarter net loss XXXX QX $X.XX led non-recurring deferred per loss ago. realized compared $XX strong adjustments foreign to one and items, of first or The in the share, year loss XXXX to Turning for balances price share, realized including from earnings or net per of in first adjusted related XX% to reported gold XXXX. quarter earnings $X.XX reflects QX first or negative in review company

went the weakening at increased per related the to in value of Lira million QX from current As $X.XX to the to stated U.S. denominated to of to the XXXX, due earnings U.S. than current These taxes gains. local cash X.XX during primarily exchange share the due of the per the expense in foreign year lower QX Lira tax $XX.X $XX.X terms, which significant Turkish our the quarter higher of of the Lira foreign was $X gains This higher depreciation expense totaled earlier, QX. dollar a of quarter, result a to in exchange weakening leading gain. in end dollar Lira unrealized compared weakening of share currency million the start quarter. Tax taxable XXXX, to approximately expectations at adjusted as taxable million the and were in X.XX

for assets then including been million. are this quarter for be related rate of to The increase XXXX. increased continued Depreciation The the increase cash which the compared from by whereby of depreciation, XXXX, will recently effective ounce return in XX% in partially increase $XX.X then financial compared be announcement. rate, expected XXXX change in announced a at lower to depreciation primarily QX economic are better start quarter as resulting Slide and on year. $XXX.X expected Lamaque consumed. pleased to commencing contributed X. benefits mineral last a in I This $XX.X portion tax for in million sold per QX now at had XX% to financial interim quarter future in will for as but was XXXX of totaled change to in as calculation compared corporate XXXX. the our average a At primarily of in inferred current basis the to tax is XXXX, in and pattern of The to to whereby on of tonnes temporary and rate our of was report was has QX of the result resources onwards. timing reflects term the a January depreciation liquidity mined development the QX to XX% retroactive QX Turkey, rate the million a end, increased adjustment QX be retroactive estimate, This we to will grade tax not to results. at the and higher in strength and increased in QX cash deposits X, The shown am The included Another reflected unrestricted XX% of expense reflected the tax due a Kisladag offset impact lower of results is XXXX. increase decreased equivalents increase to XXXX.

We and continued position revolving our lowered reduction also had $XX.X zero million XX, net March to available is the of ratio effectively of credit facility. times in and our Eldorado first at as X.XX a end leverage to quarter at net of compared reflecting XXXX cash undrawn debt. the under XXXX,

XXXX free generated million cash higher million than $XX.X, QX XXXX. the flow QX in Our significantly $X.X totaled

operational to Looking those With Brock essential future quarters be the that, increasingly flow our go in turn year, through free growth. balance to I'll towards to continued our deployed now generation of over the cash this investments it to highlights. capital will

Brock Gill

Phil, and with everyone. XX. Thanks, Slide day, good Starting

what be and per by agility ounces in ounce of Our costs for a XXX,XXX of sold. believe Eldorado. performance sustaining $XXX all produced positive costs at the strong of I've operating our per of We $XXX cash for gold sold the I quarter teams year impressed pace, tone in in set quarter the been first site. energy at ounce will operating

production resolved. to totaled ongoing and cornerstone mine The but operating finish by grades. through in of first tonnes on costs global in ounce. first in Staying special issue Mining at per its managed the Kisladag, ounces its environment. to deserves now impact average recognition operating Kisladag at the challenges the wall the issue for plant grade offset XX,XXX operations $XXX cash in [ph] been mined all resulting resumed the the may quarter the the outperformance The proactively strong higher a and was Kisladag lower head team geo-technical partially high high pit pandemic stability good. of our continued quarter, quarter wall very place. Our with has area deferred minor on gold on is since about affected to has brought access Benched

brought X,XXX successfully column per scheduled remains were circuit. solution is a expected for of for new regeneration high-pressure kiln X,XXX improved trains processing recoveries cubic CIC new of from the hour. The has carbon on increased which gold quarter. during circuit mid-May, in two the online to side, roll the processing the On remains to installation completion meters going third on which our capacity track quarter, in grinding commissioning drive the track forward The

erected you here, for see picture in can The been building is route. clad has and which delivery, As preparation from equipment the the is HPGR onsite. now partially commissioning manager on

columns We are progressing gold in Over evaluate to concentrate. to well in value flotation accelerating XX,XXX cash forward at ongoing ounce. also significant improvements are for this production at optimum also the and Efemcukuru, ounces result pre-stripping potential work quality will as installed of multi-year recently – Kisladag. an ranges. on our our in per assess at campaign cost operating well our quarter operate the gold first bring we studies to totaled effort This to $XXX continue forward The

operations. Canadian to Turning

First Lamaque quarter greater expected. tons came in as in

infill and year. First single quarter the the Sigma this totaled plant of early production approximate We mill of per ramp Preliminary eliminated distance by the XX,XXX have drilling has X.X this gold enable from production ounces surrounding between underway underground are mine track on costs, gain midway expected to operating initiated the within future quarter surface over to Completion part up triangle wide-ranging and of made Ormaque the leadership results positive. is and costs two Once the is scope line studies of connect kilometers. to to haulage on employee $X,XXX costs replaced total underground of Greece. and plant of is cash to the straight of reserve in reduce At ounce. point the $XXX haulage remain will in route end initial operating to gold drift We at of The drives XXX,XXX-ounce as are with This decline our operation. reached mill. been mining to costs the Over promising plans. touches decline gold sustained effort our deposit totaled underground plans. the that to additional operating decline business first Lamaque At Olympias, team planning assess recently systems training XX,XXX completed, discovery of education integrate ounces physical transformation cash upgrades. at Greece, ounce. the per this overall group and current the this to a new business information every training and resource

project As safety long-term Implementing at Skouries to challenging. success to well the has a an for been the and contract study the projects in Greece, mill our the preservation completion clouding as of updated in for an management Completion on including productivity with operation and culture of like change that opportunities. continues shovels the well activities. ensure operation for work scale are want stronger the the is awarded a does proceeding feasibility this pre-construction is result first it schedule so economic quarter. in remains expected study greatly year. Hill, But growth on efficiency of practices best in third ground. structural Olympias benefits is late At before XX-XXX and we and as existing briefly enhanced Touching Perama key continued advance, this two adopting will Skouries

the growth continue remarks. Thrace around in region We closing back exploration Hill. With supporting that, George see also for will Perama potential and to it to turn for great I in opportunities

George Burns

Greek success. well the Eldorado underway Thanks, for positioned Canadian high Kisladag investments remains potential at Brock. Whether our it's operations. exciting assets, optimizing capital de-risking are

to operator stakeholders will our and enable now surface will us for as balance continues the emerge shareholders operate. and questions. Thank a Our this everyone. we over turn potential it value our major where strength, to maximize which sheet you for I to

Operator

Thank you.

begin comes now CIBC. question-and-answer Cosmos The question go will first Instructions] from We [Operator the session. from ahead. Chiu Please

Cosmos Chiu

Brock. George, Phil and Thanks, Great.

for questions few a here. maybe Just me

– without numbers a have everyone Phil, headache you a huge we taxes, said, a were can on the earnings the discussion as lower Street. But off, First on here? maybe than giving hopefully

XX%. were I how of which if bit one-time could but items back depreciation, Turkish high. that also give earnings a still the in remainder the the is terms really taxes, and on XX% I given volatility taxes and Lira, Even given we XXXX? of some of you quarter, should guess, calculate at I of look Just is in more taxes in continuing us the guidance model the about for out taxes

Phil Yee

Good is morning. that question. adjustments. includes good types of mean, I the outlined cash effective you Cosmos. the Sure. but rate Thanks, and tax taxes accurate, Yes, non-cash –

And current the the the XX%, yet to in of the reflecting XX.X%. Turkey of So, that which tax been corporate look of has at announcement. XX portion at if rate, increase tax was like about that the includes the includes, QX – the booked you not it's that retroactive for because timing

So that'll in be up picked QX.

part of quarter-to-quarter – tied taxes The is reflects it's and exchange the in tax a foreign to adjustment. a Turkey other

Lira tax Turkish versus there's Turkish So, that the additional strengthens then imposed. U.S. dollar Lira to U.S. compared when taxes credited back. a weakens an the dollar, When that's

remain policies being. with the Turkish and think So, with the actions forecast higher Turkish was higher around for the resulted a Central In the for weakening QX, eight Lira And QX, the time I than in the – the for with now Lira there's there concerns unique is Turkish still some to being And that Bank. was taken to in of still that forecast the is of the economic are QX. – tax. significant eight, Lira

the eight, credit even to If slight would drops there back be be credit it drops eight, a would below higher. So it QX. if in

Turkey. Quebec offset the really on tax of other a So again, is is the And fluctuating just mining the Quebec. to The provincial loss duties, forwards and mining part duties. it's current that's And by piece carry what's the of in federal that's dependent impact. the happening kind in tax tax,

Like said, rate reflecting on fluctuation component deliver. know the for sure QX going to the factor foreign that the will is will XX%, Turkey. XX% from So, I on the and is be one is tax largest corporate exchange depend that we that, that the

Cosmos Chiu

Phil. stack tax it more Greece, sure we'll all, Maybe be accurate on try. investment my a gears dry to updated also George tailings and Clearly, switching completed estimate now if getting great. technical of team, we're that, on first last the on will congratulations report. the I'm QX report give technical March that as mentioned, approved. working an Okay, And XXXX. in the ratified you Thanks, agreement not was getting any and

this And some not I'm could of share at color potential in of a prices more terms point steel how the can But prices you costs input in basis? sure give other well. look a topics and time. us of how increased as us with go-forward project at should changes we on bit much have this and you

George Burns

George. kick It's take it. at I'll a maybe

Cosmos Chiu

George. Hi

George Burns

could in. Joe jump And

So, an commitment great the fantastic dry spite I year company's in the but also in thanks quarter out of It massive And stack. agreement to place ESG. out, for that a COVID, to get to our in the protections everybody and we improvement hammered the Skouries it then attribute was mean, that able over Eldorado, plus. sort news was state-of-the-art to And mutually for agreement benefit for to of for the was a approved for agreement. us puts permit That's that hammer yesterday agreement last first congratulations. a getting It beneficial the government.

you On just is give major the the general I'll characterization. And us. next technical report milestone for a that

for Skouries in plant main that built. recognize infrastructure So, The at you got is to is the place. half

lot at construct. got and flotation a got look cells, still dry There purchase capital our lot So, ground. a on Obviously, foundations, at stack most done to the the primary the the tanks. we've We've already the million. filter you that section of crusher $XXX there's be to to When in grinding is remaining construct. though, plant

steel facilities, procure to terms for got So, in in that. of the stack we've the dry building the in equipment

years. need there But over will in the ground. costs associated of on the with plant the the last on predominantly So, couple the some things rest are we of escalation the be that

be the kind of top else dam ready. lateral everything underground So, there's stack the development, a we're that section will a test stopping production. is to But lot deliver underground there's filtered ensure decline We Right any to or to got lot perpetuity ready rock of ore of work the underground. to a that pre-stripped, the to the a the vertical ready do things order of erosion. done. starter dry the the control of development there's dam for in plant so of have basically, open will We've it's in the now, body, the once tailings but got in commercial at lot have pit for and is

So, us to good mean, expecting the the some I'm obviously procure. in terms really And on estimate. really a and any on negotiate giving position to productivity the in we assurance position materials the I push in We yet some construction change end, yes, there the and we of get to in think, about that need efficiencies have the escalation putting financing be to not order started. construction. going material possible is we're to in It's best really us

financing. this we QX, completed in better as going a all have finalize that answers in to we're lot position the and study tuned, to get to stay So, be we'll

Cosmos Chiu

like right. infrastructure a Right. And on or four yes, question was site, years Skouries. yes, my But of I place now. And on already the quick maybe last being A ago now. ages remember just lot it ago here. you're at in three seems And follow-up

QX, and goalposts you in construction As in you on prepared technical XXXX. or during report construction potentially us some gave said then, starting talked earlier the or coming remarks, study financing, about continuing feasibility updated QX in out you

at? partner, Is we in you've sort need looking starting the partnership you in past. construction? you bring that that Do before between, we expect talked a a timeline in So joint potentially should about in should the kind of that be venture of financing place

George Burns

in just some comments. then additional I'll provide level and a jump let answer Jason it Well, to high

focused get technical to of So, to joint for best the to year mean, primary and one QX kind in our financing us and One high-quality provide yes, of the I investment is to reasons. many completed be the to things important and of governments the is is another capital, strategy these that is that as a on finalize continue positions multi-decade over assets study time, venture two are to the we'll multitude to be we able bring for go. voice have come

lot a be there's used our in decision-making, a that will with of here I'll maybe So, factors few let Jason in jump comments.

Jason Cho

Yes, thanks, George.

George to So, kind already land place, with optimal Cosmos, are said. consistent respect and study pieces the with capital early from suggest seen continue funding not And probably with in EIA that's that likely as to funding to feasibility on without critical the works. it terms would And you've to stage relates that I allocated that. the there it properly Timing happen. to has probably a do respect updated as updated without is would more funding. budgets, ensure of we to making being But partner, material is we to commitments

George the the And or this balance is on to mentioned is this land progress year early year. So, something to idea of as later through try has next.

Cosmos Chiu

the weekend. all have Those lot. questions a I a Thanks and have Great. good

George Burns

Thanks, Cosmos.

Operator

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

Kerry Smith

off that need Skouries in the EIA before updated the Kassandra or could stack operation? be is does for approved for to the construction – the Thanks, tails? covered does EIA Skouries dry that under whole the guess, the I And Kassandra, for operator. start need to amendment for timing existing with EIA what you be George,

George Burns

Hi, Kerry, for questions. thanks those

primarily the mean, amended I and working on Olympias government for that EIA actively So, for we're is Stratoni. with

a able as Olympias to higher you in Olympias infrastructure need continue So, drop able solid that's Skouries to But – from we for costs And provide dramatically, ramp is be our for costs the our production underground to and perspective. will a support underground proceed to asset and really to is variable mine be remain know, plan significant have to what and fixed to that we going ramping will with permitting development production, us. our By some the fixed rates. margins. that up make up

so are approved productivity us in value. throughput key, submitted will is but permit that So, improvements enable this a and efficiency to getting increase

can a know, additional produce we And by is upgrades pretty port, new so current that's and upgrades to of our One, as the having in concentrate a for some A ship and issues the into that concentrates our of accomplished putting movement. piece We'll more modernizing Stratoni ship these we permit. costs concentrates. we lowering Stratoni high out things. And cost be couple facility, second cost part those the we'll related this bulk improvements key improves doing be of this concentrate you we and safety to environmental by lower operating transport. methodology

be be and approvals. environmental plant, go modification In year. tonnes where this. question, absolutely and was It tonnes got tailings risk. positive additional Olympias, your environmental things. impact the reducing benefits, So, has purely was and of in assess to water stacked, answer Skouries we a are obviously it, expecting mean, the all the again, And expanding to Well, de-watered I to increasing technologies we're recycle, no it's engineered regulatory an We're more using to work we for there from that permit environmental unlike the case this it later procedures through And dry able moving available was the because progress. to all properly out underground, the more be more very footprinting, file perspective. through of best that and

ramp guidance sometime this a of on this have our up later There's to steady to urgency really in no approval see kind contemplates, expansion that year. file expect of Olympias, an expect So, Olympias, year, you next five-year because over it's time. as

sooner, the the very we've got to two but we've overall We the government on do supportive jobs we ramp for we're protect permit existing got better our better, to for working are, so, I from obviously see can we five-year as And And stage to the and quicker wealth regulatory what through up. environment, handling plan simply a process. then can in deliver think be need margins the And this Stratoni, the years, the lower the on last accomplished early able shipment right capacity concentrate way looking the create the you that our things that's we've and everybody.

And you so, optimistic updated. feeling this, and we'll pretty about we're keep

Kerry Smith

the And great. that you one-on-one EIA EIA if just Okay, before out? secondly, few for that. be in the is first required for submitted on or get report Perama, that QX, Thanks can comes submission the, then

George Burns

keeping all opportunity. of I is the and ourselves our Well, the appraised updating of XX-XXX that technical information mean, just simply in market

a there's progressing lot a lot and completed. terms communities strategic EIA still pulled that's with parameters, engagements We've be to got together, there'll of stakeholder be In the of the be government. When with then to done.

proceed. be we'll able position, year be to be And acceptance the Perama to benefits, And government embedded updated protection being in a opportunity. to there's to done to to unfolds. updated to then keep to over work a be communities everybody ensure the next study, and all, the so, this in and permitting that's of environmental you mean, construction lot in there's get our the as through lot a get I of all and this done next understands that the

Kerry Smith

that? file So, the to for be what to would you sense approved, get then then secondly, have And timing strategic a the it do rough George, EIA?

George Burns

I mean next just expect expect it’s I would see to early year. submit enough to tell year. I an approval we stage, And you, this

Kerry Smith

Okay.

going this XX% case? But Obviously, repertoire, your very from on be tax would to And helpful. you that to to back seen, likely never XX% raise XXXX, their it happen. Phil intention confident ratchet see are by I've that XX% and the a it then increase, And a you for government that is taxes lower how fairly Turkish debt happen? and them. that's question rarely maybe to Okay just can on

Phil Yee

Yes, Good Yes, April tax Kerry. XX. announced was the morning. hi increase in

like the weeks really, recent that some sector. unique as response that's government's tax to So A challenges current country. two the fairly it's ago. being are of I is development. in everybody. It's increase not affecting viewed mining the It's think to a faced And economic

then current and it plan terms it put raise see in official, out I and on years. suspect I reduce point their they in XX is how going of they this really slowly since the that successful And So, to think it's the mitigating general at couple that challenges. it's economic of it next depend over to been to that

same, whether communicated the been not that's and everybody it but to remains or to So, what's to enacted Kerry market. will change be

I comfortable suspect that's this point, at that what they're So, with.

Kerry Smith

Right, okay. last… one And then just

Phil Yee

I just there a might jump in second. for

to So, predict and us I what obviously for government know mean, will impossible do. the it's

taxes of But think intentions increased assuming you XX then had giving now reduced to example, I and to and XX. just Greece, that's we we an the to back their XX us we're in that they're had case. give for

happen. does we in mean, I that. think, go taxes it I So, not have seen up, overall but down, trend government long-term typically

Kerry Smith

one operations And lower. And it to higher-grade comments, last a on that okay. access was right, just Brock's which from question the sounded wall to grade portion. like Kışladağ, All for QX mounted the due a was failure,

grade grams QX? still less QX. in for guidance the probably you of Is in grams this or were average year, the issue or is X.XX, do because X.XX for Your you'll year, X.XX to the going you that than think, think be overall and I X.XX

Brock Gill

Yes, we're safety the access be high was expected was once in the a I QX stronger. bottom into had it's a and mean back ramp we And bottom. stabilized failure minor expected a sequencing now. the be expecting from to just on I to said and up, for we're year going wall perspective, perspective that grade from the cleaned as limited just

The the my life grade lower grade on. in quarterly ounces of up shifting Kerry, the and more the I'd significantly, in from that expectations. And opportunity throughput But an point more we shorten that terms counteracted the perspective, a you of at that's QX, create but thing was to look create focus an to maintain that's we'll in to continue slightly, helped If so, and going throughput, our and with well, if that's going positive internal pretty can perspective, value. increase it's from mine just one to, is a year.

on we're pointing changing guidance The to really So, the that in not there that everywhere. was throughput. successful at And some And continuous quarter. we're be our this. solid on And that the great looking if at team on on to at I'm having we're year for going future. it's was we're the that a out upside result could successful repeat. improvement quarter something a Kışladağ try just

Kerry Smith

All right, okay.

great. very Okay, Thank that's you That's much. helpful.

Operator

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

Mike Parkin

congrats Kassandra development under same, is included the or is, same that's at got guys wanted just Skouries, EIA to separate? Perama, Mines the on that Hi, it that I encouraging. See what the that Perama confirm it's is

George Burns

we're EIA separate that support a a it's separate project. asset. No, working on to And

Mike Parkin

fees costs, feed would do the proposing is does what transportation for XXXX port economic include an this we upside terms that in does in benefits with to seeing be Stratoni March, the QX? coming of And you're the Skouries, at updated that that scenario of Okay. or

George Burns

Joe can jump or in there. Brock you

Brock Gill

As XXXX, slightly less the we're now. changes than of port anticipating were

should be technical some or this So, – in there upside is potentially report.

Mike Parkin

my questions answered. Okay. other All for

So, very thanks again. much

George Burns

Mike. Thanks

Operator

from Tanya ahead. Scotia from go Bank. Please comes question next The Jakusconek

Tanya Jakusconek

that just of Good too Maybe Skouries. we depreciation Phil, Great. our I quarter. what a getting my some us for for year? on provide could were am Congrats morning, to forecast this been If already, on have for Can guidance the That's but outstanding. everyone. questions just ask tailings again mean, permit I lot on I asked for good you expect off news.

Phil Yee

Sure. Hi Tanya.

depreciation, assets. on higher basis at the Lamaque, our some other than So, tracking per was a ounce of our particularly

it's is we've mine given and So, Lamaque relatively a estimate in growing. new a change introduced that

portion a added we've inferred. So, the of

probably, for key that's that's So depreciation especially one the item. reduce charge to going And the I forward, Lamaque. think going

models tons see this up. did – based bit higher I QX. of mine think at grade we maybe depreciation ounces in some on in because tonnage sorry, QX the produced. mines ton maybe higher on skew and the point ounce And the And tons mined. basing the And a Kışladağ depreciation quarter our per to that think depreciation I other, went the a a perhaps, led is is maybe lower

aligning think, be So models forward. considered those in to depreciation need two I going factors that are,

Tanya Jakusconek

was would in I Okay. picture, ballpark million, just to kind there? like, we of XXX bigger like, thinking XXX be the something a maybe it’s from

Phil Yee

I’m point total just in in of are number amounts. that's this have our Don't dollar we to trying tracking. handy the at terms find that But budget.

consistent tracking are we based on with those adjustments. think I

Tanya Jakusconek

Okay.

Phil Yee

you Or I numbers. can get the with to back

Tanya Jakusconek

technical structure, through are thank you just and various freight, you labor? we you cost What side, okay anything seeing Yes, just in seeing fuel, you in you seeing? world. to Are jurisdictions are what the understand, work tires, besides And sort steel, if because in which you. any, anything on trying of maybe the just inflationary your cyanide, pressures seeing, in are appreciate

George Burns

seeing is But the seeing inflation washes to not that's I well the then we've counteracts FX and the all issues. that, we're U.S. think the obviously surprise inflationary exchange XX Yes, years that But a abnormal. hand, anything and all come the we've inflationary have Turkey been And the the Lira COVID other is rate impacts that, country, in in out. ratio. of with we're on a – it periods in Turkey. up kind seen the over with Other

moves haven't far. planet, year tough unusual the seen So, horrible on although in of we ours been so any it's a inflationary

Tanya Jakusconek

labor your And George?

George Burns

get that we Well, washed have, costs in of that. up in with ratcheted generally the as then Turkey FX, because like labor gets out. our up inflation goes labor, But I said, our

up inflation terms in but labor each go of So happening inflation with again, year, nothing wages either. there's abnormal

Tanya Jakusconek

you fashion you. Okay. Thank I for so much the look right. All Thank number. color. that forward to

George Burns

you. Thank

Operator

session and today's call. concludes This question-and-answer you. Thank the conference

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