Eldorado Gold (EGO)

Lisa Wilkinson Vice President, Investor Relations
George Burns President & Chief Executive Officer
Philip Yee Executive Vice President & Chief Financial Officer
Joe Dick Executive Vice President & Chief Operating Officer
Cosmos Chiu CIBC Capital Markets
Josh Wolfson RBC Capital Markets
Tanya Jakusconek Scotiabank
Call transcript
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Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Corporation Q2 2021 Financial and Operational Results 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 Vice turn President, would to conference I Wilkinson, Lisa Investor Instructions] like the to over [Operator Relations. Please go ahead, Ms. Wilkinson.

Lisa Wilkinson

and our conference Thank welcome operator good I'd everyone. you, like you to second call. XXXX quarter morning to

On Strategy Financial Chief Executive Officer; and Burns, Cho, Executive Officer; Dick, Joe Vice today, Officer. Executive the and and and Phil Executive Chief and Chief we Operating call President George President have Vice Officer; Yee, Chief Vice President President Jason

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

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

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

remind forward-looking in refer turn we cautionary well over Before information like call that the presentation, out risk will we as Please will I form. call. annual you the to the as the making to factors be to included George. during in set would I our statements begin, now the statements

George Burns

day, Lisa Thanks, and everyone. good

In provide I'll and then through we'll results to Lamaque. brief Phil second by operational Efemcukuru operating and performance Here's the we follow the reviewing results questions. for quarter, project today's and to financials. before open passing the outline up call. overview QX go highlights had of a Kisladag, and it Joe strong for will it

the slowdowns efforts Kassandra as was we Olympias progress at work However, transformation by mines. affected our

for track XXXX be to cost continue We guidance. production on and

assets, productivity essential increasing on create is is which to focus across the value. transformation Kassandra Our

discuss on their later we I transformation this plans want touch Kassandra will with a in actively to highlights. call are confident make mines will at but on progress. meaningful with we our engaging We Joe the few more first initiative cooperation, detail our on and stakeholders are

opens to into second This looking expand slide. Turkey, and a jurisdictions. the our will existing of with balance debt major gears and In to balance to and to operational region grinding liquidity the XXX mining We cash a initiate of our position, scheduled catalysts high strength. belt Eldorado's infrastructure reduced we with at to quarter, quarter stakeholder a in strong class our expertise. the acquisition XXXX, addition pressure maintained us Shifting in position exploration circuit roll range QMX have significantly that Greenstone sheet successfully while emerge the will our portfolio we strong enable strategy It on increased ahead investing Starting million to XXXX quarter of of of and I and with business. of of to activities several opportunities half we XXXX, and this of us. as our maximize the grow and in the second the During the to completed invest our continues our of QMX, opportunities consistent QX. Kisladag leverage discuss the ahead upcoming and our fund which at growth commissioning and the to world Eldorado's is now Abitibi start is ended

in the completed be of It the quarter. with PEA Sigma at Canada, new mine carbon already We first the XXXX. connecting a in expected the kiln with on and the increase the by the to In continues on HPGR the fourth progressing year. expected in quarter and to decline Lamaque, complete is progress with is the trains were Triangle of Lamaque underground Work X% mill schedule. recovery completion the half to the expect approximately results first gold enhance CIC positive regeneration achieved that

nameplate exceeding study this taken has improved, have extra time with mill. We some our at as the performance operational

a the will optimization asset. of the result, reflect As PE the

Moving in expect scope The it with to fourth continues to Skouries revised respect complete quarter. study additional and we to capital focus for to Greece; driven the by the advance updated for discipline our on project. water schedule study pressures. restart on the feasibility our is for and changes, impacts management, financing related board of our a by The climate this legislative and to change cost decision and infrastructure management finalizing process support inflationary construction will world-class largely to

With our expansion X.X of profile. Kassandra mines parallel, the working be and Skouries updated submitting will To port in Stratoni toward year years, production in cost production completion low in represents significant of In accommodate we're current for updated the QX. construction also from timely clear, modernization. EIA the five an Olympias EIA upside future

dry Finally at with the recent in stack early amendments study the XXXX. for recent working work, remains technical with Perama to the completion our efficiently Hill, we with parallel will use project, the permit successes the of on schedule regulators EIA In tailings. be leveraging for an Kassandra study updated to

having frequency developing sustainability We which our management included in which in and our originally achieved the our our up pressure June, cost by across In have Val-d'Or rates. XX% labor regulatory The integrated and minor time targeted area, We and we reduced lira. been impacted fatalities contractor inflation showcases on zero the framework the offset project mining performance. our in is details and operations. chain fact, pressures sustainability of has our non-compliance a causing report, system delays. released monitor to activity it inflationary loss environmental which zero sustainability CapEx picked continue Canada, mostly shipment and We a incidents. rate and reduction XXXX COVID-XX weakening In by has supply Turkey, we targets, ESG sustainability In putting XX%.

recordable at there rate, our too, reduction our We reducing by surpassed also goal injury XX%. and ended frequency XX% total in by it

Kassandra improvements to continue of mines with strong We the transformation as a focus part emphasis our on at efforts. safety

pillars financial to of will successes. very proud these four a have for capital commitments, to to and each grow operations; governance now Phil prosperous over Our both countries inclusive environment we indicators products; these four and sustainability access and approach and slides our be safe, innovative continue responsibly social under the as framework. mining. responsible key for grouped for highlights first we With produced pillars and results. things we articulates across XXXX healthy finally, number achieving stakeholders. believe the our second delivery In our all to for our third, our preferred is foundation engaged that, commitments our one, of will communities; to I'm follows; from sustainability sustainability report framework environment, and and It benefit This turn I future. the that how and on foremost, review quarter second, partner our communities for business

Philip Yee

ounce. you, lower line payments, another day an price of strong flow guidance. and slide operational of $XXXX our solid Thank results seven, consistent both in due per everyone. the average interest George. were on and Revenues Good with production and annual and capital of Free was XXXX cash costs with royalty Starting plan the expectations we growth by with had realized gold to quarter supported tax in increased increased timing cash payments. the sales and spending, quarter

ounces of and Capital deductions. per payable sustaining in the an expenditures share, from XXXX XXXX; among weakening sold gold or primarily charges other ounce from in adjusting per in a Kassandra last All-in net the share the net the QX investment royalty in than operating averaged the generation per and $XXX QX ounces earnings costs sustaining non-cash grade XX QX whereby or QX to per operating increased to quarter. ounce of planned Olympias an a at million cash free treatment contracts, produced Lamaque. XXXX, XXXX After at reflects rates ratification cents in by QX share per Turkish in year. $XXX increase announced million increase in agreement, including XXXX, sold, compared lower $X.XX in ongoing loss things, Lamaque the due XX by XX Kisladag, capital due resulting the of million Capital result project, of XXXX work. Kisladag of a ounce growth QX to and sold. XX cash cash higher increase QX and XX September Lira The that reduction attribute expenditures reported elimination items, cents for Greece $X,XXX of XX increase a half impairment structure royalty primarily sold, one-time to ounce first of processed expenditures. quarter of average second the and per mines XX% loss result expected XX are and the non-recurring share a $XXX in an as from This or XXXX, adjusted amended Efemcukuru and operating spending ore million QX lower and increase in increased change or costs increases a at to in in fewer million averaged mined $X.XX flow per compared concentrate our were Olympias expense ounce million of XXXX. higher of offset XXXX. expect are XXXX. sold million effective QX March Tocantinzinho and effective from modest Efemcukuru Eldorado net in of higher Cash half an from XXXX million partially the XX $X.XX royalty XXXX were to result in in in transformation was second per lower at a to of other XXXX These rates of the earnings increase to capital following the the costs offset shareholders costs $X.XX at per improve We Kisladag in ounce as

closely portfolio capital mines, and we capital our at Kassandra into on We XXXX. progress looking the focusing rigorous allocation of more XXXX and through are we transformation our remainder will efforts assets specifically over be of the as across at discipline

decreased tax rate, investment improvements. QX quarter. tax million in the expect to in tax resulting XXXX QX at in low in we of by corporate As result, guidance heap for to capital driven expenditures XXXX, credit our range be the credit year. mainly the investment end Kisladag Turkey expense received XX to the million in a at savings XXXX million QX of current mines in XX Tax from X.X tax the the Kassandra second leach reduced related The

depreciation tax of lower in we the on result cash as payments increase lead QX As a XXXX in was a immaterial high which we the in payments lower cash in the correction to typically of installments has quarter an The prior pay current lag, the QX a to been in This XXXX of this reported in related tax result lower of XXXX difference QX. totaled QX as Depreciation to in QX XXXX. higher compared year's XX to million, in depreciation. expense expense expense decrease that QX million quarter XX tax volumes. XX one also tax reflects expect XXXX, sales tax quarterly million recast result error

range full XXX expense XXX year be are of to XXXX forecasting We in million. depreciation million the to

and Moving unlock facility value a to on We position credit revolving continue cash quarter eight had we to $XX made XXX slide we cash for to quarter a response a million. of our million and assets. pandemic. on financial position, solid term to At improved which the end, in equivalents focus during circumstances deposits financial COVID-XX on pertained the the repayment on of unrestricted flexibility maintaining provides to portfolio

As XXX undrawn and revolving a approximately result, credit available facility. we under million our now have

balance which a end QX. scheduled outstanding at also payment now on We term loan, XX has XXX the an of completed million our of of million

earlier, and a Joe times, to Our balance XXXX. for the is to to comments This reflects through I operational at turn the at the profile as XXXX, will June With as over at of our strength. credit sheet X.XX company net major a George's quarter times second to much now XX, end X.XX reiterating emerge it go highlights. that, leverage of compared ratio the improved continues

Joe Dick

Thanks, Phil and good day everyone.

be their these range Our we thank ounces performance achieving second of to results. between XXXX the the in guidance tracking XXX,XXX and XXX,XXX for I gold. hard operating and quarter in our work to And are past over continued annual quarter strong want of with team line

of foundation the always, performance and health is As safety our production our culture.

all-in have XXX,XXX to We than QX quarter lost of of organization of $X,XXX per without time ounce years a fatality and year and injury. the and be at We continue functions of free costs since more produce and a $XXX costs some sites ounce. ounces gold operating XXXX a completed per in cash several sold multiple sustaining

progress. on at discipline last in Kisladag closely specifically, As Phil at Turkey initiate ounces, at Lamaque. focused operating transformation commissioning with last and capital roll Greece, allocation reflecting quarter compared operations. more continue Kassandra expenditures the our at will the spending second earlier, And $XXX in to grinding Kisladag, were Starting to our fourth as QX We're our capital looking mentioned capital at higher ounce. 'XX our quarter to XX,XXX production The capital efforts mines high and of cash the our growth planned pressure allocation in per circuit of scheduled year, start increase totaled across of be quarter. gold in we is costs

assess continues bring pad completion of on expected at multi-year Efemcukuru, we the from George North of quarter operating the of regeneration gold mid-XXXX. ounces this the potential new also our expect phase is gold enhance campaign to pre-stripping year. $XXX the work approximately Over continue on Work carbon one to and already positive We are production results As first the and kiln to and mentioned, actively We're the in accelerating construction. the studies to X% can recovery completed Kisladag. per value HPGR be forward progressing increase cash leach at half XX,XXX and ounce. CIC underway heap on totaled achieved schedule for by trains second well the to costs

installed optimum quality in result will our flotation we quarter-after-quarter and to continue to improvements the as of columns This record a concentrate. with deliver reliable in resulted as evaluate recently has to track operate strong and well Efemcukuru Our safe continue gold to a continues continue significant operation. ranges.

deliver quarter continued to continue second at Lamaque and to operations, grade to Canadian our plan. to Turning tones

decline is gold totaled production mill at $XXX XX,XXX Triangle The quarter the cash quarter. costs Sigma in we fourth expect schedule underground of the per operating ounces between on ounce. and Second progressing and completion

mill. improved, integrate are for of is Transformation underpinning future our partners this assets. Hill, the I study early the understanding replaced operation. a really this reflect first now expected. in will underground detail effort focused costs to Lamaque about the is union of with PEA on where of completion essential this to over in taking costs Work gain to opportunity to Preliminary completion the operating on additional drilling mine Kassandra mines the eliminated I'm getting infield haulage land deposit the decline XXXX. Kassandra longer-term I'll want as the is Lamaque, up information us in enable team initial upon haulage performance line to on the mill the efforts investment the with assess and at expect potential transformation this the drift second for studies part touch results with underground surface been and progress of route our into Olympias, a outlook, we longevity of made ramp the new remains as Perama of plans. Lamaque XXXX. current productivity, asset, in importance these and straight plans. the the expect continues optionality operating in decline mine to At ounces the promising on $X,XXX completed, increasing to full more gold to Sigma gold We've the taken bit transformation scope PEA We planning within talk of ounce happy cash extra Earlier costs some better discovery next of XXX,XXX At first resource technical have realizing exceeding transformation we updated the context completion larger to XX,XXX key the production the reduce on slide. ounce. as to the But initiated this and totaled view package. this underway our Once the of resource opportunities during operational quarter and study, time and has to evaluate at nameplate mine. in see early as an much at will are year, Greece. per Over a schedule quarter and capital which we

exploration permit and efficiently dry Kassandra leveraging growth to around Hill. supporting continue working work, amending We Thrace tailings. use also project, be In regulators the potential EIA we'll opportunities see recent for success the [indiscernible] for region our great in the with of to study Perama stack

safely, transformation move a opportunity Kassandra this months ago to in at a few upgrades part operating a globally of the Implementing change of Greece, entails on take like in in initiative this education have briefly goal at the mines, an is to the additional work productivity existing as of mines. transformation plant every competitive part and operation conference we work. overall touches QX let's the which business discussed including on Olympias optimize It Now which is leadership. in and The upgrades, employee Kassandra for want sustained to call. planned few scale and and transformation risk, economically system we to provide physical is business a training, increased levels. our and Essentially, challenging details. I Greece

we developing sustainable benefits value We closing stronger and enhanced investment with The value will in effort responsibly suppliers a productivity greatly in move will back This create local committed I'll With while into all lead comments. result and turn term expect continuous includes improvement that, to job our for and delivery to standards. high culture to opportunities maintaining creation, operation We for to mines XXXX. environmental economics. as Kassandra long communities, this into George remain local for stakeholders. it the safety,

George Burns

time half on Eldorado catalysts the positioned and everyone. XXXX plans expected first upcoming create at half deliver Thanks, the well Joe. and in your of Thank value to With our second growth year, of you in our remains strong operational numerous results for assets. the

to for now turn will We operator the questions. it over


comes Please ahead. go CIBC. [Operator first with question Instructions] Chiu from you. The Thank Cosmos

Cosmos Chiu

question my is Phil, Greece. Hi, and Joe, thanks, team. in George, first Maybe

the working optimization the about, work talked Kassandra mines. on transformational you of you As are

plan, You entire part Kassandra in don't as feasibility of this is, Skouries through be into get you're are well? to you this Is of some your question make why would imagine Skouries that transformation that's trying commitments because say you work and how further in to Skouries? upcoming the looking is wondering, that of there you're you the just terms as you from there before Greek optimize for of part you've operational it target to Olympias, then that foresee I kind going second are say a work Olympias, can optimization? I'm level. study to any how at benefits optimization you And factored my undergone for

George Burns

Cosmos. Thanks,

Cosmos Chiu

George. Hi,

George Burns

will I metal with Joe assets refer because project Kassandra operation. that's jump of Olympias, holds and of immaterial that in a mean, Stratoni operation, we base details. Skouries I our Mavres Petres, some is kind the which our to subsidiary

improvements value. So, I definitely focus and also producing productivities and and is That's But have create Kassandra. on turnover on we're give Skouries. construction transformation. to primary where in to opportunity without mean, of preparing reduce details you're early Joe a And the some stages of you those all for looking we're assets Olympias. And the there, right, to an more costs we currently enormous at in the we're across underneath to increase make

Joe Dick

our directly pertains items know pleased at our that the are aren't work is have between that the they very I a staff including, open of in operation, work. cultural miners things of miners. to the relation but and think, more kind George, pit, Skouries certainly numbers workforce, Cosmos, and a safety Skouries, and culture, their similar to Olympias of and We're and we those first Well, sides. maybe transferable experienced technology, kind lot different both relationship, the Olympias productivity are entire

our challenge to to and convert And Those our we plans basis plans, introduction operating improvement. all the that. optimize an shift haven't how we things and shorter of shifts manage on introduced system as look interval we performance. those range the culture how is on management the in been of short a feedback of plans, ongoing think a we've how executable really we I at end control biggest really of done day of basis, continuous on the kinds

we're we're from drill and pulling, our are of looked on of the of we've in in In a mining we types the reviewing that, two-tiered of pleased bi-weekly set We've and cycle, productive partners kind cycle whole the a time along times. target. have and at put which with a the addition, length cycle so blast, of In basis, KPIs, our labor rounds, us with about it now rounds whole all mine, that. in

to tonnes. around First as work XXX,XXX to then a first XXX,XXX ourselves to step tonnes and we growth get in to Olympias

So are they benchmarking kind average through we've that looking from mines, we're similar things range to today. of to that looking perform, be some as and where at phased kind and of how out other we in performance

step other I helping mention So dispatch shifting to there control [ph] - the mostly plans, utilization. of data. is and performance a historical boils But time technology things. think introducing bit a which our would factors and and safety, and it are around us that business And in with shift of I other productive down and process are and many we

lot going and it's work but a we're far of but the pleased change change. lot necessary a So, so there's with on

Cosmos Chiu

helpful on Thanks, for come here, out. you Yeah, study Joe. mentioned, feasibility more you're as then, Skouries specifically That's here. QX, expecting I guess the And sure. really to

And as your well? those finalizing CapEx. kind the XXXX still CapEx was I believe partnership some by to expecting of I Are sort some past, numbers to still delayed Are think of year had of year? second you full for timeline? joint maybe COVID-XX, million of full about - is, terms $XX $X.X due that could million you've for is guidance potentially comment done on $XX hit George, sort potentially about talked as million. you you venture in that to my I the of you the that see question part in Is Skouries, then well.

George Burns


support QX study a progress bit. at study beginning evaluation slipped financing slippage. get the feasibility and the the the Skouries, year, looking the quarter, to We, of expected probably year, the so to feasibility that's to in for financing little on push the and of early next at little So to into completed bit QX third in schedule going finalize quarter now a fourth we're the

feasibility also In been we're to terms changes and some And cost. study us focused of updated gives both Greek this a change EU at management and in is legislations all are of good the estimate We've into to look being why study. there adequate. a fresh that climate and have ensure that on of really taken occurred, are baked water impact this scheduling facilities storm feasibility precipitation ensure our

can well delivering partners changes for So portfolio hands influence optimum the but in still in development happening at that one. on. of our one, there's of And way to for position regard, the an completely of outstanding things we'll these couple factors that Kassandra assets. the our think, modest for strategy two quality partner And we that; some high on optimum looking some strategic so and we're we expertise Skouries, have is us, bring overall And that how need would assets, that sheet a we on as equity the our of level and fund as that's Kassandra injection to have we're venture terms with the in a construction the an balance believing strategy. joint then that upside

strategy potentially every we're project always financing, remains that alternative looking streams. So still a but financing, primary for at

these quality five-year able high broad a deliver current upside it's will to in look be but into assets remain taking So, guidance. confident we're to year slip QX probably terms of significant our going of schedule, still to next and

Cosmos Chiu


Joe Dick

getting were year, some And on under, with planned comments but modest with to question Skouries able the adjustments in we times had a about Cosmos' to were schedule. work activities of of together couple all owners be this outlay follows year, construction and bit that that a will just likely other going kind pre-construction it the be execute. preparing that to the some mobilization and get George, team, Cosmos. we and Certainly, this owners' capital at team

a in So, we QX can of more we'll into about QX weeks some down move into provide road. we but done, that information as month, further the six still and see

Cosmos Chiu

And stakeholders Greece. potential the risk And Great. just about we you maybe last these discussion right talked strike to? have concerns up you question Olympias question you of current part then Joe, assuming here, in what factored in you you different or then is, of now, currently labor one my in Skouries, risk? as all upside as of about, productivity? any of assuming, level Are of Greece, as engage for labor the kind some second or productivity wrap are in terms kind

Joe Dick

On the you solutions risk, partners at labor work always we're is point, quarter. this move first workable there's and work stoppage slowdowns confident, ongoing focus, we this but a with regarding potential find question, least our will through that at that a as

underground different kind that that spurious, Olympias. the As at transfer as that kind that it - than even of is information and over, of far get that of mine the of productivities work quite kind comes comes it's kind apples oranges, and

they're all, of of productivities not road. competitive but the at type transferable, kind not directly side, both in we're pit kind of on for in that kind and we're the are globally planning we So, and Skouries but middle of, optimistic far underground, a

Cosmos Chiu

all That's you. Yeah. I Thank the course. had. Of questions

George Burns

I supplementary some just comments. add might

mentioned, at So, for average rates globally mines I as aiming productivity Joe mean, to we're overall, of Olympias. similar kind

us the not doesn't As it it's always, when including to all of need and change, feel easy, comfortable. on call, you sometimes

you, that aligned. So I through though can working labor. those we're all with we're tell issues

the reserves. the be with wants communities, on the assets next Our successful couple our of to for based successful, current workforce, assets be these how to decades in profitable everybody

for are the the and understand stakeholders of our financing alignment And got need Skouries we And to transformation, we to benefit in great need that follow so to all we've we there. attract end, greatly. deliver that all we on the going

deliver recognize to the So, but be I road We bumps this. focus there going we confident there remain will we're with those changes on on always is some positives. along

Cosmos Chiu

And with Great. you. Thanks, good I and totally again thanks for my all George. questions And a answering agree have weekend.

George Burns

Thank you.


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

Josh Wolfson

quarter. submit the I call earlier the on EIA commentary fourth noticed updated you. plan Thank about an the to the in

if already you I me, seems sort I'm be impression, was excuse had development amended because - new me a sort under this, of mistaken the the I that Forgive think on EIA. of to received

is in the So process? of what sort incremental this step

George Burns

for Josh, the question. Thanks,

this or expectation isn't requirement. a So now, new

So we it's production us said rate did, earlier frequently, we massive a and that's Skouries. Joe dry scope improvement project EIA mentioned. as we've performance. this discussed the current two-step to in modification tailings as at deploy year, permitted Olympias, enable get What the of And, reduction a environmental and always prior to at that is stack process, risk to a

first focused efficiencies on the EIA. step, out revision the need but we're expanded to so to get we potential the driving And a throughput, to and productivity

And been processing as engineering and so year this is regulators through to essentially to what out working we're the delivering be that modification high tailings existing for Kokkinolakkas, on firms stack moving and of than be now the around we'll the EIA dry tonnes it revision. a going then the more with extremely quality facility plant submitting underground And tailings anticipated, it and the disposal and we've tailings.

and through now be increasing to permitting the normal that process. walked modeled has engineered just and we're So volumes and

approvals deliver five on our plan So this plan year part and year. five and year we're as expect this next schedule was always of and year our to in the guidance

Josh Wolfson


but the Just so overall, the Olympias. understand Kassandra for is only changes so to are I EIA it, related real

George Burns

of to well, a concentrates, least Yeah, a we've use currently. we port Stratoni facility, which is them Olympias beyond thing the mentioned, the portion Olympias, export at the other

a And goes of Thessaloniki A of coming right bagged up lower port portion mine much Mavres at our from the mill so, end of base through trucked operation, concentrate mine obviously shipped it's Stratoni port. ship Stratoni customers. financial of and perspective And where being kind we from a Petres, then to Olympias concentrates metal cost. out then also immaterial concentrate of the our some that to out at Olympias the that

So of with from concentrate the it EIA, but up it that improve plan Olympias and costs. that freight upgrade all this is controls, port, port, our ship to our out same can set that we its environmental time, at reducing modernize directly

this the expansion production plant modernization mine So also is about of Stratoni. throughput Olympias this mainly it's in EIA but supports and

clear, and wasn't have way the has and I we that So that under operations single projects. mines beginning EIA from the it's - maybe Kassandra and is EIA, been in that

it's So, on and that. planned as to stage we're a schedule on approach deliver

Josh Wolfson

of for or a sorry are think by smelter the or XXXX. of submit new to processing as study? same we study type sort refractory to And study be excuse for as old for flash me, Are should - going this - this Olympias, the Okay. there the about the plan the equivalent we the is Skouries for maybe

George Burns

study. new No, it's a

completing construction So, and our on business Skouries, port. the modernizing we're Stratoni expanding plan, committed to the Olympias

our plan. that's told business So I just base

our look guidance have of you through to it year see proceed. if production the we our walk board seek simply and cost guidance we in Olympias financing the our simply Skouries is at what expansion you don't and because approval our and and process, Now capital in guidance, engineering allocation five now, for have finished management ultimately and

I where we permitting. that's and mean, So our with guidance our stand production

question? your now thought - of I repeat my lost can Now train

Josh Wolfson

refractory related of sort or processing the plants was to This for - the

George Burns

than one commonly that the Yeah, in into What so special still so could improve of base gold and be saying that these to of and we'd looking that ores in zinc other we're smelting Olympias investment out economic the country, scenario. for leaching. option be an And of array would that's not and that be types oxidation might concentrate we shipping with built really lead used and produce at would flash is one here value other be alternatives we're and our that's good plan.

one alternatives. just technology, other it's for alternative that's So smelting, look but a it's at fresh not taking

Josh Wolfson


So in these on proposal part of we providing committed developing of processing on Should for sort understand this requirement Olympias. the to I as plan maybe, this assets? that, guess you wording

George Burns

the there's possible. country maximize produced being desire to to natural out a value resources of every for Yeah, benefit much as that country as the are and

they'd is done much like Greece as other see So, of every in like country. work to country, the

the an with government signed new opportunity so study us comfortable that would ratified assuming economic both committed on obviously go we the technology just do and with solution. consultation. Olympias won't public we and it, be investment law, processing that in And the and we've unless now proceed our that concentrate, is there's further gold another agreement pyrite work, find are was and And permitting for of to by Parliament, investment

then plan. the clear. execute and proceed to might with a work requirement assess to government so. and that's requirement or on with no and to Hopefully, there's There's alternatives, a evaluate So commitment us not whether for we them

Josh Wolfson

terms sort try to upcoming? Okay. thinking And more recommendations of additional Lamaque question. for the The in of that I'll one limit work done that was have the this maybe some takeaway to should we the are just are tailings, commentary on that what of

George Burns

one? want you that do Joe, to take

Joe Dick

thoroughly rested. at Yeah, And be schedule the required summer. that work at think at prior. continue tailings this impact essentially anything point, see standard, tailings. potentially of don't so facility And different QMX what and going on material plan is much have as make we done than lift expect continuing with either looking at the as don't optimization the we're this is I with on for to the forward. tailings too we Sigma certain We're those we and well looking reasonable facilities it Lamaque for maintaining to as we potential review

really we've a current plan is all that plan. look good solid work So, had at to de-risk done and

Josh Wolfson

Great. you. Thank

George Burns

positioned as our supplement to our disposal, focus on there's projects, major been and most answer operations well. Eldorado [indiscernible]. in a like think in our manages stack future tailings our as And the of underground companies as that deployment industry better I obviously, way mean, is tailings. both with significantly than well I I'd dry

manage we tailings. we're those in average we're looking than at and also historical way we think But improve I and terms that where of historic facilities. better our inherited how we've manage sites

we've an so production As QMX opportunities strategic of with appetite alternatives higher post and rates. for QX, a disposal got expanding tailings in trying the we're exploration and runway ever just extended long the about long-term Joe acquisition lives to be mentioned, the mine property of hopefully

those facility tailings trying the the have So, available only is tailings that Sigma there, And our to now, success improved to capacity, our we're best going want and we we tailings to have to operating Right table company. and we're to technologies. management deploy alternatives more assessing in standard. move have with disposal conventional tailings

of capacity. expected we're to on grow that a to we've been focus we're on work the our to it continue for and couple years, So going business there, this working need tailings so more with

Josh Wolfson

you Thank very much. Okay.

George Burns

Thanks, Josh.


Jakusconek from Scotiabank. [Operator Instructions] ahead. comes The question Please from Tanya next go

Tanya Jakusconek

for on structure I'm everyone, capital. I inflation taking get first Hello, thank call. your and my inflationary I you back and the to cost to pressures going in to you're just before wanted just seeing to come start

with and terms cost jurisdictions I inputs is of consumables, But you inflationary of start and seeing? you're Can through operate in can what your labor, just one in easier So labor consumables, given you structure energies into understand? the to an your the go

George Burns

I inflationary Sure, dealing in prior we've a Turkish with economy significant in from with away Turkey, our washing ends inflationary Turkey's But seeing Lira the we're effect. seen Turkey, is and starting pretty rate costs pressure exchange mean, that lira dollar with as up periods some US the in perspective. that

So Canada, to of like perspective. anything, look opposite up, anything seeing, a the with copper, is when dollar We've a more at it's to bit so expensive. price in going little you you're buying US true overall, if In everybody be seeing we're some benefit seen, is a Turkey is probably copper if slight degree. from

pushing inputs labor no is again, prices impact and other current I'd are rates, in up significant You on a some that bit normal of can costs up our got say measure the these we everything. slightly. diesel up But than

the FX Canadian on is to with operation the exchange think negative bigger just US the dollar. issue rate our headwind I

put So the bit In exchange issue there. Lamaque. that some rates been on of Greece, pressure has an a

high inputs costs in are - obviously although having Greece Our inflation rate not some input been same those has that impact.

of a the inflation and it. our the in impact can't some market you was. things can middle through announced and tell finalize speak don't be we mid-year, I definitely at increases. are We from And numbers from But results to, mentioned, our any QX. on diesel QX the work have we as have in is we're projects that. So in we'll seeing it say update, about capital you on I other will as seeing it, where yet we update but We're I indication will seeing overall, concerned up look Joe that if material we're those recent not Skouries internally,

of For us, Kisladag. we so the most rest one pit impact the ratio modest It's and there's impact. where and only a strip have underground. mine operations a are that's mine, high our usually that's not And open

wiring all in in equipment overall major then to of at but So the yeah, in the construct building. diesel prices equipment place. to got still the are the purchase is We We up, flotation that We to and material. of the not the with needs that. the Kisladag, project there's buy got will and running to go filters crusher, all plant got terms completed. instrumentation And that be primary most

to So of copper prices development be done. impact are got there. There's up, underground lots an there's to be

on infrastructure mine. other steel will and on impacts some and So normal ground underground support have impact

the dam have control barrier. of erosion as bottom rock facility sit tailings at will stack that the We the dry

the a we'll idea pit market inflationary study we down have of this minor We'll update feasibility there. on from open lot once down Skouries impact haulage So, there's waste better valley, some the impacts. into that and so get the

well. our very jurisdiction nothing quantify I'd pressure? with Not sure, say there it. and but Can sure Tanya, continuing is some. for deliver track bit guidance again, on a on different is there So, I we're we're so existing think, to every it pressure and global to our results? For for abnormal, the is inflationary out there's I monitor year,

Tanya Jakusconek

you on ahead. I mentioned ask you of course, Go Are steel. the That's kind of in mentioned and/or FX at your confirm want explosive to why I'm is impact specifically are you've that seeing because for different. mentioned copper, just you've just wondering, any obviously inflation asking labor jurisdiction, labor, just forget it, pressure operations? what diesel, cyanide? mentioned every cyanide? your generally, that's the just seeing Can jurisdiction you've You've more specifically I but offsetting or

George Burns

these terms we're inflation the But periods high again, reality, In in the we've over in that that of is rate XX%. adjusted FX seen inflationary general for country is seeing again. and inflation, and

was know on Joe our materials the better Ontario, was with restricted. let in some impacted going moving I so in only but the structure cost alternative so border to some US I out none of suppliers. some place as was He immaterial to cost. washes COVID terms am speak has as there our of go had overall, to detail but So of I of issues here. really There jump know, we minor profile the impact and, to year earlier probably delays, that we've than far point, I some dollar an in in production some Quebec, had At issues it away our far. can

in you can add, So, my if you anything got jump Joe, here. those thoughts. are

Joe Dick

to explosives, Sure, prices George. specific of around material no point, cyanide, to questions mentioned. or a this you change asked up significant Tanya, Energy couple as are George slightly.

in this far inflation modest or based activity a significant historic point, amount the change activity least pressure the going pressure in it costs maybe standard and projecting at but, continue in of plus at As in present, rates. twofold, it's significant review holding Greece We're we're to labor we're the Turkey, little FX better of And at area. in We'll goes, not, at area, forward. as a so net Lamaque. Lamaque labor lot more on modest just

Tanya Jakusconek

Okay, if leave to and move Olympias. I and this back off could maybe

what the risks your and of in transformational this the within some think commentary that just I change see trying you about risks this that you you talked this. talk you're transformational to in minimize effort us undergoing? not you're are Can doing to

Joe Dick

you when to it always it's it through the takes think I go duration Certainly, this, like make change a changes. the

Coupled on bit or a in blasting comments, been in encouraged. bit that that with to we're progressed or within trucks, it's according we of matter see that plan. how Olympias that We're in already. operator out and a last We're duration of seeing have first side, progress mine. practices seeing around As George a really get least, at shift in get his as and the through a a stated of progress long deficit results at of And the does haven't more development they greatly a certainly, as and other confident bit take. productive and it we'll and we're ourselves

increase two kind we're One the and at we're areas time basis same of facing So issues. a working to work productivity. of is, lack that

we move plans QX. our kind as turning hand and it's in go into back for of things value just that. matter through think We're a point as are bottoming we those how it and And, we'll a or get seeing of so see take. does increased long And a planning numbers hand, XXXX and kind creation we of improved or the on of

open have mitigation As the certainly side of transparent risk and that and it, labor far as communications with partners. we're ongoing our

As metrics. solution. basis Presidents we things I key bi-weekly we from teams on and indicators mentioned, how have go that through And minor with Union together are to on several during discussion, on working level Superintendent meeting are improvement the performance also the going kind up relative of

it about we're but all positive So does time. take really that

George Burns

supplementary couple comments a this topic. of Maybe on

us ago with we period was Skouries years and pretty our of a you, that times I to all been couple And care permits, those and leadership, business revised grow went getting workforce, able putting and last setting were maintenance support support and difficult full our difficult a government up a and us there. and full business union in in plan and labor the to through can of the be through in headwind. tell So, delayed of

said, through working I And that. assets about we're mines and them the community that. I of to training. our confident and support of working on that mean, these got risk profitable how we're and change, any of going through labor company. is the So, strong we never are on the on as And one easy mitigating Change make again, is changes I'm us way material for

going So on new workforce facility will support that development we're of working and this training some operation. into we're training of new the on bring Skouries and to to operations support a existing a our transformation need that

the design alignment. have success. We've union systems to to help build support this training together center. got a for to So board to here us The has and again, representative we're bring a it, put this going

reality and get on through changes you're good working through I some never tone remain going to just this, year. to and we'll put next optimistic that confident want an So even pretty is is easy see though all numbers the

Tanya Jakusconek

appropriate my the because just you right Do you do you? on the you question maybe get all this place place going. leadership? final in this getting mentioned of leadership people And in have for the this, to have Do to

Joe Dick

it's this talking the I confident talking forward important is, of across transformation as matter as it, and team in are help, selection We're leadership, a through resources earlier place as that Skouries call Eldorado. the we're that on. assignments process expert have. about Tanya, think subject right we have Joe. about work for that and When confident around Eldorado in sharing owner's short-term I and We're more, we the team this now looking but was Yes. to we We kind more the was around leadership some we transformation. do resource

Tanya Jakusconek


Okay, great. Thank you.

George Burns

Thanks, Tanya.


and question-answer-session That is all today, concludes call. have for the time and this the we today's conference

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