VANCOUVER, British Columbia, April 30, 2020 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the first quarter of 2020.
First Quarter 2020 and Subsequent Period Highlights
- Proactive steps taken to manage the impact of the novel coronavirus ("COVID-19") pandemic; operations maintained in Turkey and Greece: The Company's mines in Turkey and Greece remained operational throughout Q1. Measures to prevent the spread of COVID-19 and ensure safe working environments were implemented across Eldorado's global sites.
- Lamaque placed back into operations after temporary suspension, permit for increased underground production received: On March 25, 2020 in accordance with the Quebec government-mandated restrictions to address the COVID-19 pandemic in the province, the Company temporarily ceased mining and processing operations at Lamaque. Operations were restarted on April 15, 2020, however, exploration drilling activities continue to be curtailed in accordance with the mandated restrictions. The Company also received a Certificate of Authorization from the Quebec Ministry of Environment to allow for the expansion of Triangle underground mine production at Lamaque from 1,800 tonnes per day ("tpd") to 2,650 tpd.
- Supporting our communities in response to COVID-19 pandemic: The Company has allocated an initial $500,000 of financial and in-kind support to local communities in Turkey, Canada, Greece, Romania and Brazil so that they may better respond to impacts of the pandemic. Donations include: personal protective equipment and sanitizing products, medical equipment for local hospitals, and food and other supplies for vulnerable populations.
- Partial draw-down of credit facility as proactive measure: On March 30, 2020, the Company drew $150 million under its revolving credit facility as a proactive measure in light of the uncertainty surrounding the COVID-19 pandemic. The Company has no immediate need for the funds, however proceeds will be used for general corporate purposes, as required.
- Steady production and 2020 annual guidance maintained: Gold production totalled 115,950 ounces in Q1 2020, an increase of 40% from Q1 2019 production of 82,977 ounces. Eldorado is maintaining its 2020 annual guidance of 520,000 - 550,000 ounces of gold at an all-in sustaining cost of $850 - 950 per ounce sold.
- All-in sustaining costs lower quarter-on-quarter: Q1 2020 all-in-sustaining costs of $952 per ounce sold were lower than Q1 2019 ($1,132 per ounce sold).
- Strong financial liquidity: The Company currently has $363.6 million of cash, cash equivalents and term deposits and approximately $36 million available under the remaining $100 million of the revolving credit facility, with $64 million of capacity on the facility allocated to secure certain reclamation obligations in connection with its operations.
- Net loss and adjusted net earnings attributable to shareholders: Q1 2020 net loss attributable to shareholders of the Company was $4.9 million or $0.03 loss per share (Q1 2019: net loss attributable to shareholders of the Company of $27.0 million, or $0.17 loss per share). Adjusted net earnings attributable to shareholders of the Company in Q1 2020 was $12.5 million, or $0.08 per share (Q1 2019: adjusted net loss attributable to shareholders of the Company of $21.1 million, or $0.13 loss per share).
- Increased EBITDA: Q1 2020 EBITDA was $84.7 million ($4.9 million in Q1 2019) and Q1 2020 adjusted EBITDA was $90.0 million ($12.5 million in Q1 2019). Adjustments in both periods included, among other things, share based compensation and losses on asset disposals.