A Pattern Is Developing Eldorado Gold Quarterly Results Are Released.
Some of the highlights from NR for their last quarter.
"Lamaque produced 47,391 ounces of gold in Q2 2024, an increase of 22% from 38,745 ounces in Q2 2023. The increase was primarily due to higher tonnes milled combined with higher grade ore and no stoppages due to wildfires. Average grade increased to 6.95 grams per tonne in Q2 2024 from 6.43 grams per tonne in the comparative quarter, with the increase attributable to higher grade ore from the C4 and C5 zones.
Revenue increased to $102.8 million in Q2 2024 from $78.6 million in Q2 2023, reflecting the higher average realized gold price as well as higher ounces sold.
Production costs increased to $33.6 million in Q2 2024 from $28.3 million in Q2 2023, with roughly half the increase attributable to the higher sales volume, and the remaining increase due to additional costs incurred in labour, contractors, and equipment rentals. Total cash costs were also impacted by slightly higher royalties due to the higher average realized gold price, with total cash costs per ounce sold increasing to $759 in Q2 2024 from $701 in Q2 2023.
AISC per ounce sold increased to $1,233 in Q2 2024 from $1,117 in Q2 2023 primarily due to higher total cash costs per ounce as well as higher sustaining capital.
Sustaining capital expenditures of $20.1 million in Q2 2024 and $41.1 million in the six months ended June 30, 2024 primarily included underground development, equipment rebuilds and expenditure on the expansion of the tailings facility (Phase 6). Growth capital investment of $7.4 million in Q2 2024 and $12.5 million in the six months ended June 30, 2024 was primarily related to resource conversion drilling and initiation of bulk sample development at Ormaque.
For 2024, production guidance at Lamaque is 175,000 to 190,000 ounces of gold. Production in the second half of the year is expected to be stronger than the first half of the year as grades are expected to increase".
"Free cash flow excluding Skouries2: $33.9 million in Q2 2024 compared to $13.7 million in Q2 2023, with the increase driven by higher operating cash flow, primarily due to the higher average realized gold price and higher sales volumes".
From the results of the gold producers,so far, their costs are under control and they are recording tremendous amounts of Free Cash Flow.