Eldorado Gold Corporation, (“Eldorado” or “the Company”) today
reports the Company’s financial and operational results for the
fourth quarter and year ended December 31, 2022. For further
information please see the Company’s Consolidated Financial
Statements and Management’s Discussion and Analysis ("MD&A")
filed on SEDAR at www.sedar.com under the Company’s profile.
Q4 2022 and Full-Year Summary
Operations
- Gold
production: 128,453 ounces in Q4 2022 demonstrating
sequential improvements across the portfolio. Full year production
of 453,916 ounces in 2022, was 1% below the low end of
guidance.
- Gold
sales: 132,462 ounces in Q4 2022 at an average realized
gold price per ounce sold(1) of $1,754, and 452,953 ounces in 2022
at an average realized gold price per ounce sold(1) of $1,787.
- Production
costs: $122.2 million in Q4 2022, and $459.6 million in
2022.
- Cash operating
costs(1): $741 per ounce sold in Q4 2022. Full year cash
operating costs of $788 per ounce sold in 2022, 5% above the
guidance range, driven by price increases for commodities and
consumables, including electricity in Turkiye and Greece, and fuel
and reagents at Kisladag.
- All-in
sustaining costs(1) ("AISC"): $1,246 per
ounce sold in Q4 2022, and $1,276 per ounce sold in 2022, meeting
guidance for the year, driven mainly by the Company's disciplined
deployment of sustaining capital.
- Total
capital expenditures: $80.7 million in Q4 2022, and $289.9
million in 2022. Growth capital(1) of $100.0 million in 2022 was
primarily focused at Kisladag.
Financial
- Cash, cash
equivalents and term deposits: $314.7 million, as at
December 31, 2022
- Cash flow
from operating activities, before changes in working
capital(1): $85.2 million in Q4 2022, and
$239.5 million in 2022.
- Free cash
flow(1): $10.7 million in Q4 2022, and negative $104.5
million in 2022 due to lower sales volumes and significant
investment in growth capital.
- Earning
before interest, taxes, depreciation and amortization
("EBITDA")(1): $87.5 million in Q4 2022;
and $289.1 million in 2022.
- Adjusted
EBITDA(1): $97.1 million in Q4 2022, and
$321.5 million in 2022.
- Adjusted
net earnings (loss)(1): $25.8
million or $0.14 per share in Q4 2022, and $10.1 million or $0.05
per share in 2022. Net earnings in Q4 2022 were driven by higher
production.
|
(1) |
These financial measures or ratios are non-IFRS financial measures
and ratios. Certain additional disclosures for non-IFRS financial
measures and ratios have been incorporated by reference and
additional detail can be found at the end of this press release and
in the section 'Non-IFRS and Other Financial Measures and Ratios'
in Eldorado's December 31, 2022 MD&A. |
|
|
|
2023 Outlook
- As previously
announced in the news release titled, "Eldorado Provides 2023
Production and Cost Guidance and Outlines Five-Year Growth Profile;
Achieving Approximately 700k oz Gold Production in 2027", in 2023
we expect:
-
Consolidated gold production of 475,000 to 515,000
ounces.
- Average
Cash operating costs of $760 to $860 per ounce
sold.
- Average
AISC of $1,190 to $1,290 per ounce sold.
“In 2022, Eldorado continued to execute on our
multi-year strategy in Greece,” said George Burns, Eldorado’s
President and Chief Executive Officer. “Late in the year, we were
pleased to announce the €680 million project financing facility for
Skouries, and conditional Board approval for the full re-start of
construction at Skouries. With financing in place, we look forward
to delivering this project on time and on budget and unlocking
exceptional value for all our stakeholders.”
“Operationally, following a challenging start to
the year due to severe weather impacts and COVID, our sites worked
diligently to catch up and ultimately improved quarter over
quarter. Across our four operating mines, we produced almost
454,000 ounces of gold, slightly below the low end of our guidance
range, with fourth quarter production increasing more than 35% over
the first quarter. From a cost perspective, global macroeconomic
influences impacted costs and supply chains industry wide. Coupled
with lower-than-expected production, our cost per ounce finished
the year outside of our revised guidance range. We are working
diligently to find ways to mitigate these macro factors in our
business planning,” added Burns.
“As we look forward to 2023, and beyond, we are
excited to deliver on our growth portfolio with production
increasing year after year, and reaching 700,000 gold ounces by
2027, as announced earlier today in the 2023 guidance and five-year
outlook news release. Our focus remains on execution at Skouries,
an asset that will be transformational to our production footprint,
and we look forward to updating our stakeholders on our progress
throughout the construction period. At Olympias, transformation
initiatives in 2023 will continue, with a focus on bulk emulsion,
ventilation, and people and equipment efficiencies. Additionally,
we look forward to fully optimizing the agglomeration circuit at
Kisladag with the installation of the agglomeration drum, and we
expect to realize benefits of increased recovery rates from this
world-class asset. Lastly, our global exploration and technical
teams are focused on resource expansion and conversion, and adding
to mine-life across the portfolio, in particular at Efemcukuru and
Lamaque," added Burns.
"In light of the devastating earthquakes that
took place in Turkiye and Syria at the beginning of February and
earlier this week, I, on behalf of the global Eldorado team, would
like to extend our condolences to those impacted by the disaster.
Working with our colleagues in Turkiye, we will continue to provide
additional aid and assistance to support relief efforts as needed
in the coming days, weeks and months ahead. We will continue to
assess the situation and our first priority, as always, is to
ensure the continuing safety and well-being of our team members. I
would like to thank our entire Turkish team for responding so
quickly and compassionately to this tragedy. Their efforts have
been an inspiration to us all," concluded George Burns.
Year in Review: Positioned to
Excel
- Skouries
Project Proceeding: In December 2022, Eldorado announced a
€680 million project financing facility, (the "Term Facility") and
conditional Board approval which is expected to enable the restart
of construction. Construction and commissioning is expected to take
approximately three-years, with first production in 2025. Skouries
is expected to produce, on average, 140,000 ounces of gold and 67
million pounds of copper annually over its initial 20-year mine
life. Drawdown on the Term Facility is subject to customary closing
conditions. We expect such conditions to be satisfied and the
initial drawdown is projected to occur in the first quarter of
2023.
- New Lamaque
Technical Study: In February 2022, a new technical study
was published for Lamaque, showcasing the significant upside
potential from the Lower Triangle zones and Ormaque deposit.
- Inaugural
Climate Change and Green House Gas ("GHG") emissions
report: In February 2022, Eldorado published its first
Climate Change and GHG emissions report, setting a target to
mitigate 65,000 tonnes of Scope 1 and Scope 2 emissions by
2030.
- Retained
Exposure to Tocantinzinho: In July 2022, Eldorado
completed the acquisition of 32.5 million common shares of G Mining
Ventures Corp ("GMIN"), continuing our interest in the gold
project, located in Brazil. Currently, Eldorado owns approximately
18% of the outstanding shares of GMIN.
- Planned
Divestment of Certej: In October 2022, Eldorado entered
into an agreement to sell the Certej project, a non-core gold asset
located in Romania, which is congruent with the strategy of
focusing on its core assets in the portfolio.
- 2022 Global
Exploration Program: Approximately 20% increase in
spending over 2021, focused on brownfields opportunities at Lamaque
and Efemcukuru, as well as greenfields growth in Eastern Canada and
Turkiye.
- Notable
awards and recognitions across the business:
- Recognized as one
of the Best 50 Corporate Citizens in Canada by Corporate Knights,
which acknowledges Canadian companies that are committed to
bettering society and the planet. The Best 50 represents a rising
standard for corporate sustainability leadership in the
country.
- At Eldorado Gold
Quebec, three supervisors received the OHS 2022 Recognition Trophy
from the Quebec Mining Association. This award recognizes
achievements in maintaining safe workplaces for periods ranging
from 50,000 to 150,000 hours for the year 2021.
- In Greece, the team
received Gold in the Hellenic Responsible Business Awards, the most
prestigious contest for acknowledging Greek businesses’ work on
sustainable and social development, supported by the Ministries of
Development & Investments and Environment & Energy and the
Hellenic Federation of Enterprises.
- In Turkiye, the
team at Efemcukuru won the Best Team Competence award in the Mine
Rescue Competition organized by the Turkish Miners Association. The
annual competition aims to create awareness regarding the
importance of health and safety while contributing to the
development of the occupational safety culture in the
industry.
- Joe Dick, EVP and
Chief Operating Officer, received the William L. Saunders Gold
Medal Award from the Society for Mining, Metallurgy, &
Exploration. The award recognizes Joe’s significant achievements
throughout 35 years in mining, including his contributions to
promoting safe, productive mining operations and mentoring the
industry’s future leaders.
- Jennifer Prospero,
Senior Director, Sustainability, was recognized as one of the ‘100
Global Inspirational Women in Mining’ by Women In Mining UK. This
global publication celebrates the “above & beyond”
contributions of women to the mining industry and identifies role
models to inspire future generations of women to consider mining as
a career choice.
Consolidated Financial and Operational
Highlights
Summarized Annual Financial Results
|
|
2022 |
|
2021 |
|
2020 |
|
Revenue |
$872.0 |
|
$940.9 |
|
$1,026.7 |
|
Gold produced (oz) |
453,916 |
|
475,850 |
|
528,874 |
|
Gold sold (oz) |
452,953 |
|
472,307 |
|
526,406 |
|
Average realized gold price ($/oz sold) (2) |
$1,787 |
|
$1,781 |
|
$1,783 |
|
Production costs |
459.6 |
|
449.7 |
|
445.2 |
|
Cash operating costs ($/oz sold) (2,3) |
788 |
|
626 |
|
560 |
|
Total cash costs ($/oz sold) (2,3) |
878 |
|
715 |
|
649 |
|
All-in sustaining costs ($/oz sold) (2,3) |
1,276 |
|
1,068 |
|
921 |
|
Net (loss) earnings for the period (1,4) |
(353.8 |
) |
(136.0 |
) |
124.8 |
|
Net (loss) earnings per share – basic ($/share) (1,4) |
(1.93 |
) |
(0.75 |
) |
0.73 |
|
Net (loss) earnings per share – diluted ($/share) (1,4) |
(1.93 |
) |
(0.75 |
) |
0.71 |
|
Net (loss) earnings for the period continuing operations
(1,4,6) |
(49.2 |
) |
20.9 |
|
131.1 |
|
Net (loss) earnings per share continuing operations – basic
($/share) (1,4,6) |
(0.27 |
) |
0.12 |
|
0.77 |
|
Net (loss) earnings per share continuing operations – diluted
($/share) (1,4,6) |
(0.27 |
) |
0.11 |
|
0.75 |
|
Adjusted net earnings continuing operations (1,2,4,6) |
10.1 |
|
129.5 |
|
194.3 |
|
Adjusted net earnings per share continuing operations - basic
($/share) (1,2,4,6) |
0.05 |
|
0.72 |
|
1.14 |
|
Net cash generated from operating activities (5,6) |
211.2 |
|
366.7 |
|
471.8 |
|
Cash flow from operating activities before changes in working
capital (2,5,6) |
239.5 |
|
376.5 |
|
438.5 |
|
Free cash flow (2,5,6) |
(104.5 |
) |
63.3 |
|
268.7 |
|
Cash, cash equivalents and term deposits |
314.7 |
|
481.3 |
|
511.0 |
|
Total assets |
4,457.9 |
|
4,930.7 |
|
4,930.5 |
|
Debt |
494.4 |
|
489.8 |
|
434.5 |
|
(1) |
Attributable to shareholders of the Company. |
|
(2) |
These financial measures or ratios are non-IFRS financial measures
or ratios. See the section 'Non-IFRS and Other Financial Measures
and Ratios' for explanations and discussion of these non-IFRS
financial measures or ratios. |
|
(3) |
Revenues from silver, lead and zinc sales are off-set against cash
operating costs. |
|
(4) |
2020 amounts have been recast to correct an immaterial error
related to an understatement of the net book value of certain of
our property, plant and equipment as a result of errors in the
amounts recorded for depreciation. |
|
(5) |
2020 amounts have been restated for a voluntary change in
accounting policy to classify cash paid for interest on the
statement of cash flows as a financing, rather than an operating
activity. |
|
(6) |
Amounts presented for 2022 and 2021 are from continuing operations
only and exclude the Romania and Brazil Segments. See Note 6 of our
Consolidated Financial Statements. |
|
|
|
Summarized Quarterly Financial Results
|
2022 Continuing
Operations(1) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
2022 |
|
|
Revenue |
$194.7 |
|
$213.4 |
|
$217.7 |
|
$246.2 |
|
$872.0 |
|
|
Gold produced (oz) |
93,209 |
|
113,462 |
|
118,792 |
|
128,453 |
|
453,916 |
|
|
Gold sold (oz) |
94,472 |
|
107,631 |
|
118,388 |
|
132,462 |
|
452,953 |
|
|
Average realized gold price ($/oz sold) (2,3) |
$1,889 |
|
$1,849 |
|
$1,688 |
|
$1,754 |
|
$1,787 |
|
|
Production costs |
104.6 |
|
109.3 |
|
123.5 |
|
122.2 |
|
459.6 |
|
|
Cash operating cost ($/oz sold) (2,3) |
835 |
|
788 |
|
803 |
|
741 |
|
788 |
|
|
Total cash cost ($/oz sold) (2,3) |
941 |
|
879 |
|
892 |
|
818 |
|
878 |
|
|
All-in sustaining cost ($/oz sold) (2,3) |
1,346 |
|
1,270 |
|
1,259 |
|
1,246 |
|
1,276 |
|
|
Net (loss) earnings (4,5,7) |
(39.7 |
) |
(22.9 |
) |
(28.4 |
) |
41.9 |
|
(49.2 |
) |
|
Net (loss) earnings per share – basic ($/share) (4,5,7) |
(0.22 |
) |
(0.12 |
) |
(0.15 |
) |
0.23 |
|
(0.27 |
) |
|
Adjusted net (loss) earnings (2,4,5,7) |
(19.3 |
) |
13.6 |
|
(10.0 |
) |
25.8 |
|
10.1 |
|
|
Adjusted net (loss) earnings per share ($/share) (2,4,5,7) |
(0.11 |
) |
0.07 |
|
(0.05 |
) |
0.14 |
|
0.05 |
|
|
Cash flow from operating activities |
35.3 |
|
27.0 |
|
52.7 |
|
96.2 |
|
211.2 |
|
|
Cash flow from operating activities before changes in working
capital (2) |
49.4 |
|
49.2 |
|
55.8 |
|
85.2 |
|
239.5 |
|
|
Free cash flow (2) |
(26.8 |
) |
(62.7 |
) |
(25.7 |
) |
10.7 |
|
(104.5 |
) |
|
Cash, cash equivalents and term deposits |
434.7 |
|
370.0 |
|
306.4 |
|
314.7 |
|
314.7 |
|
|
|
|
|
|
|
|
|
2021 Continuing
Operations(1) |
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
2021 |
|
|
Revenue |
$224.6 |
|
$233.2 |
|
$238.4 |
|
$244.6 |
|
$940.9 |
|
|
Gold produced (oz) |
111,742 |
|
116,067 |
|
125,459 |
|
122,582 |
|
475,850 |
|
|
Gold sold (oz) |
113,594 |
|
114,140 |
|
125,189 |
|
119,384 |
|
472,307 |
|
|
Average realized gold price ($/oz sold) (2,3) |
$1,732 |
|
$1,840 |
|
$1,772 |
|
$1,780 |
|
$1,781 |
|
|
Production costs |
108.6 |
|
112.8 |
|
110.2 |
|
118.2 |
|
449.7 |
|
|
Cash operating cost ($/oz sold) (2,3) |
641 |
|
645 |
|
646 |
|
571 |
|
626 |
|
|
Total cash cost ($/oz sold) (2,3) |
687 |
|
746 |
|
743 |
|
681 |
|
715 |
|
|
All-in sustaining cost ($/oz sold) (2,3) |
986 |
|
1,073 |
|
1,133 |
|
1,076 |
|
1,068 |
|
|
Net earnings (loss) (4,5) |
19.7 |
|
29.6 |
|
11.0 |
|
(39.4 |
) |
20.9 |
|
|
Net earnings (loss) per share – basic ($/share) (4,5) |
0.11 |
|
0.16 |
|
0.06 |
|
(0.22 |
) |
0.12 |
|
|
Adjusted net earnings (2,4,5) |
30.6 |
|
27.6 |
|
42.4 |
|
28.8 |
|
129.5 |
|
|
Adjusted net earnings per share ($/share) (2,4,5) |
0.18 |
|
0.15 |
|
0.23 |
|
0.16 |
|
0.72 |
|
|
Cash flow from operating activities (6) |
99.6 |
|
49.4 |
|
105.2 |
|
112.5 |
|
366.7 |
|
|
Cash flow from operating activities before changes in working
capital (2,6) |
82.4 |
|
76.9 |
|
99.7 |
|
117.5 |
|
376.5 |
|
|
Free cash flow (2,6) |
33.9 |
|
(23.4 |
) |
29.8 |
|
23.0 |
|
63.3 |
|
|
Cash, cash equivalents and term deposits |
533.8 |
|
410.7 |
|
439.3 |
|
481.3 |
|
481.3 |
|
|
(1) |
Amounts presented for 2022 and 2021 are from continuing operations
only and exclude the Romania and Brazil Segments. See Note 6 of our
Consolidated Financial Statements. |
|
(2) |
These financial measures or ratios are non-IFRS financial measures
or ratios. See the section 'Non-IFRS and Other Financial Measures
and Ratios' for explanations and discussion of these non-IFRS
financial measures or ratios. |
|
(3) |
By-product revenues are off-set against cash operating costs. |
|
(4) |
Attributable to shareholders of the Company. |
|
(5) |
Q1 2021 amounts have been recast to correct an immaterial error
related to an understatement of the net book value of certain of
our property, plant and equipment as a result of errors in the
amounts recorded for depreciation. |
|
(6) |
Q1-Q2 2021 amounts have been restated for a voluntary change in
accounting policy to classify cash paid for interest on the
statement of cash flows as a financing, rather than an operating
activity. |
|
(7) |
Q1-Q3 2022 amounts have been adjusted to record additional
depreciation expense upon review of the estimated remaining useful
life of the existing heap leach pad and adsorption-desorption and
recovery ("ADR") plant at Kisladag (Q1 2022: $1.0 million, Q2 2022:
$3.2 million, Q3 2022: $5.1 million, YTD 2022: $9.2 million). |
|
|
|
Gold sales in 2022 totalled 452,953 ounces, a
decrease of 4% from 472,307 ounces in 2021. The lower sales volume
in 2022 compared with the prior year primarily reflected a decrease
of 41,649 ounces sold at Kisladag due to the reduction of tonnes
placed on the heap leach pad in the first half of 2022 compared to
2021. There was also a decrease of 3,974 ounces sold at Efemcukuru
due largely to lower average gold grade, an increase of 22,016
ounces sold at Lamaque due to increased tonnes mined and processed,
and an increase of 4,253 ounces sold at Olympias due to higher
average gold grade. Gold sales were 132,462 ounces in Q4 2022, an
increase of 11% from 119,384 ounces in Q4 2021, primarily due to
increased production at Kisladag in the quarter.
The average realized gold price was $1,787 per
ounce sold in 2022, a slight increase from $1,781 per ounce sold in
2021. The average gold price increased during the first quarter of
2022, declined during Q2 and Q3, then strengthened again in Q4
2022. The average realized gold price was $1,754 in Q4 2022 ($1,780
in Q4 2021).
Total revenue was $872.0 million in 2022, a
decrease of 7% from total revenue of $940.9 million in 2021. The
decrease was due primarily to lower sales volumes, partially offset
by the higher average realized gold price. Total revenue was $246.2
million in Q4 2022, an increase of 1% from total revenue of $244.6
million in Q4 2021. The modest increase was due largely to higher
sales volumes, partly offset by lower average realized gold
prices.
Production costs of $459.6 million in 2022
increased from $449.7 million in 2021 and production costs of
$122.2 million in Q4 2022 increased slightly from $118.2 million in
Q4 2021. Increases in both periods were primarily due to
substantial price increases for certain commodities and consumables
as a result of supply concerns caused by financial and trade
sanctions against Russia, and ongoing supply chain challenges due
to the novel coronavirus ("COVID-19"). Cost increases primarily
impacted electricity at operations in Greece and Turkiye, and fuel
and reagents at Kisladag.
Production costs include royalty expense which
decreased to $40.6 million in 2022 from $42.0 million in 2021.
primarily reflecting lower sales volumes in 2022. Additionally,
royalty expense in 2021 benefited from a $4.5 million reversal of
expense following an amendment of retroactive gold royalty rates in
Turkiye. In Turkiye, royalties are paid on revenue less certain
costs associated with ore haulage, mineral processing and related
depreciation and are calculated on the basis of a sliding scale
according to the average London Metal Exchange gold price during
the calendar year. In Greece, royalties are paid on revenue and
calculated on a sliding scale tied to international gold and base
metal prices and the EUR:USD exchange rate. Royalty expense
decreased to $10.2 million in Q4 2022 from $13.1 million in Q4 2021
as a result of lower average metal prices, and the closure of the
Stratoni mine at the end of 2021.
Cash operating costs in 2022 averaged $788 per
ounce sold an increase from $626 per ounce sold in 2021. In Q4
2022, cash operating costs averaged $741 per ounce sold, an
increase from $571 per ounce sold in Q4 2021. The increase in 2022
was primarily due to lower production and increases in both periods
were primarily due to price increases for certain commodities and
consumables.
AISC per ounce sold increased to $1,276 in 2022
from $1,068 in 2021, and to $1,246 in Q4 2022 from $1,076 in Q4
2021. Increases in both periods primarily reflect the increase in
cash operating costs per ounce sold and higher sustaining capital
expenditures.
We reported net loss attributable to
shareholders from continuing operations of $49.2 million ($0.27
loss per share) in 2022, compared to net earnings of $20.9 million
($0.12 per share) in 2021 and net earnings of $41.9 million ($0.23
per share) in Q4 2022, compared to net loss of $39.4 million ($0.22
loss per share) in Q4 2021. The net loss in 2022 was primarily due
to lower production and sales volumes, and higher operating costs,
depreciation, mine standby costs and non-cash asset write-downs.
Net earnings in Q4 2022 reflected higher sales volumes and an
income tax recovery, compared to a significant income tax expense
in Q4 2021.
Adjusted net earnings from continuing operations
were $10.1 million ($0.05 per share) in 2022, compared to $129.5
million ($0.72 per share) in 2021. Adjusted net earnings in 2022
removes a $35.9 million loss on foreign exchange due to translation
of deferred tax balances, $20.0 million write-downs of assets, $4.4
million loss on the non-cash revaluation of the derivative related
to redemption options in our debt and a $1.0 million deferred tax
recovery relating to the impact of tax rate changes in Turkiye.
Adjusted net earnings were $25.8 million ($0.14 per share) in Q4
2022 and removes an $18.3 million gain on foreign exchange due to
translation of deferred tax balances, a $5.2 million of write-down
of assets and a $3.0 million gain on the non-cash revaluation of
the derivative related to redemption options in our debt.
Lower sales volumes in 2022, combined with a
lower gold price, resulted in EBITDA of $289.1 million, including
$87.5 million in Q4 2022. Adjusted EBITDA of $321.5 million in 2022
and $97.1 million in Q4 2022 exclude, among other things, asset
write-downs related to Kisladag and the closure of Stratoni.
Operations Update and Outlook
Gold Operations
|
|
3 months ended December 31, |
12 months ended December 31, |
|
|
|
2022 |
2021 |
2022 |
2021 |
2023 Outlook |
|
Total |
|
|
|
|
|
|
Ounces produced |
128,453 |
122,582 |
453,916 |
475,850 |
475,000 – 515,000 |
|
Ounces sold |
132,462 |
119,384 |
452,953 |
472,307 |
N/A |
|
Production costs |
$122.2 |
$118.2 |
$459.6 |
$449.7 |
N/A |
|
Cash operating costs ($/oz sold) (1) |
$741 |
$571 |
$788 |
$626 |
$760 – 860 |
|
All-in sustaining costs ($/oz sold) (1) |
$1,246 |
$1,076 |
$1,276 |
$1,068 |
$1,190 – 1,290 |
|
Sustaining capital expenditures (1) |
$36.9 |
$33.8 |
$126.5 |
$113.1 |
$114 – 139 |
|
Kisladag |
|
|
|
|
|
|
Ounces produced |
40,307 |
33,136 |
135,801 |
174,365 |
160,000 – 170,000 |
|
Ounces sold |
39,833 |
33,269 |
134,213 |
175,862 |
N/A |
|
Production costs |
$32.2 |
$28.8 |
$120.1 |
$122.6 |
N/A |
|
Cash operating costs ($/oz sold) (1) |
$709 |
$737 |
$773 |
$583 |
$750 – 850 |
|
All-in sustaining costs ($/oz sold) (1) |
$884 |
$977 |
$1,000 |
$797 |
N/A |
|
Sustaining capital expenditures (1) |
$3.0 |
$4.0 |
$14.7 |
$18.6 |
$14 – 19 |
|
Lamaque |
|
|
|
|
|
|
Ounces produced |
51,349 |
51,354 |
174,097 |
153,201 |
170,000 – 180,000 |
|
Ounces sold |
51,244 |
50,257 |
173,409 |
151,393 |
N/A |
|
Production costs |
$29.2 |
$26.7 |
$116.7 |
$99.0 |
N/A |
|
Cash operating costs ($/oz sold) (1) |
$541 |
$482 |
$642 |
$616 |
$670 – 770 |
|
All-in sustaining costs ($/oz sold) (1) |
$925 |
$815 |
$1,036 |
$1,017 |
N/A |
|
Sustaining capital expenditures (1) |
$18.1 |
$13.4 |
$62.8 |
$47.3 |
$60 – 70 |
|
Efemcukuru |
|
|
|
|
|
|
Ounces produced |
21,362 |
22,631 |
87,685 |
92,707 |
80,000 – 90,000 |
|
Ounces sold |
21,486 |
21,797 |
88,784 |
92,758 |
N/A |
|
Production costs |
$17.9 |
$18.1 |
$73.1 |
$67.2 |
N/A |
|
Cash operating costs ($/oz sold) (1) |
$738 |
$606 |
$701 |
$551 |
$790 – 890 |
|
All-in sustaining costs ($/oz sold) (1) |
$1,138 |
$1,104 |
$1,091 |
$901 |
N/A |
|
Sustaining capital expenditures (1) |
$5.3 |
$6.4 |
$18.8 |
$18.0 |
$10 – 15 |
|
Olympias |
|
|
|
|
|
|
Ounces produced |
15,435 |
15,461 |
56,333 |
55,577 |
60,000 – 75,000 |
|
Ounces sold |
19,899 |
14,061 |
56,547 |
52,294 |
N/A |
|
Production costs |
$42.9 |
$28.1 |
$149.5 |
$113.4 |
N/A |
|
Cash operating costs ($/oz sold) (1) |
$1,325 |
$441 |
$1,409 |
$930 |
$980 – 1,080 |
|
All-in sustaining costs ($/oz sold) (1) |
$1,998 |
$1,467 |
$2,155 |
$1,715 |
N/A |
|
Sustaining capital expenditures (1) |
$10.5 |
$10.1 |
$30.3 |
$29.1 |
$30 – 35 |
|
(1) |
These are non-IFRS financial measures and ratios. Further details
on these non-IFRS financial measures and ratios are provided in the
MD&A accompanying Eldorado’s financial statements filed from
time to time on SEDAR at www.sedar.com. |
|
|
|
Kisladag
Kisladag produced 135,801 ounces of gold in
2022, a 22% decrease from 174,365 ounces in 2021. Gold production
of 40,307 ounces in the quarter increased 22% from 33,136 ounces in
Q4 2021 and benefited from increased tonnes placed on the heap
leach pad in Q3 2022, following reduced productivity in early 2022
as a result of snowfall, prolonged freezing temperatures, impacts
from the startup of belt agglomeration and COVID-19 absenteeism.
Gold production during 2022 decreased 22% from 2021 due to
debottlenecking of the belt agglomeration circuit, reducing
stacking capacity. In Q4 2022, eight larger, higher-capacity
conveyors were installed, which has improved material handling
capacity and belt agglomeration. The high-pressure grinding roll
circuit ("HPGR") is performing to plan with recovery rates as
expected. Average grade declined slightly in 2022 to 0.74 grams per
tonne, as compared to an average grade of 0.75 grams per tonne in
2021.
Cash operating costs per ounce sold increased to
$773 in 2022 from $583 in 2021 primarily due to lower production
during the year. In the quarter, higher production resulted in a
decrease in cash operating costs per ounce sold to $709 from $737
in Q4 2021. Production costs in 2022 were negatively impacted by
price increases in labour, reagents, electricity, and fuel, some of
which were partly offset by the weakening of the Turkish Lira. AISC
per ounce sold increased to $1,000 in 2022 from $797 in 2021
primarily due to higher cash operating costs per ounce sold, partly
offset by lower sustaining capital expenditure. In the quarter,
AISC per ounce sold decreased to $884 from $977 in Q4 2021
primarily due to higher production combined with slightly lower
sustaining capital expenditure.
Sustaining capital expenditure of $14.7 million
in 2022, including $3.0 million in Q4 2022, primarily related to
equipment rebuilds, and processing and infrastructure improvements.
Growth capital expenditures of $82.5 million in 2022, including
$21.2 million in Q4 2022, primarily included waste stripping
to support the mine life extension, construction of the first phase
of the North heap leach pad and stacking and agglomeration
enhancements.
Lamaque
Lamaque produced 174,097 ounces of gold in 2022,
a 14% increase from 153,201 ounces in 2021 and a result of an 11%
increase in throughput in the year despite challenges with COVID-19
related absenteeism in mid-2022. Gold production of 51,349 ounces
in the quarter was comparable to 51,354 ounces in Q4 2021 and
reflected strong throughput, which offset planned lower grade.
Average grade of 7.41 grams per tonne in the quarter resulted from
mining higher-grade stopes as compared to previous quarters in
2022. Average grade of 6.65 grams per tonne in 2022 slightly
exceeded 6.54 grams per tonne in 2021.
Cash operating costs per ounce sold increased to
$642 in 2022 from $616 in 2021 and to $541 in Q4 2022 from $482 in
Q4 2021 primarily due to cost increases in labour and consumables,
which were partly offset by higher production, and cost savings
from a weaker Canadian dollar. In 2022, ore began to be transported
from the Triangle underground mine to the Sigma mill using the
underground decline, avoiding public roads. The significantly
shorter hauling distance and reduced rehandling resulted in cost
savings of approximately $4 per tonne transported. AISC per ounce
sold increased to $1,036 in 2022 from $1,017 in 2021 and to $925 in
Q4 2022 from $815 in Q4 2021 with increases in both periods
reflecting higher cash operating costs per ounce sold and higher
sustaining capital expenditure.
Sustaining capital expenditures of $62.8 million
in 2022, including $18.1 million in Q4 2022, primarily related to
underground development and expansion of the tailings management
facility. Growth capital expenditure totalled $6.0 million in 2022,
including $1.8 million in Q4 2022, and is primarily related to
construction of underground infrastructure.
Efemcukuru
Efemcukuru produced 87,685 payable ounces of
gold in 2022, a 5% decrease from 92,707 payable ounces in 2021.
Gold production of 21,362 payable ounces in the quarter was 6%
lower than 22,631 payable ounces in Q4 2021. Decreases in both
periods reflect planned lower average grade, partly offset by
higher throughput.
Cost increases combined with lower average grade
resulted in an increase in cash operating costs per ounce sold to
$701 in 2022, from $551 in 2021 and to $738 in Q4 2022 from $606 in
Q4 2021. AISC per ounce sold increased to $1,091 in 2022 from $901
in 2021 and to $1,138 in Q4 2022 from $1,104 in Q4 2021, primarily
reflecting higher cash operating costs per ounce sold.
Sustaining capital expenditure of $18.8 million
in 2022, including $5.3 million in Q4 2022, related primarily to
underground development and equipment rebuilds. Growth capital
expenditure included resource conversion drilling at Kokarpinar and
Bati.
Olympias
Olympias produced 56,333 ounces of gold in 2022,
a 1% increase from 55,577 ounces in 2021 and reflecting higher
average gold grade in the year. Throughput in 2022 was 2% lower
than in 2021 as a result of lower mining rates, combined with the
negative impacts of weather-related power outages and COVID-19
related absenteeism in early 2022. We continue to implement
operating initiatives designed to improve productivity.
Gold production of 15,435 ounces in Q4 2022
decreased slightly from 15,461 in Q4 2021 as a result of 11% higher
throughput in the quarter, offsetting lower average gold grade.
Lead and silver production increased slightly in the quarter
compared to Q4 2021, primarily reflecting higher throughput, and
zinc production decreased slightly in the quarter, primarily
reflecting lower average grade and recovery rate compared to Q4
2021.
Cash operating costs per ounce sold increased to
$1,409 in 2022 from $930 in 2021, primarily as a result of cost
inflation and increased shipments to China which incurred the 13%
VAT import charge, which is included in cash operating costs. Cash
operating costs per ounce sold increased to $1,325 in Q4 2022 from
$441 in Q4 2021 primarily due to the timing of silver and base
metal sales, which reduce cash operating costs as by-product
credits. Cash operating costs per ounce sold in Q4 2021 benefited
from bulk shipments of zinc, combined with higher base metal
prices. AISC per ounce sold increased to $2,155 in 2022 from $1,715
in 2021 and to $1,998 in Q4 2022 from $1,467 in Q4 2021 primarily
due to the increase in cash operating costs per ounce sold.
Sustaining capital expenditure increased
slightly to $30.3 million in 2022 from $29.1 million in 2021 and to
$10.5 million in Q4 2022 from $10.1 million in Q4 2021. Spending in
both periods primarily included underground development, tailings
facility construction and underground infrastructure improvements.
Growth capital expenditure in 2022 and 2021 primarily related to
underground development.
For further information on the Company’s
operating results for the year-end and fourth quarter of 2022,
please see the Company’s Management’s Discussion and Analysis filed
on SEDAR at www.sedar.com under the Company’s profile.
Conference Call
A conference call to discuss the details of the
Company’s Fourth Quarter and Year-End 2022 Results will be held by
senior management on Friday, February 24, 2023 at 8:30 AM PT (11:30
AM ET). The call will be webcast and can be accessed at Eldorado
Gold’s website: www.eldoradogold.com and via this link:
https://services.choruscall.ca/links/eldoradogold2022q4.html
| Conference
Call Details |
Replay
(available until March 31, 2023) |
|
Date: |
February 24, 2023 |
Toronto: |
+1 604.638.9010 |
| Time: |
8:30 am PT (11:30 am ET) |
Toll Free: |
+1 800.319.6413 |
| Dial in: |
+1 604.638.5340 |
Access code: |
9760 |
| Toll free: |
+1 800.319.4610 |
|
|
| |
|
|
|
About Eldorado Gold
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkiye, Canada
and Greece. The Company has a highly skilled and dedicated
workforce, safe and responsible operations, a portfolio of
high-quality assets, and long-term partnerships with local
communities. Eldorado's common shares trade on the Toronto
Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE:
EGO).
Contacts
Investor Relations
Lisa Wilkinson, VP Investor
Relations604.757.2237 or 1.888.353.8166
lisa.wilkinson@eldoradogold.com
Media
Louise McMahon, Director Communications &
Public Affairs604.616.2296 or 1.888.353.8166
louise.mcmahon@eldoradogold.com
Non-IFRS and Other Financial Measures and
Ratios
Certain non-IFRS financial measures and ratios
are included in this press release, including cash operating costs
and cash operating costs per ounce sold, total cash costs and total
cash costs per ounce sold, all-in sustaining costs ("AISC") and
AISC per ounce sold, sustaining and growth capital, average
realized gold price per ounce sold, adjusted net earnings/(loss)
attributable to shareholders, adjusted net earnings/(loss) per
share attributable to shareholders, earnings before interest,
taxes, depreciation and amortization (“EBITDA”), adjusted earnings
before interest, taxes, depreciation and amortization ("Adjusted
EBITDA"), free cash flow, working capital and cash flow from
operations before changes in working capital.
Please see the December 31, 2022 MD&A
for explanations and discussion of these non-IFRS and other
financial measures and ratios. The Company believes that these
measures and ratios, in addition to conventional measures and
ratios prepared in accordance with International Financial
Reporting Standards (“IFRS”), provide investors an improved ability
to evaluate the underlying performance of the Company. The non-IFRS
and other non-financial measures and ratios are intended to provide
additional information and should not be considered in isolation or
as a substitute for measures or ratios of performance prepared in
accordance with IFRS. These measures and ratios do not have any
standardized meaning prescribed under IFRS, and therefore may not
be comparable to other issuers. Certain additional disclosures for
these and other financial measures and ratios have been
incorporated by reference and can be found in the section 'Non-IFRS
and Other Financial Measures and Ratios' in the December 31,
2022 MD&A available on SEDAR at www.sedar.com and on the
Company's website under the 'Investors' section.
Reconciliation of Production Costs to Cash
Operating Costs and Cash Operating Costs per ounce sold:
|
|
Q4 2022 |
|
Q4 2021 |
|
2022 |
|
2021 |
|
2020 |
|
|
Production costs (1) |
$122.2 |
|
$118.2 |
|
$459.6 |
|
$449.7 |
|
$445.2 |
|
|
Stratoni production costs (2) |
— |
|
(16.5 |
) |
(0.1 |
) |
(47.6 |
) |
(51.6 |
) |
|
Production costs – excluding Stratoni |
122.2 |
|
101.7 |
|
459.4 |
|
402.2 |
|
393.6 |
|
|
By-product credits (3) |
(17.0 |
) |
(20.5 |
) |
(77.3 |
) |
(64.7 |
) |
(52.2 |
) |
|
Royalty expense and selling costs (4) |
(7.0 |
) |
(13.1 |
) |
(25.1 |
) |
(42.0 |
) |
(46.7 |
) |
|
Cash operating costs |
$98.2 |
|
$68.2 |
|
$357.0 |
|
$295.5 |
|
$294.7 |
|
|
Gold ounces sold |
132,462 |
|
119,384 |
|
452,953 |
|
472,307 |
|
526,406 |
|
|
Cash operating cost per ounce sold |
$741 |
|
$571 |
|
$788 |
|
$626 |
|
$560 |
|
|
(1) |
Includes inventory write-downs. |
|
(2) |
Base metals production, presented for 2021. Operations at Stratoni
were suspended at the end of 2021. |
|
(3) |
Revenue from silver, lead and zinc sales. |
|
(4) |
Included in production costs. |
|
|
|
For the three months ended December 31, 2022:
|
|
Direct mining costs |
|
By-product credits |
|
|
Refining and selling costs |
|
Inventory change (1) |
|
|
Cash operating costs |
|
Gold oz sold |
|
Cash operating cost/oz sold |
|
Kisladag |
$32.3 |
|
($0.7 |
) |
|
$0.2 |
|
($3.6 |
) |
|
$28.2 |
|
39,833 |
|
$709 |
|
Lamaque |
26.3 |
|
(0.4 |
) |
|
0.1 |
|
1.7 |
|
|
27.7 |
|
51,244 |
|
541 |
|
Efemcukuru |
13.5 |
|
(1.0 |
) |
|
3.5 |
|
(0.2 |
) |
|
15.9 |
|
21,486 |
|
738 |
|
Olympias |
29.1 |
|
(15.0 |
) |
|
8.1 |
|
4.2 |
|
|
26.4 |
|
19,899 |
|
1,325 |
|
Total consolidated |
$101.1 |
|
($17.0 |
) |
|
$12.0 |
|
$2.1 |
|
|
$98.2 |
|
132,462 |
|
$741 |
|
(1) |
Inventory change adjustments result from timing differences between
when inventory is produced and when it is sold. |
|
|
|
For the year ended December 31, 2022:
|
|
Direct mining costs |
|
By-product credits |
|
|
Refining and selling costs |
|
Inventory change (1) |
|
|
Cash operating costs |
|
Gold oz sold |
|
Cash operating cost/oz sold |
|
Kisladag |
$110.9 |
|
($2.8 |
) |
|
$1.1 |
|
($5.5 |
) |
|
$103.7 |
|
134,213 |
|
$773 |
|
Lamaque |
109.9 |
|
(1.4 |
) |
|
0.3 |
|
2.6 |
|
|
111.3 |
|
173,409 |
|
642 |
|
Efemcukuru |
52.1 |
|
(3.3 |
) |
|
13.1 |
|
0.3 |
|
|
62.2 |
|
88,784 |
|
701 |
|
Olympias |
113.0 |
|
(69.9 |
) |
|
30.0 |
|
6.6 |
|
|
79.7 |
|
56,547 |
|
1,409 |
|
Total consolidated |
$385.8 |
|
($77.3 |
) |
|
$44.6 |
|
$4.0 |
|
|
$357.0 |
|
452,953 |
|
$788 |
|
(1) |
Inventory change adjustments result from timing differences between
when inventory is produced and when it is sold. |
|
|
|
For the three months ended December 31,
2021:
|
|
Direct mining costs |
|
By-product credits |
|
|
Refining and selling costs |
|
Inventory change (1) |
|
|
Cash operating costs |
|
Gold oz sold |
|
Cash operating cost/oz sold |
|
Kisladag |
$22.6 |
|
($0.6 |
) |
|
$0.1 |
|
$2.4 |
|
|
$24.5 |
|
33,269 |
|
$737 |
|
Lamaque |
26.5 |
|
(0.5 |
) |
|
0.1 |
|
(1.9 |
) |
|
24.2 |
|
50,257 |
|
482 |
|
Efemcukuru |
12.8 |
|
(1.0 |
) |
|
1.6 |
|
(0.1 |
) |
|
13.2 |
|
21,797 |
|
606 |
|
Olympias |
24.9 |
|
(18.3 |
) |
|
3.8 |
|
(4.2 |
) |
|
6.2 |
|
14,061 |
|
441 |
|
Total consolidated |
$86.9 |
|
($20.5 |
) |
|
$5.5 |
|
($3.8 |
) |
|
$68.2 |
|
119,384 |
|
$571 |
|
(1) |
Inventory change adjustments result from timing differences between
when inventory is produced and when it is sold. |
|
|
|
For the year ended December 31, 2021:
|
|
Direct mining costs |
|
By-product credits |
|
|
Refining and selling costs |
|
Inventory change (1) |
|
|
Cash operating costs |
|
Gold oz sold |
|
Cash operating cost/oz sold |
|
Kisladag |
$97.6 |
|
($3.1 |
) |
|
$2.6 |
|
$5.4 |
|
|
$102.4 |
|
175,862 |
|
$583 |
|
Lamaque |
97.2 |
|
(1.7 |
) |
|
0.2 |
|
(2.5 |
) |
|
93.3 |
|
151,393 |
|
616 |
|
Efemcukuru |
49.2 |
|
(4.3 |
) |
|
5.9 |
|
0.3 |
|
|
51.1 |
|
92,758 |
|
551 |
|
Olympias |
94.3 |
|
(55.7 |
) |
|
15.1 |
|
(5.1 |
) |
|
48.6 |
|
52,294 |
|
930 |
|
Total consolidated |
$338.3 |
|
($64.7 |
) |
|
$23.8 |
|
($1.9 |
) |
|
$295.5 |
|
472,307 |
|
$626 |
|
(1) |
Inventory change adjustments result from timing differences between
when inventory is produced and when it is sold. |
|
|
|
Reconciliation of Cash Operating Costs to Total
Cash Costs and Total Cash Costs per ounce sold:
|
|
Q4 2022 |
Q4 2021 |
2022 |
2021 |
2020 |
|
Cash operating costs |
$98.2 |
$68.2 |
$357.0 |
$295.5 |
$294.7 |
|
Royalty expense (1) |
10.2 |
13.1 |
40.6 |
42.0 |
46.7 |
|
Total cash costs |
$108.4 |
$81.3 |
$397.6 |
$337.5 |
$341.4 |
|
Gold ounces sold |
132,462 |
119,384 |
452,953 |
472,307 |
526,406 |
|
Total cash costs per ounce sold |
$818 |
$681 |
$878 |
$715 |
$649 |
|
(1) |
Included in production costs. |
|
|
|
Reconciliation of All-in Sustaining Costs and
All-in Sustaining Costs per ounce sold:
|
|
Q4 2022 |
|
Q4 2021 |
2022 |
2021 |
2020 |
|
Total cash costs |
$108.4 |
|
$81.3 |
$397.6 |
$337.5 |
$341.4 |
|
Corporate and allocated G&A |
18.2 |
|
10.3 |
45.6 |
37.4 |
35.7 |
|
Exploration and evaluation costs |
(0.3 |
) |
2.9 |
1.1 |
12.3 |
8.3 |
|
Reclamation costs and amortization |
1.8 |
|
0.2 |
7.1 |
4.4 |
7.0 |
|
Sustaining capital expenditure |
36.9 |
|
33.8 |
126.5 |
113.1 |
92.4 |
|
AISC |
$165.0 |
|
$128.5 |
$577.9 |
$504.6 |
$484.8 |
|
Gold ounces sold |
132,462 |
|
119,384 |
452,953 |
472,307 |
526,406 |
|
AISC per ounce sold |
$1,246 |
|
$1,076 |
$1,276 |
$1,068 |
$921 |
Reconciliations of adjustments within AISC to the most directly
comparable IFRS measures are presented below.
Reconciliation of general and administrative
expenses included in All-in Sustaining Costs:
|
|
Q4 2022 |
|
Q4 2021 |
|
2022 |
|
2021 |
|
2020 |
|
|
General and administrative expenses (from
consolidated statement of operations) |
$13.9 |
|
$8.8 |
|
$37.0 |
|
$35.5 |
|
$28.5 |
|
|
Add: |
|
|
|
|
|
|
Share based payments expense |
3.9 |
|
2.5 |
|
10.7 |
|
7.9 |
|
10.7 |
|
|
Employee benefit pension plan expense from corporate and operating
gold mines |
2.5 |
|
0.1 |
|
6.0 |
|
2.3 |
|
2.8 |
|
|
Less: |
|
|
|
|
|
|
General and administrative expenses related to non-gold mines and
in-country offices |
(0.1 |
) |
(0.2 |
) |
(0.6 |
) |
(0.5 |
) |
(0.4 |
) |
|
Depreciation in G&A |
(0.5 |
) |
(0.2 |
) |
(2.2 |
) |
(1.0 |
) |
(2.1 |
) |
|
Business development |
(0.8 |
) |
(0.4 |
) |
(2.2 |
) |
(4.6 |
) |
(2.5 |
) |
|
Development projects |
(0.7 |
) |
(0.4 |
) |
(3.4 |
) |
(2.5 |
) |
(1.4 |
) |
|
Adjusted corporate general and administrative
expenses |
$18.2 |
|
$10.3 |
|
$45.4 |
|
$37.3 |
|
$35.6 |
|
|
Regional general and administrative costs allocated to gold
mines |
— |
|
— |
|
0.2 |
|
0.1 |
|
0.1 |
|
|
Corporate and allocated general and administrative expenses
per AISC |
$18.2 |
|
$10.3 |
|
$45.6 |
|
$37.4 |
|
$35.7 |
|
Reconciliation of exploration and evaluation
costs included in All-in Sustaining Costs:
|
|
Q4 2022 |
|
Q4 2021 |
|
2022 |
|
2021 |
|
2020 |
|
|
Exploration and evaluation expense (1)(from
consolidated statement of operations) |
$6.8 |
|
$1.0 |
|
$19.6 |
|
$14.8 |
|
$12.5 |
|
|
Add: |
|
|
|
|
|
|
Capitalized evaluation cost related to gold mines |
(0.3 |
) |
2.1 |
|
1.1 |
|
8.8 |
|
6.0 |
|
|
Less: |
|
|
|
|
|
|
Exploration and evaluation expenses related to non-gold mines and
other sites (1) |
(6.8 |
) |
(0.3 |
) |
(19.6 |
) |
(11.3 |
) |
(10.1 |
) |
|
Exploration costs per AISC |
($0.3 |
) |
$2.9 |
|
$1.1 |
|
$12.3 |
|
$8.4 |
|
|
(1) |
Amounts presented for 2022 and 2021 are from continuing operations
only and exclude the Romania and Brazil Segments. See Note 6 of our
Consolidated Financial Statements. |
|
|
|
Reconciliation of reclamation costs and
amortization included in All-in Sustaining Costs:
|
|
Q4 2022 |
|
Q4 2021 |
|
2022 |
|
2021 |
|
2020 |
|
|
Asset retirement obligation accretion (1)(from
notes to the consolidated financial statements) |
$0.5 |
|
$0.3 |
|
$2.0 |
|
$1.4 |
|
$1.9 |
|
|
Add: |
|
|
|
|
|
|
Depreciation related to asset retirement obligation assets |
1.4 |
|
(0.1 |
) |
5.4 |
|
3.2 |
|
5.6 |
|
|
Less: |
|
|
|
|
|
|
Asset retirement obligation accretion related to non-gold mines and
other sites |
(0.1 |
) |
(0.1 |
) |
(0.3 |
) |
(0.3 |
) |
(0.5 |
) |
|
Reclamation costs and amortization per AISC |
$1.8 |
|
$0.2 |
|
$7.1 |
|
$4.4 |
|
$7.0 |
|
|
(1) |
Amounts presented for 2022 and 2021 are from continuing operations
only and exclude the Romania and Brazil Segments. See Note 6 of our
Consolidated Financial Statements. |
|
|
|
Sustaining and Growth Capital
Our reconciliation of growth capital and
sustaining capital expenditure at operating gold mines to additions
to property, plant and equipment, the most directly comparable IFRS
measure, is presented below.
|
|
Q4 2022 |
|
Q4 2021 |
|
2022 |
|
2021 |
|
2020 |
|
|
Additions to property, plant and equipment
(1)(from notes to the consolidated financial statements) |
$84.9 |
|
$80.1 |
|
$305.8 |
|
$292.8 |
|
$198.4 |
|
|
Growth and development project capital expenditure (2) |
(46.6 |
) |
(40.0 |
) |
(166.0 |
) |
(156.7 |
) |
(82.9 |
) |
|
Capitalized exploration |
(0.4 |
) |
(3.6 |
) |
(11.3 |
) |
(12.4 |
) |
(7.4 |
) |
|
Sustaining capital expenditure Stratoni (3) |
— |
|
(2.5 |
) |
— |
|
(7.3 |
) |
(7.5 |
) |
|
Sustaining capital expenditure equipment leases (4) |
(0.9 |
) |
(0.2 |
) |
(2.0 |
) |
(2.0 |
) |
(2.0 |
) |
|
Corporate leases |
— |
|
— |
|
(0.1 |
) |
(1.3 |
) |
(6.2 |
) |
|
Sustaining capital expenditure at operating gold
mines |
$36.9 |
|
$33.8 |
|
$126.5 |
|
$113.1 |
|
$92.4 |
|
|
(1) |
Amounts presented for 2022 and 2021 are from continuing operations
only and exclude the Romania and Brazil Segments. See Note 6 of our
Consolidated Financial Statements. |
|
(2) |
Includes growth capital expenditures and capital expenditures
relating to Skouries, Stratoni and Other Projects, excluding
non-cash sustaining lease additions. |
|
(3) |
Base metals production, presented for 2021. Operations at Stratoni
were suspended at the end of 2021. Includes non-cash lease
additions. |
|
(4) |
Non-cash sustaining lease additions, net of sustaining lease
principal and interest payments. |
|
|
|
Our reconciliation by asset of AISC and AISC per
ounce sold to cash operating costs is presented below.
For the three months ended December 31,
2022:
|
|
Cash operating costs |
Royalties & production taxes |
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
|
Reclamation costs and amortization |
Sustaining capex |
Total AISC |
Gold oz sold |
TotalAISC/ oz
sold |
|
Kisladag |
$28.2 |
$3.3 |
$31.5 |
$— |
$— |
|
$0.7 |
$3.0 |
$35.2 |
39,833 |
$884 |
|
Lamaque |
27.7 |
1.1 |
28.9 |
— |
0.4 |
|
0.1 |
18.1 |
47.4 |
51,244 |
925 |
|
Efemcukuru |
15.9 |
2.7 |
18.5 |
— |
— |
|
0.6 |
5.3 |
24.5 |
21,486 |
1,138 |
|
Olympias |
26.4 |
3.1 |
29.5 |
— |
(0.7 |
) |
0.5 |
10.5 |
39.8 |
19,899 |
1,998 |
|
Corporate (1) |
— |
— |
— |
18.1 |
— |
|
— |
— |
18.1 |
— |
137 |
|
Total consolidated |
$98.2 |
$10.2 |
$108.4 |
$18.2 |
($0.3 |
) |
$1.8 |
$36.9 |
$165.0 |
132,462 |
$1,246 |
|
(1) |
Excludes general and administrative expenses related to business
development activities and projects. Includes share based payments
expense and defined benefit pension plan expense. AISC per ounce
sold has been calculated using total consolidated gold ounces
sold. |
|
|
|
For the year ended December 31, 2022:
|
|
Cash operating costs |
Royalties & production taxes |
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
Reclamation costs and amortization |
Sustaining capex |
Total AISC |
Gold oz sold |
TotalAISC/ oz
sold |
|
Kisladag |
$103.7 |
$13.6 |
$117.3 |
$— |
$— |
$2.3 |
$14.7 |
$134.3 |
134,213 |
$1,000 |
|
Lamaque |
111.3 |
4.0 |
115.3 |
— |
1.0 |
0.5 |
62.8 |
179.6 |
173,409 |
1,036 |
|
Efemcukuru |
62.2 |
13.1 |
75.3 |
0.2 |
— |
2.6 |
18.8 |
96.8 |
88,784 |
1,091 |
|
Olympias |
79.7 |
10.0 |
89.7 |
— |
0.1 |
1.8 |
30.3 |
121.9 |
56,547 |
2,155 |
|
Corporate (1) |
— |
— |
— |
45.4 |
— |
— |
— |
45.4 |
— |
100 |
|
Total consolidated |
$357.0 |
$40.6 |
$397.6 |
$45.6 |
$1.1 |
$7.1 |
$126.5 |
$577.9 |
452,953 |
$1,276 |
|
(1) |
Excludes general and administrative expenses related to business
development activities and projects. Includes share based payments
expense and defined benefit pension plan expense. AISC per ounce
sold has been calculated using total consolidated gold ounces
sold. |
|
|
|
For the three months ended December 31, 2021:
|
|
Cash operating costs |
Royalties & production taxes |
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
Reclamation costs and amortization |
|
Sustaining capex |
Total AISC |
Gold oz sold |
TotalAISC/ oz
sold |
|
Kisladag |
$24.5 |
$3.6 |
$28.2 |
$— |
$— |
$0.4 |
|
$4.0 |
$32.5 |
33,269 |
$977 |
|
Lamaque |
24.2 |
1.9 |
26.1 |
— |
2.3 |
(0.8 |
) |
13.4 |
41.0 |
50,257 |
815 |
|
Efemcukuru |
13.2 |
3.9 |
17.2 |
— |
0.3 |
0.2 |
|
6.4 |
24.1 |
21,797 |
1,104 |
|
Olympias |
6.2 |
3.7 |
9.9 |
— |
0.3 |
0.4 |
|
10.1 |
20.6 |
14,061 |
1,467 |
|
Corporate (1) |
— |
— |
— |
10.3 |
— |
— |
|
— |
10.3 |
— |
86 |
|
Total consolidated |
$68.2 |
$13.1 |
$81.3 |
$10.3 |
$2.9 |
$0.2 |
|
$33.8 |
$128.5 |
119,384 |
$1,076 |
|
(1) |
Excludes general and administrative expenses related to business
development activities and projects. Includes share based payments
expense and defined benefit pension plan expense. AISC per ounce
sold has been calculated using total consolidated gold ounces
sold. |
|
|
|
For the year ended December 31, 2021:
|
|
Cash operating costs |
Royalties & production taxes |
Total cash costs |
Corporate & allocated G&A |
Exploration costs |
Reclamation costs and amortization |
|
Sustaining capex |
Total AISC |
Gold oz sold |
TotalAISC/ oz
sold |
|
Kisladag |
$102.4 |
$17.1 |
$119.5 |
$0.1 |
$— |
$1.9 |
|
$18.6 |
$140.2 |
175,862 |
$797 |
|
Lamaque |
93.3 |
4.1 |
97.3 |
— |
9.5 |
(0.3 |
) |
47.3 |
153.9 |
151,393 |
1,017 |
|
Efemcukuru |
51.1 |
11.8 |
63.0 |
— |
1.6 |
1.0 |
|
18.0 |
83.6 |
92,758 |
901 |
|
Olympias |
48.6 |
9.1 |
57.7 |
— |
1.1 |
1.8 |
|
29.1 |
89.7 |
52,294 |
1,715 |
|
Corporate (1) |
— |
— |
— |
37.3 |
— |
— |
|
— |
37.3 |
— |
79 |
|
Total consolidated |
$295.5 |
$42.0 |
$337.5 |
$37.4 |
$12.3 |
$4.4 |
|
$113.1 |
$504.6 |
472,307 |
$1,068 |
|
(1) |
Excludes general and administrative expenses related to business
development activities and projects. Includes share based payments
expense and defined benefit pension plan expense. AISC per ounce
sold has been calculated using total consolidated gold ounces
sold. |
|
|
|
Average realized gold price per ounce sold is reconciled for the
periods presented as follows:
For the three months ended December 31,
2022:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
|
Gold revenue |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$69.9 |
$— |
($0.7 |
) |
$69.2 |
39,833 |
$1,738 |
|
Lamaque |
90.0 |
— |
(0.4 |
) |
89.6 |
51,244 |
1,748 |
|
Efemcukuru |
38.4 |
1.6 |
(1.0 |
) |
39.0 |
21,486 |
1,815 |
|
Olympias |
47.9 |
1.6 |
(15.0 |
) |
34.5 |
19,899 |
1,735 |
|
Stratoni |
— |
— |
— |
|
— |
N/A |
N/A |
|
Total consolidated |
$246.2 |
$3.2 |
($17.0 |
) |
$232.3 |
132,462 |
$1,754 |
|
(1) |
Treatment charges, refining charges, penalties and other costs
deducted from proceeds from gold concentrate sales. |
|
|
|
For the year ended December 31, 2022:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
|
Gold revenue |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$243.3 |
$— |
($2.8 |
) |
$240.5 |
134,213 |
$1,792 |
|
Lamaque |
313.0 |
— |
(1.4 |
) |
311.5 |
173,409 |
1,797 |
|
Efemcukuru |
155.3 |
5.4 |
(3.3 |
) |
157.5 |
88,784 |
1,774 |
|
Olympias |
159.9 |
10.1 |
(69.9 |
) |
100.1 |
56,547 |
1,771 |
|
Stratoni |
0.5 |
— |
(0.5 |
) |
— |
N/A |
N/A |
|
Total consolidated |
$872.0 |
$15.5 |
($77.8 |
) |
$809.6 |
452,953 |
$1,787 |
|
(1) |
Treatment charges, refining charges, penalties and other costs
deducted from proceeds from gold concentrate sales. |
|
|
|
For the three months ended December 31,
2021:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
|
Gold revenue |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$60.4 |
$— |
($0.6 |
) |
$59.7 |
33,269 |
$1,796 |
|
Lamaque |
91.1 |
— |
(0.5 |
) |
90.5 |
50,257 |
1,802 |
|
Efemcukuru |
40.0 |
0.5 |
(1.0 |
) |
39.6 |
21,797 |
1,815 |
|
Olympias |
40.9 |
— |
(18.3 |
) |
22.6 |
14,061 |
1,611 |
|
Stratoni |
12.2 |
— |
(12.2 |
) |
— |
N/A |
N/A |
|
Total consolidated |
$244.6 |
$0.5 |
($32.7 |
) |
$212.5 |
119,384 |
$1,780 |
|
(1) |
Treatment charges, refining charges, penalties and other costs
deducted from proceeds from gold concentrate sales. |
|
|
|
For the year ended December 31, 2021:
|
|
Revenue |
Add concentrate deductions
(1) |
Less non-gold revenue |
|
Gold revenue |
Gold oz sold |
Average realized gold price per ounce sold |
|
Kisladag |
$319.3 |
$— |
($3.1 |
) |
$316.2 |
175,862 |
$1,798 |
|
Lamaque |
273.4 |
— |
(1.7 |
) |
271.7 |
151,393 |
1,795 |
|
Efemcukuru |
166.7 |
2.5 |
(4.3 |
) |
165.0 |
92,758 |
1,779 |
|
Olympias |
143.9 |
— |
(55.7 |
) |
88.2 |
52,294 |
1,686 |
|
Stratoni |
37.6 |
— |
(37.6 |
) |
— |
N/A |
N/A |
|
Total consolidated |
$940.9 |
$2.5 |
($102.3 |
) |
$841.1 |
472,307 |
$1,781 |
|
(1) |
Treatment charges, refining charges, penalties and other costs
deducted from proceeds from gold concentrate sales. |
|
|
|
Reconciliation of Net Earnings attributable to
shareholders of the Company to Adjusted Net Earnings (Loss)
attributable to shareholders of the Company:
|
Continuing Operations (1) |
Q4 2022 |
|
Q4 2021 |
|
2022 |
|
2021 |
|
2020 |
|
|
Net earnings (loss) attributable to shareholders of the
Company (2) |
$41.9 |
|
($39.4 |
) |
($49.2 |
) |
$20.9 |
|
$131.1 |
|
|
(Gain) loss on foreign exchange translation of deferred tax
balances |
(18.3 |
) |
41.4 |
|
35.9 |
|
54.6 |
|
10.6 |
|
|
Write-down of assets, net of tax (3) |
5.2 |
|
— |
|
20.0 |
|
— |
|
43.4 |
|
|
(Gain) loss on redemption option derivative |
(3.0 |
) |
(4.0 |
) |
4.4 |
|
2.7 |
|
(1.8 |
) |
|
Gain on deferred tax due to changes in tax rates (4) |
— |
|
— |
|
(1.0 |
) |
(5.3 |
) |
— |
|
|
Closure of Stratoni, net of tax (5) |
— |
|
30.8 |
|
— |
|
30.8 |
|
— |
|
|
Finance costs relating to debt refinancing (6) |
— |
|
— |
|
— |
|
31.1 |
|
— |
|
|
Gain on sale of mining licences, net of tax (7) |
— |
|
— |
|
— |
|
(5.3 |
) |
— |
|
|
Finance costs relating to partial debt redemption |
— |
|
— |
|
— |
|
— |
|
8.6 |
|
|
Lamaque standby costs, net of tax (8) |
— |
|
— |
|
— |
|
— |
|
2.3 |
|
|
Total adjusted net earnings(1,2) |
$25.8 |
|
$28.8 |
|
$10.1 |
|
$129.5 |
|
$194.2 |
|
|
Weighted average shares outstanding (thousands) |
183,840 |
|
182,496 |
|
183,446 |
|
180,297 |
|
171,047 |
|
|
Adjusted net earnings per share ($/share) (1) |
$0.14 |
|
$0.16 |
|
$0.05 |
|
$0.72 |
|
$1.14 |
|
|
(1) |
Amounts presented for 2022 and 2021 are from continuing operations
only and exclude the Romania and Brazil Segments. See Note 6 of our
Consolidated Financial Statements. |
|
(2) |
2020 amounts have been recast to correct an immaterial error
related to an understatement of the net book value of certain of
our property, plant and equipment as a result of errors in the
amounts recorded for depreciation. |
|
(3) |
Non-recurring write-downs in 2022 include a $5.2 million
write-down, net of tax, related to the existing heap leach pad and
ADR plant at Kisladag, a $16.0 million write-down, net of tax,
related to decommissioned equipment at Kisladag as a result of
installation and commissioning of the HPGR in Q1, and a partial
reversal of equipment at Stratoni previously written down, net of
tax. In 2020, this figure includes a $40.0 million write-down of
capital works in progress and a $3.4 million VAT provision
associated with the write-down. |
|
(4) |
Q1 2022 includes a deferred tax recovery relating to the adjustment
of opening balances for a tax rate decrease in Turkiye, enacted in
that quarter. Q2 2021 includes an $11.4 million deferred tax
recovery relating to the adjustment of opening balances for a tax
rate decrease in Greece net of a $6.1 million deferred tax expense
relating to the adjustment of opening balances for a tax rate
increase in Turkiye. Both tax rate changes were enacted in Q2 2021
and were retroactive to January 1, 2021. |
|
(5) |
Costs relating to the closure of Stratoni include $13.9 million
impairment, $3.5 million equipment write-downs and $13.4 million
deferred tax expense. |
|
(6) |
Finance costs relating to the debt refinancing in Q3 2021 include a
$21.4 million redemption premium and $9.7 million of unamortized
costs related to the debt redeemed that were expensed in full in
the quarter. |
|
(7) |
Sale of mining licences in Turkiye in May 2021, net of tax. |
|
(8) |
Mine standby costs relating to the government-mandated temporary
suspension of operations at Lamaque in 2020 to address the COVID-19
pandemic are presented net of tax and net of subsidies recorded in
other income. |
|
|
|
Reconciliation of Net Earnings (Loss) before
income tax to EBITDA and Adjusted EBITDA:
|
Continuing Operations (1) |
Q4 2022 |
|
Q4 2021 |
|
2022 |
|
2021 |
|
|
Earnings before income tax (1) |
$18.3 |
|
$54.5 |
|
$11.9 |
|
$157.5 |
|
|
Depreciation, depletion and amortization (1,2) |
66.6 |
|
47.0 |
|
242.4 |
|
201.9 |
|
|
Interest income |
(4.0 |
) |
(0.3 |
) |
(6.8 |
) |
(2.2 |
) |
|
Finance costs (1) |
6.6 |
|
4.9 |
|
41.6 |
|
71.8 |
|
|
EBITDA |
$87.5 |
|
$106.1 |
|
$289.1 |
|
$429.0 |
|
|
Other write-down of assets (3) |
6.4 |
|
— |
|
24.6 |
|
— |
|
|
Share-based payments |
3.9 |
|
2.5 |
|
10.7 |
|
7.9 |
|
|
Loss on disposal of assets (1) |
(0.7 |
) |
0.8 |
|
(3.0 |
) |
0.8 |
|
|
Closure of Stratoni (4) |
— |
|
17.4 |
|
— |
|
17.4 |
|
|
Gain on sale of mining licences (5) |
— |
|
— |
|
— |
|
(7.0 |
) |
|
Adjusted EBITDA |
$97.1 |
|
$126.9 |
|
$321.5 |
|
$448.1 |
|
|
(1) |
Amounts presented for 2022 and 2021 are from continuing operations
only and exclude the Romania and Brazil Segments. See Note 6 of our
Consolidated Financial Statements. |
| (2) |
Includes depreciation within
general and administrative expenses. |
| (3) |
Non-recurring write-downs in 2022
include a $6.4 million write-down in Q4 2022 relating to the
existing heap leach pad and ADR plant at Kisladag, a $19.8 million
write-down in Q1 2022 related to decommissioned equipment at
Kisladag as a result of installation and commissioning of the HPGR,
and in Q2 2022 a partial reversal of Stratoni equipment previously
written down. |
| (4) |
Costs relating to the closure of
Stratoni include $3.5 million write-down of equipment and $13.9
million impairment. |
| (5) |
Sale of mining licences in
Turkiye in May 2021. |
| |
|
Reconciliation of Cash Generated from Operating
Activities to Free Cash Flow:
|
Continuing Operations (1) |
Q4 2022 |
|
Q4 2021 |
|
2022 |
|
2021 |
|
2020 |
|
|
Cash generated from operating activities
(1,2) |
$96.2 |
|
$112.5 |
|
$211.2 |
|
$366.7 |
|
$471.8 |
|
|
Less: Cash used in investing activities (1,2) |
(55.5 |
) |
(66.2 |
) |
(370.9 |
) |
(263.0 |
) |
(252.7 |
) |
|
Add back: Increase (decrease) in term deposits |
(30.0 |
) |
— |
|
35.0 |
|
(59.0 |
) |
55.8 |
|
|
Add back: Purchase of marketable securities (3) |
— |
|
1.0 |
|
20.2 |
|
28.1 |
|
— |
|
|
Add back: Proceeds from sale of marketable securities (3) |
— |
|
(2.4 |
) |
— |
|
(2.4 |
) |
(5.2 |
) |
|
Add back: Acquisition of subsidiary, net of cash received (4) |
— |
|
— |
|
— |
|
19.3 |
|
— |
|
|
Add back: Proceeds from sale of Tocantinzinho, net of cash disposed
(5) |
— |
|
(19.7 |
) |
— |
|
(19.7 |
) |
— |
|
|
Add back: Sale of mining licences (6) |
— |
|
(2.3 |
) |
— |
|
(7.3 |
) |
— |
|
|
Add back: Increase (decrease) in restricted cash |
— |
|
— |
|
— |
|
0.6 |
|
(1.0 |
) |
|
Free Cash Flow |
$10.7 |
|
$23.0 |
|
($104.5 |
) |
$63.3 |
|
$268.7 |
|
|
(1) |
Amounts presented for 2022 and 2021 are from continuing operations
only and exclude the Romania and Brazil Segments. See Note 6 of our
Consolidated Financial Statements. |
| (2) |
2020 amounts have been restated
for a voluntary change in accounting policy to classify cash paid
for interest on the statement of cash flows as a financing, rather
than an operating activity. |
| (3) |
Purchase of marketable securities
includes $18.7 million cash paid on the acquisition of Probe Gold
Inc. Free cash flow in 2020 has been adjusted to conform with 2021
presentation by including adjustments relating to proceeds from the
sale of marketable securities (2020: $5.2 million). |
| (4) |
Cash paid upon acquisition of QMX
Gold Corporation in Q2 2021, net of $4.3 million cash
acquired. |
| (5) |
Cash proceeds received upon the
sale of Tocantinzinho, net of $0.3 million cash disposed. |
| (6) |
Cash consideration received on sale of mining licences. |
| |
|
Working capital for the periods highlighted is as follows:
|
|
As at December 31, 2022 |
As at December 31, 2021 |
|
Current assets, excluding assets held for sale |
$604.7 |
$728.2 |
|
Less: Current liabilities, excluding liabilities held for sale |
200.5 |
206.7 |
|
Working capital |
$404.3 |
$521.6 |
Reconciliation of Net Cash Generated from
Operating Activities to Cash Flow from Operating Activities before
Changes in Working Capital:
|
Continuing Operations (1) |
Q4 2022 |
|
Q4 2021 |
|
2022 |
|
2021 |
|
2020 |
|
Net cash generated from operating activities (1,2) |
$96.2 |
|
$112.5 |
|
$211.2 |
|
$366.7 |
|
$471.8 |
|
Less: Changes in non-cash working capital (3) |
11.1 |
|
(5.0 |
) |
(28.3 |
) |
(9.8 |
) |
33.4 |
|
Cash flow from operating activities before changes in
working capital |
$85.2 |
|
$117.5 |
|
$239.5 |
|
$376.5 |
|
$438.4 |
|
(1) |
Amounts presented for 2022 and 2021 are from continuing operations
only and exclude the Romania and Brazil Segments. See Note 6 of our
Consolidated Financial Statements. |
| (2) |
2020 amounts have been restated
for a voluntary change in accounting policy to classify cash paid
for interest on the statement of cash flows as a financing, rather
than an operating activity. |
| (3) |
2020 amounts have been recast to
correct an immaterial error related to an understatement of the net
book value of certain of our property, plant and equipment as a
result of errors in the amounts recorded for depreciation. |
| |
|
Cautionary Note about Forward-looking Statements and
Information
Certain of the statements made and information
provided in this press release are forward-looking statements or
information within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws. Often, these forward-looking statements and
forward-looking information can be identified by the use of words
such as “anticipates”, “assumes”, “believes”, “budget”,
“committed”, “continue”, “estimates”, “expects”, “forecasts”,
“foresee”, “future”, “goal”, “guidance”, “intends”, “opportunity”,
“outlook”, “plans”, “potential”, “schedule”, “strive”, “target” or
“underway” or the negatives thereof or variations of such words and
phrases or statements that certain actions, events or results
“can”, “could”, “likely”, “may”, “might”, “will” or “would” be
taken, occur or be achieved.
Forward-looking statements or information
contained in this release include, but are not limited to,
statements or information with respect to: the duration, extent and
other implications of production challenges and cost increases,
including those in respect of COVID-19, the Russia-Ukraine war and
restrictions and suspensions with respect to the Company’s
operations; the Company’s 2023 annual production and cost guidance,
including our individual mine production; the timing of production;
the timing of resource conversion drilling; the total funding
requirements for Skouries, including the sources thereof; the
drawdown of the proceeds of the Term Facility, including the timing
thereof; the Company’s ability to fund the remaining 20% funding
commitment for Skouries; the Company’s ability to successfully
advance the Skouries project and achieve the results provided for
in the Skouries feasibility study; forecasted net present value,
internal rate of return, EBITDA, and AISC; expectations regarding
advancement and development of the Skouries project, including the
ability to meet expectations and the timing thereof; the
optimization and development of Greek operations, including
benefits, risks, financing and the amended investment agreement
with the Hellenic Republic related thereto; the completion,
availability and benefits of processing facilities and
transportation equipment; the Company's conference call to be held
on February 24, 2023; government approvals; government measures
relating to cost increases; alternative markets for concentrate
shipments; changes in law and tax rates; completion and timing of,
and consideration expected to be received in, the sale of the
Certej project; flowthrough financings and the use of proceeds
therefrom; sustainability and GHG targets; changes in internal
controls over financial reporting; critical accounting estimates
and judgements; changes in accounting policies; expected
metallurgical recoveries and improved concentrate grade and
quality; non-IFRS financial measures and ratios; risk factors
affecting our business; our expectation as to our future financial
and operating performance, including future cash flow, estimated
cash costs, expected metallurgical recoveries and gold price
outlook; and our strategy, plans and goals, including our proposed
exploration, development, construction, permitting and operating
plans and priorities, related timelines and schedules.
Forward-looking statements and forward-looking information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information.
We have made certain assumptions about the
forward-looking statements and information, including assumptions
about: production and cost expectations; the total funding required
to complete Skouries; our ability to meet our timing objectives for
first drawdown of the Term Facility; our ability to execute our
plans relating to Skouries, including the timing thereof; our
ability to obtain all required approvals and permits; cost
estimates in respect of Skouries; no changes in input costs,
exchange rates, development and gold; the geopolitical, economic,
permitting and legal climate that we operate in, including at the
Skouries project; timely satisfaction of the conditions precedent
to closing the sale of the Certej project; our preliminary gold
production and our guidance, benefits of the completion of the
decline at Lamaque, the improvements at Kisladag and the
optimization of Greek operations; tax expenses in Turkiye; how the
world-wide economic and social impact of COVID-19 is managed and
the duration and extent of the COVID-19 pandemic; timing, cost and
results of our construction and exploration; the geopolitical,
economic, permitting and legal climate that we operate in; the
future price of gold and other commodities; the global concentrate
market; exchange rates; anticipated values, costs, expenses and
working capital requirements; production and metallurgical
recoveries; mineral reserves and resources; and the impact of
acquisitions, dispositions, suspensions or delays on our business
and the ability to achieve our goals. In addition, except where
otherwise stated, we have assumed a continuation of existing
business operations on substantially the same basis as exists at
the time of this release.
Even though our management believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that the forward-looking statement or information will prove to be
accurate. Many assumptions may be difficult to predict and are
beyond our control.
Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or information.
These risks, uncertainties and other factors include, among others,
the following: increases in financing costs or adverse changes to
the Term Facility; failure or delays to receive necessary approvals
or otherwise satisfy the conditions to the drawdown of the Term
Facility; the proceeds of the Term Facility not being available to
the Company or Hellas Gold Single Member S.A.; ability to execute
on plans relating to Skouries, including the timing thereof,
ability to achieve the social impacts and benefits contemplated;
ability to meet production, expenditure and cost guidance;
inability to achieve the expected benefits of the completion of the
decline at Lamaque, the improvements at Kisladag and the
optimization of Greek operations; inability to assess income tax
expenses in Turkiye; risks relating to the ongoing COVID-19
pandemic and any future pandemic, epidemic, endemic or similar
public health threats; timing and cost of construction, and the
associated benefits; ability to achieve expected benefits from
improvements, recoveries of gold and other metals; risks relating
to our operations being located in foreign jurisdictions; community
relations and social license; climate change; liquidity and
financing risks; development risks; indebtedness, including current
and future operating restrictions, implications of a change of
control, ability to meet debt service obligations, the implications
of defaulting on obligations and change in credit ratings;
environmental matters; waste disposal; the global economic
environment; government regulation; reliance on a limited number of
smelters and off-takers; commodity price risk; mineral tenure;
permits; risks relating to environmental sustainability and
governance practices and performance; non-governmental
organizations; corruption, bribery and sanctions; litigation and
contracts; information technology systems; estimation of mineral
reserves and mineral resources; production and processing
estimates; credit risk; actions of activist shareholders; price
volatility, volume fluctuations and dilution risk in respect of our
shares; reliance on infrastructure, commodities and consumables;
currency risk; inflation risk; interest rate risk; tax matters;
dividends; financial reporting, including relating to the carrying
value of our assets and changes in reporting standards; labour,
including relating to employee/union relations, employee
misconduct, key personnel, skilled workforce, expatriates and
contractors; reclamation and long-term obligations; regulated
substances; necessary equipment; co-ownership of our properties;
acquisitions, including integration risks, and dispositions; the
unavailability of insurance; conflicts of interest; compliance with
privacy legislation; reputational issues; competition, as well as
those risk factors discussed in the sections titled “Managing Risk”
in the Company’s MD&A for the three and twelve months ended
December 31, 2022 and in the sections titled “Forward-looking
information and risks” and "Risk factors in our business" in the
Company's most recent Annual Information Form & Form 40-F. The
reader is directed to carefully review the detailed risk discussion
in our most recent MD&A and Annual Information Form filed on
SEDAR and EDGAR under our Company name, which discussion is
incorporated by reference in this release, for a fuller
understanding of the risks and uncertainties that affect the
Company’s business and operations.
The inclusion of forward-looking statements and
information is designed to help you understand management’s current
views of our near- and longer-term prospects, and it may not be
appropriate for other purposes.
There can be no assurance that forward-looking
statements or information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, you should not place
undue reliance on the forward-looking statements or information
contained herein. Except as required by law, we do not expect to
update forward-looking statements and information continually as
conditions change and you are referred to the full discussion of
the Company’s business contained in the Company’s reports filed
with the securities regulatory authorities in Canada and the United
States.
This press release contains information that may
constitute future-orientated financial information or financial
outlook information (collectively, “FOFI”) about Eldorado’s
prospective financial performance, financial position or cash
flows, all of which is subject to the same assumptions, risk
factors, limitations and qualifications as set forth above. Readers
are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise or inaccurate and, as such,
undue reliance should not be placed on FOFI. Eldorado’s actual
results, performance and achievements could differ materially from
those expressed in, or implied by, FOFI. Eldorado has included FOFI
in order to provide readers with a more complete perspective on
Eldorado’s future operations and management’s current expectations
relating to Eldorado’s future performance. Readers are cautioned
that such information may not be appropriate for other purposes.
FOFI contained herein was made as of the date of this press
release. Unless required by applicable laws, Eldorado does not
undertake any obligation to publicly update or revise any FOFI
statements, whether as a result of new information, future events
or otherwise.Financial Information and condensed statements
contained herein or attached hereto may not be suitable for readers
that are unfamiliar with the Company and is not a substitute for
reading the Company’s financial statements and related MD&A
available on our website and on SEDAR and EDGAR under our Company
name. The reader is directed to carefully review such document for
a full understanding of the financial information summarized
herein.
Except as otherwise noted, scientific and
technical information contained in this press release was reviewed
and approved by Simon Hille, FAusIMM and SVP Technical Services and
Operations for the Company, and a "qualified person" under NI
43-101.
Eldorado Gold CorporationConsolidated
Statements of Financial Position
As at December 31, 2022 and December 31, 2021(In thousands of U.S.
dollars)
|
|
Note |
|
December 31, 2022 |
|
|
December 31, 2021 |
|
| |
|
|
|
|
|
| ASSETS |
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
7 |
|
$279,735 |
|
|
$481,327 |
|
|
Term deposits |
27 |
|
35,000 |
|
|
— |
|
|
Accounts receivable and other |
8 |
|
91,113 |
|
|
68,745 |
|
|
Inventories |
9 |
|
198,872 |
|
|
178,163 |
|
|
Assets held for sale |
6 |
|
27,738 |
|
|
— |
|
| |
|
|
632,458 |
|
|
728,235 |
|
| Restricted cash |
|
|
2,033 |
|
|
2,674 |
|
| Deferred tax assets |
|
|
14,507 |
|
|
— |
|
| Other assets |
10 |
|
120,065 |
|
|
104,023 |
|
| Property, plant and
equipment |
12 |
|
3,596,262 |
|
|
4,003,211 |
|
| Goodwill |
13 |
|
92,591 |
|
|
92,591 |
|
| |
|
|
$4,457,916 |
|
|
$4,930,734 |
|
| LIABILITIES &
EQUITY |
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
15 |
|
$191,705 |
|
|
$195,334 |
|
|
Current portion of lease liabilities |
|
|
4,777 |
|
|
7,228 |
|
|
Current portion of asset retirement obligations |
17 |
|
3,980 |
|
|
4,088 |
|
|
Liabilities associated with assets held for sale |
6 |
|
10,479 |
|
|
— |
|
| |
|
|
210,941 |
|
|
206,650 |
|
| Debt |
16 |
|
494,414 |
|
|
489,763 |
|
| Lease liabilities |
|
|
12,164 |
|
|
14,895 |
|
| Employee benefit plan
obligations |
|
|
8,910 |
|
|
8,942 |
|
| Asset retirement
obligations |
17 |
|
105,893 |
|
|
131,367 |
|
| Deferred income tax
liabilities |
|
|
424,726 |
|
|
439,195 |
|
| |
|
|
$1,257,048 |
|
|
$1,290,812 |
|
| Equity |
|
|
|
|
|
| Share capital |
20 |
|
3,241,644 |
|
|
3,225,326 |
|
| Treasury stock |
|
|
(20,454 |
) |
|
(10,289 |
) |
| Contributed surplus |
|
|
2,618,212 |
|
|
2,615,459 |
|
| Accumulated other
comprehensive loss |
|
|
(42,284 |
) |
|
(20,905 |
) |
| Deficit |
|
|
(2,593,050 |
) |
|
(2,239,226 |
) |
| Total equity
attributable to shareholders of the Company |
|
|
3,204,068 |
|
|
3,570,365 |
|
| Attributable to
non-controlling interests |
|
|
(3,200 |
) |
|
69,557 |
|
| |
|
|
3,200,868 |
|
|
3,639,922 |
|
| |
|
|
$4,457,916 |
|
|
$4,930,734 |
|
| |
|
|
|
|
|
|
|
Commitments and Contractual Obligations (Note 24) Contingencies
(Note 25)
Approved on behalf of the Board of
Directors
(signed) John Webster Director
(signed)
George Burns Director
Date of approval: February 23, 2023
Eldorado Gold CorporationConsolidated
Statements of Operations
For the years ended December 31, 2022 and December 31, 2021(In
thousands of U.S. dollars except share and per share amounts)
| |
Note |
|
Year ended |
|
|
Year ended |
|
| |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
| Revenue |
|
|
|
|
|
|
Metal sales |
28 |
|
$871,984 |
|
|
$940,914 |
|
| |
|
|
|
|
|
| Cost of
sales |
|
|
|
|
|
| Production costs |
29 |
|
459,586 |
|
|
449,748 |
|
| Depreciation and
amortization |
|
|
240,185 |
|
|
200,958 |
|
| |
|
|
699,771 |
|
|
650,706 |
|
| |
|
|
|
|
|
| Earnings from mine
operations |
|
|
172,213 |
|
|
290,208 |
|
| |
|
|
|
|
|
| Exploration and evaluation
expenses |
|
|
19,635 |
|
|
14,786 |
|
| Mine standby costs |
30 |
|
34,367 |
|
|
15,351 |
|
| General and administrative
expenses |
|
|
37,015 |
|
|
35,517 |
|
| Employee benefit plan
expense |
|
|
5,982 |
|
|
2,317 |
|
| Share-based payments
expense |
21 |
|
10,744 |
|
|
7,945 |
|
| Impairment of property, plant
and equipment |
12 |
|
— |
|
|
13,926 |
|
| Write-down of assets |
|
|
32,499 |
|
|
9,106 |
|
| Foreign exchange gain |
|
|
(9,708 |
) |
|
(26,630 |
) |
| Earnings from
operations |
|
|
41,679 |
|
|
217,890 |
|
| |
|
|
|
|
|
| Other income |
18 |
|
11,802 |
|
|
11,359 |
|
| Finance costs |
18 |
|
(41,625 |
) |
|
(71,785 |
) |
| |
|
|
|
|
|
| Earnings from
continuing operations before income tax |
|
|
11,856 |
|
|
157,464 |
|
| Income tax expense |
19 |
|
61,224 |
|
|
138,073 |
|
| Net (loss) earnings
from continuing operations |
|
|
(49,368 |
) |
|
19,391 |
|
| Net loss from
discontinued operations, net of tax |
6 |
|
(377,485 |
) |
|
(155,097 |
) |
| Net loss for the
year |
|
|
$(426,853 |
) |
|
$(135,706 |
) |
| |
|
|
|
|
|
| Net (loss) earnings
attributable to: |
|
|
|
|
|
| Shareholders of the
Company |
|
|
(353,824 |
) |
|
(136,020 |
) |
| Non-controlling interests |
|
|
(73,029 |
) |
|
314 |
|
| Net loss for the
year |
|
|
$(426,853 |
) |
|
$(135,706 |
) |
| |
|
|
|
|
|
| Net (loss) earnings
attributable to Shareholders of the Company: |
|
|
|
|
|
| (Loss) earnings from
continuing operations |
|
|
(49,176 |
) |
|
20,890 |
|
| Loss from discontinued
operations |
|
|
(304,648 |
) |
|
(156,910 |
) |
| |
|
|
$(353,824 |
) |
|
$(136,020 |
) |
| |
|
|
|
|
|
| Net (loss) earnings
attributable to Non-Controlling Interest: |
|
|
|
|
|
| Loss from continuing
operations |
|
|
(192 |
) |
|
(1,499 |
) |
| (Loss) earnings from
discontinued operations |
|
|
(72,837 |
) |
|
1,813 |
|
| |
|
|
$(73,029 |
) |
|
$314 |
|
| |
|
|
|
|
|
| Weighted average number of
shares outstanding (thousands): |
31 |
|
|
|
|
| Basic |
|
|
183,446 |
|
|
180,297 |
|
| Diluted |
|
|
183,446 |
|
|
181,765 |
|
| |
|
|
|
|
|
| Net loss per share
attributable to shareholders of the Company: |
|
|
|
|
|
| Basic loss per share |
|
|
$(1.93 |
) |
|
$(0.75 |
) |
| Diluted loss per share |
|
|
$(1.93 |
) |
|
$(0.75 |
) |
| |
|
|
|
|
|
| Net (loss) earnings
per share attributable to shareholders of the Company - Continuing
operations: |
|
|
|
|
|
| Basic (loss) earnings per
share |
|
|
$(0.27 |
) |
|
$0.12 |
|
| Diluted (loss) earnings per
share |
|
|
$(0.27 |
) |
|
$0.11 |
|
| |
|
|
|
|
|
Eldorado Gold CorporationConsolidated
Statements of Comprehensive (Loss)
Income
For the years ended December 31, 2022 and December 31, 2021(In
thousands of U.S. dollars)
| |
Note |
|
Year ended |
|
|
Year ended |
|
| |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
| |
|
|
|
|
|
|
Net loss for the year |
|
|
$(426,853 |
) |
|
$(135,706 |
) |
| Other comprehensive
(loss) income: |
|
|
|
|
|
| Items that will not be
reclassified to earnings or (loss): |
|
|
|
|
|
|
Change in fair value of investments in marketable securities, net
of tax |
|
|
(19,753 |
) |
|
1,009 |
|
|
Actuarial losses on employee benefit plans, net of tax |
|
|
(2,163 |
) |
|
(115 |
) |
|
Income tax recovery on actuarial losses on employee benefit
plans |
|
|
537 |
|
|
23 |
|
| Total other
comprehensive (loss) income for the year |
|
|
(21,379 |
) |
|
917 |
|
| Total comprehensive
loss for the year |
|
|
$(448,232 |
) |
|
$(134,789 |
) |
| |
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
| Shareholders of the
Company |
|
|
(375,203 |
) |
|
(135,103 |
) |
| Non-controlling interests |
|
|
(73,029 |
) |
|
314 |
|
| |
|
|
$(448,232 |
) |
|
$(134,789 |
) |
| |
|
|
|
|
|
Eldorado Gold CorporationConsolidated
Statements of Cash Flows
For the years ended December 31, 2022 and December 31, 2021(In
thousands of U.S. dollars)
|
Cash flows generated from (used in): |
Note |
|
Year ended |
|
|
Year ended |
|
| |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
| |
|
|
|
|
|
| Operating
activities |
|
|
|
|
|
|
Net (loss) earnings for the year from continuing operations |
|
|
$(49,368 |
) |
|
$19,391 |
|
| Adjustments for: |
|
|
|
|
|
| Depreciation and
amortization |
|
|
242,393 |
|
|
201,942 |
|
| Finance costs |
|
|
41,625 |
|
|
71,785 |
|
| Interest income |
|
|
(6,763 |
) |
|
(2,231 |
) |
| Unrealized foreign exchange
gain |
|
|
(2,413 |
) |
|
(8,442 |
) |
| Income tax expense |
|
|
61,224 |
|
|
138,073 |
|
| (Gain) loss on disposal of
assets |
|
|
(2,959 |
) |
|
815 |
|
| Gain on disposal of mining
licenses |
|
|
— |
|
|
(7,296 |
) |
| Write-down of assets |
|
|
32,499 |
|
|
9,106 |
|
| Share-based payments
expense |
21 |
|
10,744 |
|
|
7,945 |
|
| Employee benefit plan
expense |
|
|
5,982 |
|
|
2,317 |
|
| Impairment of property, plant
and equipment |
12 |
|
— |
|
|
13,926 |
|
| |
|
|
332,964 |
|
|
447,331 |
|
| Property reclamation
payments |
|
|
(3,202 |
) |
|
(2,313 |
) |
| Employee benefit plan
(payments) receipt |
|
|
(6,180 |
) |
|
4,744 |
|
| Income taxes paid |
|
|
(90,871 |
) |
|
(75,472 |
) |
| Interest received |
|
|
6,763 |
|
|
2,231 |
|
| Changes in non-cash operating
working capital |
22 |
|
(28,314 |
) |
|
(9,784 |
) |
| Net cash generated
from operating activities of continuing operations |
|
|
211,160 |
|
|
366,737 |
|
| Net cash used in
operating activities of discontinued operations |
|
|
(164 |
) |
|
(4,367 |
) |
| |
|
|
|
|
|
| Investing
activities |
|
|
|
|
|
| Purchase of property, plant
and equipment |
|
|
(289,853 |
) |
|
(282,088 |
) |
| Acquisition of subsidiary, net
of $4,311 cash received |
|
|
— |
|
|
(19,336 |
) |
| Proceeds from sale of
subsidiary, net of $340 cash disposed |
6 |
|
— |
|
|
19,660 |
|
| Proceeds from the sale of
property, plant and equipment |
|
|
4,293 |
|
|
3,090 |
|
| Value added taxes related to
mineral property expenditures, net |
|
|
(30,134 |
) |
|
(24,449 |
) |
| Proceeds from the sale of
mining licenses |
|
|
— |
|
|
7,296 |
|
| Purchase of marketable
securities and investment in debt securities |
|
|
(20,163 |
) |
|
(28,050 |
) |
| Proceeds from the sale of
investments in marketable and debt securities |
|
|
— |
|
|
2,375 |
|
| (Increase) decrease in term
deposits |
|
|
(35,000 |
) |
|
59,034 |
|
| Increase in restricted
cash |
|
|
— |
|
|
(577 |
) |
| Net cash used in
investing activities of continuing operations |
|
|
(370,857 |
) |
|
(263,045 |
) |
| Net cash used in
investing activities of discontinued operations |
|
|
(33 |
) |
|
(2,833 |
) |
| |
|
|
|
|
|
| Financing
activities |
|
|
|
|
|
| Issuance of common shares, net
of issuance costs |
|
|
14,101 |
|
|
14,552 |
|
| Contributions from
non-controlling interests |
|
|
272 |
|
|
409 |
|
| Proceeds from borrowings |
16 |
|
— |
|
|
500,000 |
|
| Repayments of borrowings |
16 |
|
— |
|
|
(517,286 |
) |
| Debt redemption premium
paid |
18 |
|
— |
|
|
(21,400 |
) |
| Loan financing costs |
|
|
— |
|
|
(9,140 |
) |
| Interest paid |
|
|
(34,862 |
) |
|
(23,643 |
) |
| Principal portion of lease
liabilities |
|
|
(6,884 |
) |
|
(10,579 |
) |
| Purchase of treasury
stock |
|
|
(13,969 |
) |
|
— |
|
| Net cash used in
financing activities of continuing operations |
|
|
(41,342 |
) |
|
(67,087 |
) |
| Net cash used in
financing activities of discontinued operations |
|
|
— |
|
|
(40 |
) |
| |
|
|
|
|
|
| Net (decrease)
increase in cash and cash equivalents |
|
|
(201,236 |
) |
|
29,365 |
|
| Cash and cash
equivalents - beginning of year |
|
|
481,327 |
|
|
451,962 |
|
| Cash in disposal group
held for sale |
|
|
(356 |
) |
|
— |
|
| Cash and cash
equivalents - end of year |
|
|
$279,735 |
|
|
$481,327 |
|
| |
|
|
|
|
|
|
|
Eldorado Gold CorporationConsolidated
Statements of Changes in
Equity
For the years ended December 31, 2022 and December 31, 2021 (In
thousands of U.S. dollars)
| |
Note |
|
Year ended |
|
|
Year ended |
|
| |
|
|
December 31, 2022 |
|
|
December 31, 2021 |
|
| Share
capital |
|
|
|
|
|
|
Balance beginning of year |
|
|
$3,225,326 |
|
|
$3,144,644 |
|
|
Shares issued upon exercise of share options, for cash |
|
|
4,438 |
|
|
1,738 |
|
|
Shares issued upon exercise of performance share units |
|
|
2,256 |
|
|
1,202 |
|
|
Transfer of contributed surplus on exercise of options |
|
|
1,787 |
|
|
684 |
|
|
Shares issued to the public, net of share issuance costs |
|
|
7,837 |
|
|
11,411 |
|
|
Shares issued on acquisition of subsidiary |
|
|
— |
|
|
65,647 |
|
| Balance end of year |
20 |
|
$3,241,644 |
|
|
$3,225,326 |
|
| |
|
|
|
|
|
| Treasury
stock |
|
|
|
|
|
| Balance beginning of year |
|
|
$(10,289 |
) |
|
$(11,452 |
) |
|
Purchase of treasury stock |
|
|
(13,969 |
) |
|
— |
|
|
Shares redeemed upon exercise of restricted share units |
|
|
3,804 |
|
|
1,163 |
|
| Balance end of year |
|
|
$(20,454 |
) |
|
$(10,289 |
) |
| |
|
|
|
|
|
| Contributed
surplus |
|
|
|
|
|
| Balance beginning of year |
|
|
$2,615,459 |
|
|
$2,638,008 |
|
|
Share-based payment arrangements |
|
|
10,600 |
|
|
8,461 |
|
|
Shares redeemed upon exercise of restricted share units |
|
|
(3,804 |
) |
|
(1,163 |
) |
|
Shares redeemed upon exercise of performance share units |
|
|
(2,256 |
) |
|
(1,202 |
) |
|
Transfer to share capital on exercise of options |
|
|
(1,787 |
) |
|
(684 |
) |
| Non-reciprocal capital
contribution to Deva |
|
|
— |
|
|
(27,961 |
) |
| Balance end of year |
|
|
$2,618,212 |
|
|
$2,615,459 |
|
| |
|
|
|
|
|
| Accumulated other
comprehensive loss |
|
|
|
|
|
| Balance beginning of year |
|
|
$(20,905 |
) |
|
$(21,822 |
) |
|
Other comprehensive (loss) earnings for the year attributable to
shareholders of the Company |
|
|
(21,379 |
) |
|
917 |
|
| Balance end of year |
|
|
$(42,284 |
) |
|
$(20,905 |
) |
| |
|
|
|
|
|
| Deficit |
|
|
|
|
|
| Balance beginning of year |
|
|
$(2,239,226 |
) |
|
$(2,103,206 |
) |
| Net loss attributable to
shareholders of the Company |
|
|
(353,824 |
) |
|
(136,020 |
) |
| Balance end of year |
|
|
$(2,593,050 |
) |
|
$(2,239,226 |
) |
| Total equity
attributable to shareholders of the Company |
|
|
$3,204,068 |
|
|
$3,570,365 |
|
| |
|
|
|
|
|
| Non-controlling
interests |
|
|
|
|
|
| Balance beginning of year |
|
|
$69,557 |
|
|
$40,873 |
|
|
Non-reciprocal capital contribution to Deva |
|
|
— |
|
|
27,961 |
|
|
(Loss) earnings attributable to non-controlling interests |
|
|
(73,029 |
) |
|
314 |
|
|
Contributions from non-controlling interests |
|
|
272 |
|
|
409 |
|
| Balance end of year |
|
|
$(3,200 |
) |
|
$69,557 |
|
| Total
equity |
|
|
$3,200,868 |
|
|
$3,639,922 |
|
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