What have been the main highlights for Eldorado Gold in 2023, and what is your outlook for 2024?

Across our four operations in Canada, Greece, and Turkey, Eldorado Gold produced 485,139 oz Au at an all-in-sustaining cost (AISC) of US$1,220/oz. 2023 was an important year as we delivered 7% production growth, a 6% lower cash cost per ounce, and a 4% lower AISC per ounce compared to 2022, and we achieved this in a challenging inflationary environment. In March 2024, we celebrated five years of commercial production at our Lamaque Complex in Québec where we have produced approximately 848,000 oz, exceeding the pre-feasibility expectation by 32%. In 2024, our focus will remain on the resource conversion of the Ormaque deposit, the completion of a bulk sample that started in April, and the completion of a pre-feasibility study with the expectation of declaring an inaugural reserve at the end of the year.

Gold production for Q1 2024 was 117,111 oz. Production increased 5% from Q1 2023, reflecting higher gold production at most sites, notably an increase in production of 12% at Lamaque and 14% at Olympias. We expect to see an increase in production in Q2 and a strong second half of the year, remaining on track with our guidance of between 500,000 and 550,000 oz Au in 2024. What is Eldorado Gold’s exploration strategy at the Ormaque deposit?

Eldorado Gold’s Val-d’Or exploration team remains focused on growing our pipeline of high-quality exploration projects in the region surrounding our Lamaque operation. In 2021, we acquired QMX which increased our footprint in the Abitibi Greenstone Belt and added a pipeline of additional exploration opportunities proximal to Lamaque. We continue to drill the Bourlamaque site as well as the Ormaque deposit at the Lamaque Complex as it seems that there is great potential. Ormaque can now be considered as a zone as we are doing a bulk sample split in two – approximately 25,000 tons this year, and another 25,000 tons in 2025. Can you comment on Eldorado’s ESG initiatives?

Our sustainability framework outlines four pillars - safe, inclusive, and innovative operations; responsibly produced products; engaged and prosperous communities; and healthy environments now and for the future.

We continue to advance our target to mitigate our greenhouse gas emissions. Eldorado Gold is pleased to be the only non-oil sands mining company named as one of the 30 companies in the Globe & Mail's “Road to Net Zero”, recognizing our progress against corporate climate targets. Lamaque was ranked in the top five lowest-emitting gold mines in the world. Our efforts include installing ventilation-on-demand technology that monitors air quality and adjusts ventilation throughout the mine as needed to be more energy efficient; the implementation of an energy and environmental balance plan aimed at making our exploration activities carbon neutral by 2026; and commissioning two 50-tonne capacity underground electric trucks, the first application of this technology in Québec. What are the main challenges and opportunities ahead for gold producers in Québec?

It is a good time for gold mining companies to do trials and work with technology suppliers to build the next generation of machines that will power the future of our industry. Québec is a friendly mining jurisdiction that still holds significant potential as several areas have never been drilled. More juniors are entering the scene, and if the gold price continues to increase, gold exploration will continue to gain momentum. With all the hype around critical minerals, people should not forget that gold always remains relatively stable and is a solid value, that the mining industry is trained by gold miners, and that technologies are tested in gold mines. What are Eldorado Gold’s key priorities to continue creating value?

Eldorado Gold is currently focused on completing our Ormaque bulk sample safely and announcing an inaugural reserve. We also have a focus on developing our Skouries project in Greece. Across our portfolio, we have continued to raise our expectations year after year, and we hope to continue along this successful path with all our projects. 2024 is expected to be a big year for Lamaque in terms of ounces produced, announcing the inaugural reserve at Ormaque, and continuing a robust exploration program.