Eldorado Gold Posts $316.8 Million Loss In First Quarter

Eldorado Gold (TSX: ELD) last night filed its first quarter financial results, which follows the previous release of production results for the quarter. The company managed to generate a total of $194.7 million in gross revenue for the quarter, off the back of 94,471 gold ounces sold.

Revenues for the quarter declined on a year over year basis from $224.6 million, as well as on a quarter over quarter basis from $244.6 million. The firm saw an average realized gold price of $1,889 per ounce for the quarter.

In terms of cost, production costs for the quarter amounted to $104.6 million, while all in sustaining costs shook out to $1,347 per ounce sold, as compared to $1,077 per ounce in the prior quarter and $986 per ounce in the year ago period.

“Our global operations were met with significant challenges in the first quarter. Severe weather in Turkey and Greece, a government-mandated power outage in Turkey, and COVID-related absenteeism across all sites impacted our production.” commented CEO George Burns.

The quarter got no better from here, with the company posting its second consecutive quarter of losses. Following a $43.1 million net loss in the fourth quarter, Eldorado Gold posted a net loss of $316.8 million for the first quarter, or a loss of $0.10 per share.

The major loss is said to be attributed to the impairment of the Certej project that resulted in a $365.4 million charge, and the impairment of certain equipment at the firms Kisladag operation that was decommissioned.

Finally, the company saw its cash position decline from $481.3 million to $434.7 million over the course of the quarter, with free cash flow coming in at negative $26.8 million.

Eldorado Gold last traded at $13.53 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Eldorado Gold Sees Production Decline In 2021, Achieves Guidance

Eldorado Gold (TSX: ELD) after the bell last night released its fourth quarter and full...

Friday, February 25, 2022, 08:25:10 AM

BMO Reiterates Ratings On Eldorado Gold Despite Poor Quarterly Performance

Eldorado Gold (TSX: ELD) is down 8% since it reported its first-quarter financial results on...

Tuesday, May 3, 2022, 02:22:00 PM

The Abitibi Greenstone Belt: One of the World’s Richest Gold Regions

For investors who like to participate in the mining sector, and junior mining in particular,...

Saturday, July 25, 2020, 08:30:00 AM

BMO Reiterates $20 Price Target On Eldorado Gold

At the end of October, Eldorado Gold (TSX: ELD) reported its third quarter financial results....

Sunday, November 14, 2021, 01:56:00 PM

Eldorado Gold: BMO Anticipates Gold Production Guidance Raise

On October 12th, Eldorado Gold (TSX: ELD) announced their third quarter 2021 preliminary production results....

Wednesday, October 20, 2021, 03:51:00 PM