Eldorado Gold Sees Production Decline In 2021, Achieves Guidance

Eldorado Gold (TSX: ELD) after the bell last night released its fourth quarter and full year financial results for 2021. Results were highlighted by gold production of 122,582 ounces in the fourth quarter, and 475,850 ounces for the full fiscal year.

While the results beat the initial guidance provided by the company for 2021 as well as hit revised guidance provided for the year, results were still down on a year over year basis. The company had produced 528,874 ounces in 2020, while Q4 2020 had seen production of 138,220 ounces.

Cash operating costs on a year over year basis also increased, from $560 per ounce in 2020 to $626 per ounce in 2021. This increased on a quarterly basis as well, climbing from $536 per ounce in Q4 2020 to $571 per ounce in Q4 2021. All in sustaining costs meanwhile hit $1,069 per ounce in 2021, compared to $921 per ounce in 2020.

In terms of cash flow, cash flow from oeprating activities hit $116.7 million for the fourth quarter and $374.8 million for the full year, compared to $107.3 million in Q4 2020 and $425.6 million through all of 2020. Free cash flow meanwhile hit 62.4 million in 2021, versus $236.2 million in 2020.

Net earnings for the fourth quarter came in at negative $43.1 million, while the full fiscal year saw a gain of $10.8 million. Adjusted EBITDA meanwhile came in at $126.1 million for the fourth quarter, while the full year saw $444.2 million in positive adjusted EBITDA.

Looking forward, the company has indicated that the first half of the year will see lower production than the second half due to weather challenges and ramp-up of operations at Kisladag. The company has currently guided to total production of 460,000 to 490,000 ounces of gold in 2022.

Eldorado Gold last traded at $13.74 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

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Arizona Metals: The Disappointing Kay Mine Resource Estimate

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Canaccord Revises Estimates For Eldorado Gold, Maintains Ratings

Eldorado Gold (TSX: ELD) reported their second quarter financials recently. The company produced 116,066 ounces...

Monday, August 9, 2021, 04:49:00 PM

G Mining Ventures Sees Franco-Nevada Take 9.9% Stake As Part Of $481 Million Financing Package

G Mining Ventures (TSXV: GMIN) has evidently attracted the eyes of major producers. The firm...

Monday, July 18, 2022, 08:29:02 AM

Eldorado Gold Produces 93,209 Gold Ounces In Q1, Annual Guidance Remains Unchanged

Eldorado Gold (TSX: ELD) last night reported preliminary production figures for the first quarter of...

Thursday, April 14, 2022, 09:22:44 AM

Renforth Resources, Radisson Mining Of Interest Following QMX Gold Transaction

On January 21, Eldorado Gold Corporation (TSX: ELD) announced an agreement to buy QMX Gold...

Saturday, January 30, 2021, 02:30:00 PM

Eldorado Gold Outlines Potential 17 Year Mine Life Extension To Lamaque Complex

Eldorado Gold (TSX: ELD) has extended the mine life of its Lamaque Complex. The extension...

Tuesday, January 28, 2025, 08:01:06 AM