Eldorado Gold Corporation EGO announced its preliminary gold production of 155,669 ounces for fourth-quarter 2024, up 24.3% from the third quarter of 2024. The upside was driven by solid performances at EGO’s Lamaque Complex and Kisladag. The Efemcukuru mine’s production met expectations.
Eldorado Gold’s Mine Performance
Lamaque Complex’s fourth-quarter gold production increased 47.6% from the third quarter of 2024 to a record 63,742 ounces. The upside was driven by higher ore grade and mill throughput. Eldorado Gold expects the Lamaque Complex to reach a milestone by the first quarter of 2025 with a pour of one-millionth ounce.
The Kisladag mine’s production in the fourth quarter was 56,483 ounces, up 37% from the third quarter of 2024. The performance was aided by Adsorption-Desorption-Recovery facilities and enhanced drawdown on existing inventories.
The Efemcukuru mine’s fourth-quarter production was fairly flat compared with the third quarter at 19,451 ounces. The Olympias mine’s gold production was down 24.6% quarter over quarter to 15,992 ounces.
EGO’s 2024 Performance
In 2024, the company’s preliminary production was 520,293 ounces, which was above the mid-point of the revised guidance of 505,000-530,000 ounces. The reported figure marks an increase of 7% from the 2023 actuals.
Eldorado Gold announced that its Skouries project was 82% complete as of Dec. 31, 2024. The project’s phase 2 is reaching 60% completion and detailed engineering was substantially finished.
The company’s capital spending for the project totaled $93 million in fourth-quarter 2024 and $320 million for the full year, which was below the expectation of $350-$380 million. EGO has invested $506 million in the project since construction resumed in 2023.
Eldorado Gold Stock’s Price Performance
EGO shares have gained 23.1% in the past year compared with the industry’s growth of 25.6%.
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EGO’s Zacks Rank
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
Preliminary Results of Other Gold Stocks
Osisko Gold Royalties OR reported 20,005 attributable gold equivalent ounces for the fourth quarter of 2024. This brings the total GEOs for 2024 to 80,740, within the company’s guided 77,000-83,000 GEOs.
Preliminary revenues from royalties and streams for the fourth quarter were C$79.3 million ($56.7 million). Preliminary cost of sales (excluding depletion) came in at C$3.1 million ($2.2 million) in the quarter. OR reported a record quarterly cash margin of C$76.3 million ($54.6 million). The cash margin was 96.2%.
For 2024, preliminary revenues from royalties and streams reached a record C$262.2 million ($191.2 million). The company reported revenues of C$247.3 million ($171.8 million) from royalties and streams in 2023. The impacts of the year-over-year decline in GEOs on Osisko Gold’s revenues were offset by higher gold, silver and copper prices.
Alamos Gold Inc. AGI reported gold production of 140,200 ounces for the fourth quarter of 2024, up 8.3% from the third quarter of 2024. The reported figure came in line with the company’s quarterly guidance.
AGI’s consolidated gold revenues in fourth-quarter 2024 were $375 million, inclusive of silver sales. In the quarter, the company sold 141,257 ounces at an average realized gold price of $2,632 per ounce.
B2Gold Corp. BTG announced its total consolidated gold production for fourth-quarter 2024 at 186,001 ounces. Better-than-expected production at Masbate and Otjikoto offset lower production levels at Fekola in the quarter.
In the fourth quarter of 2023, B2Gold’s gold production from these three mines was 270,611 ounces. BTG’s consolidated gold revenues in fourth-quarter 2024 were $500 million, down 2.3% year over year. In the quarter, the company sold 187,793 ounces at an average realized gold price of $2,661 per ounce.
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