(AGENPARL) – gio 27 ottobre 2022 [Eldorado Logo]
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Eldorado Gold Corporation has added a new press release to its web site. For full details please visit the Eldorado Gold Corporation web site at:
Third Quarter 2022 Summary
Operations
– Gold production: 118,791 ounces, a 5% increase from Q2 2022, demonstrating improvements across the portfolio.
– Gold sales: 118,388 ounces at an average realized gold price per ounce sold1 of $1,688.
– Production costs: $123.5 million.
– Cash operating costs 1: $803 per ounce sold. Higher costs during the quarter were primarily driven by increases in the price of certain commodities and consumables, including electricity at operations in Greece and Turkiye, and fuel and reagents at Kisladag. Price increases were partly offset by the weakening of local currencies in which costs are incurred, particularly the Turkish Lira and Euro.
– All-in sustaining costs (“AISC”) 1: $1,259 per ounce sold, driven by higher cash operating costs per ounce sold and sustaining capital expenditures.
– Total capital expenditures: $74.0 million, including $32.8 million of sustaining capital1, primarily focused on underground development and construction and expansion of the tailings management facility at Lamaque. Growth capital1 of $24.2 million focused on waste stripping at Kisladag and continued construction work of the North leach pad. $11.8 million of capital expenditures spent at Skouries include expenditures related to progressing building enclosures, other construction, and execution readiness.
Financial
– Cash, cash equivalents and term deposits: $306.4 million, as at September 30, 2022. Cash balance decreased during the quarter as a result of a $16 million bond interest payment and a $20 million investment in the G Mining Ventures Corp. equity financing.
– Cash flow from operating activities before changes in working capital 1: $55.0 million.
– Earnings before interest, taxes, depreciation and amortization (“EBITDA”) 1: $42.8 million.
– Adjusted EBITDA 1: $73.5 million.
– Net loss: $50.5 million, or a loss of $0.27 per share.
– Adjusted net loss 1: $8.0 million or $0.04 loss per share. Adjusted net loss removed an $18.4 million loss on foreign exchange due to translation of deferred tax balances and a $29.3 million impairment of the Certej project.
– Free cash flow 1: Negative $25.9 million, primarily due to lower average realized gold price, mine standby costs and continued investment in growth capital at Kisladag and Skouries.
Other
– Skouries: On September 7, 2022, Eldorado announced the signing of a Mandate Letter with Greek banks for a credit committee approved €680 million project finance facility for the development of the Skouries project, which represents 80% of the total funding requirement. The Mandate Letter includes a long-form term sheet, which contains customary terms and conditions, including with respect to due diligence, and remains subject to negotiation of definitive binding loan documentation and to other approvals and conditions, including board approval. Since the signing of the Mandate Letter, Eldorado has been working diligently with Greek banks to advance loan documentation. A final decision to re-start construction and to approve definitive loan documentation remains subject to Board approval, which we expect to seek before the end of 2022.
“During the third quarter, our global operations performed well, as our consolidated production continues to track within our annual guidance,” said George Burns, Eldorado’s President and Chief Executive Officer. “In Turkiye, quarterly production increased considerably at Kisladag as the team continued to optimize on-belt agglomeration. Additionally, there was an increase in tonnes placed on the pad during the third quarter, which supports a strong finish to the year for production,” continued Burns. “At Efemcukuru, the team continued to do an exceptional job, delivering yet another quarter on plan. At Lamaque, production decreased quarter over quarter due to lower throughput, however mine sequencing plans are expected to deliver strong fourth quarter results.”
“We are, like others, continuing to face inflationary pressures, especially in electricity in Greece and Turkiye, and fuel and reagents at Kisladag. Additionally, we are actively managing costs associated with the VAT import charge on the Olympias gold concentrate shipments into China and shipments to alternative markets started in mid-2022 and continue to be explored,” said Burns.
Consolidated Financial and Operational Highlights
3 months ended September 30, 9 months ended September 30,
Revenue $217.7 $238.4 $625.8 $696.3
Gold produced (oz) 118,791 125,459 325,462 353,268
Gold sold (oz) 118,388 125,189 320,491 352,923
Average realized gold price ($/oz sold) (2) $1,688 $1,772 $1,801 $1,781
Production costs 123.5 110.2 337.4 331.5
All-in sustaining costs ($/oz sold) (2,3) 1,259 1,133 1,289 1,066
Net (loss) earnings for the period (1) (50.5 ) 8.5 (390.0 ) 53.9
Net (loss) earnings per share – basic ($/share) (1) (0.27 ) 0.05 (2.13 ) 0.30
Adjusted net (loss) earnings (1,2) (8.0 ) 39.9 (13.2 ) 94.2
Adjusted net (loss) earnings per share ($/share) (1,2) (0.04 ) 0.22 (0.07 ) 0.52
Net cash generated from operating activities 52.5 105.1 114.7 253.3
Cash flow from operating activities before changes in
working capital (2) 55.0 101.0 153.1 258.1
Free cash flow (2) (25.9 ) 29.7 (115.5 ) 39.3
Cash, cash equivalents and term deposits $306.4 $439.3 $306.4 $439.3
(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’ in the Company’s MD&A for explanations and discussion of these non-IFRS financial measures and ratios.
(3) Revenues from silver, lead and zinc sales are off-set against cash operating costs.
(4) Amounts presented are from continuing operations only. The Brazil segment is presented as a discontinued operation in 2021. See Note 17 of our condensed consolidated interim financial statements for the three and nine months ended September 30, 2022.
Total revenue was $217.7 million in Q3 2022, a decrease of 9% from $238.4 million in Q3 2021 and an increase of 2% from $213.4 million in Q2 2022. Total revenue was $625.8 million in the nine months ended September 30, 2022, a decrease from $696.3 million in the nine months ended September 30, 2021. The decreases in both three and nine-month periods were primarily due to lower sales volumes, and decreases in the three-month period were also due to the 5% decrease in average realized gold price.
Production costs increased to $123.5 million in Q3 2022 from $110.2 million in Q3 2021 and to $337.4 million in the nine months ended September 30, 2022 from $331.5 million in the nine months ended September 30, 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.
Cash operating costs averaged $803 per ounce sold in Q3 2022, an increase from $646 in Q3 2021, and cash operating costs per ounce sold averaged $807 in the nine months ended September 30, 2022, an increase from $644 in the nine months ended September 30, 2021. Increases in both three and nine-month periods were primarily due to lower production at Kisladag and price increases for certain commodities and consumables. Cash operating costs per ounce sold at Efemcukuru in Q3 2021 also benefited from the structure of concentrate sales contracts which resulted in lower selling costs in that quarter.
AISC per ounce sold averaged $1,259 in Q3 2022, an increase from $1,133 in Q3 2021, and AISC per ounce sold averaged $1,289 in the nine months ended September 30, 2022, an increase from $1,066 in the nine months ended September 30, 2021. Increases in both three and nine-month periods primarily reflect the increases in cash operating costs per ounce sold, and increases in the nine-month period were also due to higher sustaining capital expenditures.
We reported net loss attributable to shareholders from continuing operations of $50.5 million ($0.27 loss per share) in Q3 2022 compared to net earnings of $8.5 million ($0.05 per share) in Q3 2021 and net loss of $390.0 million ($2.13 loss per share) in the nine months ended September 30, 2022 compared to net earnings of $53.9 million ($0.30 per share) in the nine months ended September 30, 2021. The net loss in the nine months ended September 30, 2022 was primarily due to the impairment of the Certej project, a non-core gold asset, the write-down of decommissioned equipment at Kisladag, lower sales volumes, higher mine standby costs and higher income tax expense.
Adjusted net loss was $8.0 million ($0.04 loss per share) in Q3 2022 compared to adjusted net earnings of $39.9 million ($0.22 per share) in Q3 2021. Adjusted net loss in Q3 2022 removed an $18.4 million loss on foreign exchange due to translation of deferred tax balances and a $29.3 million impairment of the Certej project.
Quarterly Operations Update
3 months ended September 30, 9 months ended September 30,
Consolidated
Ounces produced 118,791 125,459 325,462 353,268
Ounces sold 118,388 125,189 320,491 352,923
Production costs (1) $123.5 $110.2 $337.4 $331.5
Cash operating costs ($/oz sold) (2,3) $803 $646 $807 $644
All-in sustaining costs ($/oz sold) (2,3) $1,259 $1,133 $1,289 $1,066
Sustaining capital expenditures (3) $32.8 $34.7 $89.6 $79.3
Kisladag
Ounces produced 37,741 51,040 95,494 141,229
Ounces sold 37,721 51,038 94,380 142,593
Production costs $32.7 $38.9 $87.9 $93.8
Cash operating costs ($/oz sold) (2,3) $752 $612 $800 $546
All-in sustaining costs ($/oz sold) (2,3) $993 $916 $1,049 $755
Sustaining capital expenditures (3) $4.8 $8.2 $11.6 $14.7
Lamaque
Ounces produced 42,454 37,369 122,748 101,847
Ounces sold 42,385 37,381 122,165 101,136
Production costs $28.8 $25.3 $87.5 $72.3
Cash operating costs ($/oz sold) (2,3) $650 $646 $684 $683
All-in sustaining costs ($/oz sold) (2,3) $1,106 $1,130 $1,082 $1,117
Sustaining capital expenditures (3) $18.2 $13.7 $44.7 $34.0
Efemcukuru
Ounces produced 22,473 23,305 66,322 70,076
Ounces sold 22,488 23,825 67,298 70,961
Production costs $17.7 $16.6 $55.2 $49.1
Cash operating costs ($/oz sold) (2,3) $709 $552 $689 $534
All-in sustaining costs ($/oz sold) (2,3) $1,039 $911 $1,075 $839
Sustaining capital expenditures (3) $4.1 $5.3 $13.5 $11.7
Olympias
Ounces produced 16,123 13,745 40,898 40,116
Ounces sold 15,794 12,945 36,648 38,233
Production costs $44.3 $27.3 $106.6 $85.2
Cash operating costs ($/oz sold) (2,3) $1,466 $952 $1,455 $1,110
All-in sustaining costs ($/oz sold) (2,3) $2,070 $1,728 $2,240 $1,806
Sustaining capital expenditures (3) $5.7 $7.5 $19.8 $19.0
(1) Includes production costs of Stratoni (base metals production) in 2021 (Q3 2021: $2.0 million, YTD 2021: $31.1 million). Operations at Stratoni were suspended at the end of 2021.
(2) Revenues from silver, lead and zinc sales are off-set against cash operating costs.
(3) These financial measures or ratios are non-IFRS financial measures or ratios. See the section ‘Non-IFRS and Other Financial Measures and Ratios’ in the Company’s MD&A for explanations and discussion of these non-IFRS financial measures and ratios.
Kisladag
Kisladag produced 37,741 ounces of gold in Q3 2022, a 35% increase from 27,973 ounces produced in Q2 2022. Production in the quarter benefited from increased tonnes placed on the heap leach pad in Q2 2022, following reduced productivity in early 2022 as a result of snowfall and prolonged freezing temperatures. However, gold production in the quarter decreased 26% from 51,040 ounces in Q3 2021 as tonnes placed on the heap leach pad during 2022 remain below 2021 levels due to continued debottlenecking of the belt agglomeration circuit, reducing stacking capacity. On-belt agglomeration continues to perform as expected and the HPGR is performing to plan with recovery rates as expected. Average grade of 0.72 grams per tonne in Q3 2022 increased slightly from 0.71 grams per tonne in Q3 2021 and decreased from 0.76 grams per tonne in Q2 2022.
Revenue decreased to $65.7 million in Q3 2022 from $92.5 million in Q3 2021, reflecting lower sales in the quarter, and to a lesser extent, a decrease in the average realized gold price.
Production costs decreased to $32.7 million in Q3 2022 from $38.9 million in Q3 2021 primarily due to a reduction in consumables used in line with lower production and efficiencies from the HPGR circuit, and weakening of the Turkish Lira. These savings were partly offset by price increases in labour, reagents, electricity, and fuel. Lower production resulted in an increase in cash operating costs per ounce sold to $752 in Q3 2022 from $612 in Q3 2021.
AISC per ounce sold increased to $993 in Q3 2022 from $916 in Q3 2021 primarily due to the increase in cash operating costs per ounce sold and was partly offset by a reduction in sustaining capital expenditure.
Sustaining capital expenditures of $4.8 million in Q3 2022 and $11.6 million in the nine months ended September 30, 2022 primarily included equipment rebuilds and processing improvements. Growth capital expenditures of $17.6 million and $61.3 million in the three and nine months ended September 30, 2022 included waste stripping to support the mine life extension and construction of the first phase of the North heap leach pad.
In conjunction with the North heap leach pad, we are investing in additional higher-capacity mobile conveyors which are expected to enhance materials handling capabilities in the belt agglomeration circuit and increase throughput. Installation is expected to be complete in late 2022. We are also installing an agglomeration drum, expected to be commissioned in the first half of 2023, which is expected to improve the quality, consistency and permeability of the agglomeration process. With these investments, stacking is expected to continue on the existing heap leach pad until mid-2023, at which time stacking is expected to commence on the North heap leach pad.
Lamaque
Lamaque produced 42,454 ounces of gold in Q3 2022, an increase of 14% from 37,369 ounces in Q3 2021. The increase was primarily due to higher average grade and partly offset by lower throughput. Tonnes processed were reduced by COVID-19 related absenteeism in July and early August before returning to normal levels. Average grade increased to 7.28 grams per tonne in Q3 2022 from 5.99 grams per tonne in Q3 2021 and from 6.63 grams per tonne in Q2 2022. Underground development of high-grade stopes progressed well during the quarter.
Revenue increased to $73.1 million in Q3 2022 from $66.8 million in Q3 2021 primarily due to higher production in the quarter and partly offset by a lower average realized gold price.
Production costs increased to $28.8 million in Q3 2022 from $25.3 million in Q3 2021, primarily due to higher production in the quarter. Cash operating costs per ounce sold rose slightly to $650 in Q3 2022 from $646 in Q3 2021 as cost increases for consumables were mostly offset by higher production and cost savings from a weaker Canadian dollar.
AISC per ounce sold decreased to $1,106 in Q3 2022 from $1,130 in Q3 2021 primarily due to higher gold production in the quarter and reduced sustaining exploration expenditure. These reductions were partly offset by an increase in sustaining capital expenditure.
Sustaining capital expenditures of $18.2 million in Q3 2022 and $44.7 million in the nine months ended September 30, 2022 primarily included underground development and expansion of the tailings management facility. Growth capital expenditures of $1.5 million in Q3 2022 and $4.2 million in the nine months ended September 30, 2022 were primarily related to construction of underground infrastructure.
Efemcukuru
Efemcukuru produced 22,473 payable ounces of gold in Q3 2022, a 4% decrease from 23,305 payable ounces in Q3 2021. The decrease was primarily due to a planned decrease in grade to 5.74 grams per tonne in Q3 2022 from 6.44 grams per tonne in Q3 2021, and was partly offset by higher throughput in the quarter.
Revenue decreased to $34.3 million in Q3 2022 from $41.9 million in Q3 2021. The decrease was primarily due to a lower average realized gold price during Q3 2022 as a result of downward revaluations of provisional pricing in the quarter in line with movements in the gold price.
Production costs increased to $17.7 million in Q3 2022 from $16.6 million in Q3 2021 primarily due to increased tonnes processed, combined with cost increases in electricity, and consumables. The increase in production costs, combined with slightly lower production in the quarter, resulted in an increase in cash operating costs per ounce sold to $709 in Q3 2022 from $552 in Q3 2021. Cash operating costs per ounce sold in Q3 2021 also benefited from the structure of concentrate sales contracts which resulted in lower selling costs in that quarter.
AISC per ounce sold increased to $1,039 in Q3 2022 from $911 in Q3 2021. The increase was primarily due to the increase in cash operating costs per ounce sold and was partly offset by lower sustaining capital expenditure.
Sustaining capital expenditures of $4.1 million in Q3 2022 and $13.5 million in the nine months ended September 30, 2022 were primarily underground development and equipment rebuilds. Growth capital expenditures of $4.4 million in the nine months ended September 30, 2022 included resource conversion drilling at Kokarpinar.
Olympias
Olympias produced 16,123 ounces of gold in Q3 2022, a 17% increase from 13,745 ounces in Q3 2021 and primarily reflected higher average gold grade. Lead and silver production also increased in Q3 2022 as compared to Q3 2021 as a result of higher average grades while zinc production decreased due to lower average grade and recovery rates. Transformation initiatives are on-going as the mine continues to ramp up productivity.
Revenue increased to $44.6 million in Q3 2022 from $35.4 million in Q3 2021 primarily as a result of higher zinc sales volumes in the quarter due to timing of concentrate shipments. Revenue was also impacted during the quarter by the 13% VAT import charge levied on customers importing Olympias gold concentrate into China. This import charge, effective since October 1, 2021, reduces revenue by a corresponding amount. China was the primary destination of Olympias gold concentrate in 2022 as planned shipments to Russia were halted earlier in the year as a result of sanctions imposed on Russia due to the Russia-Ukraine war. However, shipments to alternative markets commenced in mid-2022 and continue to be explored. Revenue from gold concentrate sales increased slightly in the quarter in line with higher production and revenue from lead-silver concentrate sales decreased in the quarter due to timing of bulk shipments.
Production costs increased to $44.3 million in Q3 2022 from $27.3 million in Q3 2021 reflecting increased volumes of gold and zinc concentrate sold, combined with price increases in electricity, fuel, and other consumables. Cash operating costs per ounce sold increased to $1,466 in Q3 2022 from $952 in Q3 2021, primarily a result of certain production cost increases and the 13% VAT import charge which is included in cash operating costs. These increases were partly offset by higher gold grade and higher revenue from silver and base metal sales, which reduce cash operating costs as by-product credits. Electricity prices in the quarter rose 29% from Q2 2022 levels in line with escalating market prices, despite continued subsidies that lower the effective average price.
AISC per ounce sold increased to $2,070 in Q3 2022 from $1,728 in Q3 2021 primarily due to the increase in cash operating costs per ounce sold and was partly offset by a decrease in sustaining capital expenditure.
Sustaining capital expenditures of $5.7 million in Q3 2022 and $19.8 million in the nine months ended September 30, 2022 primarily included underground development and expansion of tailings facilities. Growth capital expenditures of $1.2 million in Q3 2022 and $4.3 million in the nine months ended September 30, 2022 were primarily related to underground development.
Corporate Update
The Company also announced today the appointment of Frank Herbert as Executive Vice President, General Counsel and Chief Compliance Officer, effective January 1, 2023. Mr. Herbert joined Eldorado, on an interim basis in May 2022. Prior to joining Eldorado, Frank held various senior legal positions in the mining industry including serving as an Independent Consultant for a mid-tier Canadian gold producer and a 13-year tenure at Centerra Gold Inc. where his most recent role was President, General Counsel and Corporate Secretary. Prior to his in-house roles, Mr. Herbert was in private practice for over 15 years at major Canadian law firms, where his practice focused on mining and corporate matters. Frank also has extensive experience working with the investment community and analysts in Europe and North America as well as with local and international media.
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About Eldorado
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada, Greece and Romania. 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).
Contact
Investor Relations
Lisa Wilkinson, VP, Investor Relations
Media
Louise McMahon, Director Communications & Public Affairs
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 operating activities before changes in working capital.
Reconciliation of Production Costs to Cash Operating Costs and Cash Operating Costs per ounce sold:
Q3 2022 Q3 2021 YTD 2022 YTD 2021
Production costs (1) $ 123.5 $ 110.2 $ 337.4 $ 331.5
Stratoni production costs (2) — (2.0 ) (0.1 ) (31.1 )
Production costs – excluding Stratoni 123.5 108.1 337.2 300.4
By-product credits (3) (22.6 ) (15.1 ) (60.3 ) (44.3 )
Royalty expense and selling costs (4) (5.8 ) (12.2 ) (18.2 ) (28.9 )
Cash operating costs $ 95.1 $ 80.8 $ 258.8 $ 227.3
Gold ounces sold 118,388 125,189 320,491 352,923
Cash operating cost per ounce sold $ 803 $ 646 $ 807 $ 644
(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.
Reconciliation of Cash Operating Costs and Cash Operating Cost per ounce sold, by asset, for the three months ended September 30, 2022 :
Direct operating costs By-product credits Refining and selling costs Inventory change (1) Cash operating costs Gold oz sold Cash operating cost/oz sold
Kisladag $31.2 ($0.6 ) $0.2 ($2.4 ) $28.4 37,721 $752
Lamaque 27.8 (0.3 ) 0.1 — 27.5 42,385 650
Total consolidated $ 100.3 ($22.6 ) $ 13.3 $ 4.0 $ 95.0 118,388 $ 803
(1) Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.
Reconciliation of Cash Operating Costs and Cash Operating Cost per ounce sold, by asset, for the nine months ended September 30, 2022 :
Direct operating costs By-product credits Refining and selling costs Inventory change (1) Cash operating costs Gold oz sold Cash operating cost/oz sold
Kisladag $78.6 ($2.1 ) $0.9 ($1.9 ) $75.5 94,380 $800
Total consolidated $ 284.6 ($60.3 ) $ 32.6 $ 1.9 $ 258.8 320,491 $ 807
(1) Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.
Reconciliation of Cash Operating Costs and Cash Operating Cost per ounce sold, by asset, for the three months ended September 30, 2021 :
Direct operating costs By-product credits Refining and selling costs Inventory change (1) Cash operating costs Gold oz sold Cash operating cost/oz sold
Kisladag $28.1 ($0.9 ) $2.2 $1.9 $31.2 51,038 $612
Olympias 23.3 (13.0 ) 3.7 (1.6 ) 12.3 12,945 952
Total consolidated $ 87.6 ($15.1 ) $ 7.2 $ 1.2 $ 80.8 125,189 $ 646
(1) Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.
Reconciliation of Cash Operating Costs and Cash Operating Cost per ounce sold, by asset, for the nine months ended September 30, 2021 :
Direct operating costs By-product credits Refining and selling costs Inventory change (1) Cash operating costs Gold oz sold Cash operating cost/oz sold
Kisladag $75.0 ($2.4 ) $2.5 $2.9 $77.9 142,593 $546
Lamaque 70.6 (1.1 ) 0.2 (0.6 ) 69.0 101,136 683
Olympias 69.4 (37.4 ) 11.3 (0.9 ) 42.4 38,233 1,110
Total consolidated $ 251.4 ($44.3 ) $ 18.3 $ 1.9 $ 227.3 352,923 $ 644
(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:
Q3 2022 Q3 2021 YTD 2022 YTD 2021
Cash operating costs $ 95.0 $ 80.8 $ 258.8 $ 227.3
Total cash costs $ 105.6 $ 93.0 $ 289.2 $ 256.2
Gold ounces sold 118,388 125,189 320,491 352,923
Total cash costs per ounce sold $ 892 $ 743 $ 902 $ 726
(1) Included in production costs.
Reconciliation of Total Cash Costs to All-in Sustaining Costs and All-in Sustaining Costs per ounce sold:
Q3 2022 Q3 2021 YTD 2022 YTD 2021
Total cash costs $ 105.6 $ 93.0 $ 289.2 $ 256.2
AISC $ 149.0 $ 141.8 $ 413.0 $ 376.3
Gold ounces sold 118,388 125,189 320,491 352,923
AISC per ounce sold $ 1,259 $ 1,133 $ 1,289 $ 1,066
Reconciliation of general and administrative expenses included in All-in Sustaining Costs:
Q3 2022 Q3 2021 YTD 2022 YTD 2021
General and administrative expenses (from consolidated statement of operations for the three and nine months ended September 30, 2022) $6.8 $7.7 $23.8 $27.5
Less:
General and administrative expenses related to non-gold mines and in-country offices (0.1 ) (0.1 ) (0.4 ) (0.3 )
Depreciation in G&A (0.7 ) (0.5 ) (2.2 ) (1.5 )
Business development (0.5 ) (0.3 ) (1.4 ) (4.2 )
Development projects (0.6 ) (0.6 ) (2.8 ) (2.1 )
Adjusted corporate general and administrative expenses $ 8.6 $ 8.7 $ 27.3 $ 27.1
Corporate and allocated general and administrative expenses per AISC $ 8.6 $ 8.8 $ 27.5 $ 27.2
Reconciliation of exploration costs included in All-in Sustaining Costs:
Q3 2022 Q3 2021 YTD 2022 YTD 2021
Exploration and evaluation expense (from consolidated statement of operations for the three and nine months ended September 30, 2022)(1) $5.0 $4.7 $15.1 $16.6
Less:
Exploration and evaluation expenses related to non-gold mines and other sites (5.0 ) (3.0 ) (15.1 ) (13.9 )
Exploration and evaluation costs per AISC $ 0.1 $ 4.0 $ 1.4 $ 9.4
(1) Amounts presented are from continuing operations only. The Brazil segment is presented as a discontinued operation in 2021. See Note 17 of our condensed consolidated interim financial statements for the three and nine months ended September 30, 2022.
Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs:
Q3 2022 Q3 2021 YTD 2022 YTD 2021
Asset retirement obligation accretion
(from other income and finance costs note to the condensed consolidated interim financial statements for the three and nine months ended September 30, 2022) $0.6 $0.4 $1.7 $1.1
Less:
Asset retirement obligation accretion related to non-gold mines and other sites (0.1 ) (0.1 ) (0.4 ) (0.2 )
Reclamation costs and amortization per AISC $ 1.8 $ 1.3 $ 5.3 $ 4.2
Reconciliation of Sustaining and Growth Capital
Q3 2022 Q3 2021 YTD 2022 YTD 2021
Additions to property, plant and equipment (1)
(from segment note in the condensed consolidated interim financial statements for the three and nine months ended September 30, 2022) $73.1 $77.2 $221.0 $212.7
Less: Growth and development project capital expenditure (2) (38.0 ) (36.7 ) (119.3 ) (116.7 )
Less: Capitalized evaluation expenditure (1.6 ) (3.5 ) (10.8 ) (8.9 )
Less: Sustaining capital expenditure Stratoni (3) — (1.2 ) — (5.0 )
Less: Sustaining capital expenditure equipment leases (4) (0.7 ) (0.8 ) (1.1 ) (1.5 )
Less: Corporate leases — (0.3 ) (0.1 ) (1.3 )
Sustaining capital expenditure at operating gold mines $ 32.8 $ 34.7 $ 89.6 $ 79.3
(1) Amounts presented are from continuing operations only. The Brazil segment is presented as a discontinued operation in 2021. See Note 17 of our condensed consolidated interim financial statements for the three and nine months ended September 30, 2022.
(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.
Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the three months ended September 30, 2022 :
Cash operating costs Royalties Total cash costs Corporate & allocated G&A Exploration costs Reclamation costs and amortization Sustaining capital Total
AISC Gold oz sold Total AISC/
oz sold
Kisladag $28.4 $3.7 $32.1 $— $— $0.6 $4.8 $37.5 37,721 $993
Corporate (1) — — — 8.6 — — — 8.6 — 73
Total consolidated $ 95.0 $ 10.6 $ 105.6 $ 8.6 $ 0.1 $ 1.8 $ 32.8 $ 149.0 118,388 $ 1,259
(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.
Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the nine months ended September 30, 2022 :
Cash operating costs Royalties Total cash costs Corporate & allocated G&A Exploration costs Reclamation costs and amortization Sustaining capital Total
AISC Gold oz sold Total AISC/
oz sold
Kisladag $75.5 $10.3 $85.8 $— $— $1.6 $11.6 $99.0 94,380 1,049
Corporate (1) — — — 27.3 — — — 27.3 — 85
Total consolidated $ 258.8 $ 30.4 $ 289.2 $ 27.5 $ 1.4 $ 5.3 $ 89.6 $ 413.0 320,491 $ 1,289
(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.
Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the three months ended September 30, 2021 :
Cash operating costs Royalties Total cash costs Corporate & allocated G&A Exploration costs Reclamation costs and amortization Sustaining capital Total
AISC Gold oz sold Total AISC/
oz sold
Kisladag $31.2 $6.8 $38.0 $0.1 $— $0.5 $8.2 $46.8 51,038 $916
Corporate (1) — — — 8.7 — — — 8.7 — 70
Total consolidated $ 80.8 $ 12.2 $ 93.0 $ 8.8 $ 4.0 $ 1.3 $ 34.7 $ 141.8 125,189 $ 1,133
(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.
Reconciliation of All-in Sustaining Costs and All-in Sustaining Costs per ounce sold, by operating asset and corporate office, for the nine months ended September 30, 2021 :
Cash operating costs Royalties Total cash costs Corporate & allocated G&A Exploration costs Reclamation costs and amortization Sustaining capital Total
AISC Gold oz sold Total AISC/
oz sold
Kisladag $77.9 $13.4 $91.4 $0.1 $— $1.5 $14.7 $107.7 142,593 $755
Corporate (1) — — — 27.1 — — — 27.1 — 77
Total consolidated $ 227.3 $ 28.9 $ 256.2 $ 27.2 $ 9.4 $ 4.2 $ 79.3 $ 376.3 352,923 $ 1,066
(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 September 30, 2022 :
Revenue Add concentrate deductions (1) Less non-gold revenue Gold revenue Gold oz sold Average realized gold price per ounce sold
Kisladag $65.7 $ — ($0.6 ) $65.1 37,721 $1,725
Lamaque 73.1 — (0.3 ) 72.8 42,385 1,717
Stratoni — — — — N/A N/A
Total consolidated $ 217.7 $ 4.8 ($22.6 ) $ 199.9 118,388 $ 1,688
(1) Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.
For the nine months ended September 30, 2022 :
Revenue Add concentrate deductions (1) Less non-gold revenue Gold Revenue Gold oz sold Average realized gold price per ounce sold
Kisladag $173.3 $— ($2.1 ) $171.2 94,380 $1,814
Lamaque 223.0 — (1.0 ) 221.9 122,165 1,817