
(AGENPARL) – mer 05 aprile 2023 [Eldorado Logo]
—————————————————————
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:
VANCOUVER, British Columbia, April 05, 2023 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado” or the “Company”) and its wholly-owned subsidiary, Hellas Gold Single Member S.A. (“Hellas”), are pleased to announce that Hellas has satisfied all necessary precedent conditions and has closed its previously announced €680 million project financing facility (the “Facility”) for the development of the Skouries Project in Northern Greece (“Skouries” or the “Project”).
The Facility is structured to provide 80% of the funding required to complete the Project, with the remaining 20% to be funded by the Company. Hellas contributed €31.2 million (approximately US$34.0 million) from January 2022 through to the end of March 2023, on early works activities at Skouries, which will be applied as a credit towards the Company’s equity commitment per the terms of the Facility. The Company’s equity commitment for the Project is backstopped by a letter of credit in the amount of €190 million issued under the Company’s revolving credit facility. The letter of credit will be reduced Euro for Euro as the Company invests further in the Project.
1. Limited forward sales for delivery on June 30, 2026, as follows:
– Gold: 32,000 ounces of gold at a forward price of US$2,160 per ounce; and
– Copper: 6,160 tonnes of copper at a forward price of US$8,525 per tonne.
2.Hellas has entered into an interest rate swap covering 70% of the variable interest rate exposure, per the terms of the Facility. Details of the interest rate swap are as follows:
Term Term Detail
Interest Payment Frequency 6 months
Floating Index 6-month Euribor
Tenor 9 years
Effective Date April 6, 2023
Maturity Date December 31, 2032
Fixed Rate 3.11%
3.Hellas has entered into foreign exchange hedging arrangements to fix the US dollar to Euro exchange rate for a portion of the Facility repayments:
Delivery Dates Euro Notional Forward Rate
June 30, 2026 17,000,000 1.1362
December 31, 2026 17,000,000 1.1393
June 30, 2027 17,000,000 1.1423
December 31, 2027 17,000,000 1.1455
June 30, 2028 17,000,000 1.1487
December 29, 2028 17,000,000 1.1521
June 29, 2029 17,000,000 1.1554
December 31, 2029 17,000,000 1.1587
June 28, 2030 11,350,000 1.1619
December 31, 2030 11,350,000 1.1655
June 30, 2031 11,350,000 1.1688
December 31, 2031 11,350,000 1.1722
June 30, 2032 11,350,000 1.1755
December 30, 2032 11,350,000 1.1787
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece. 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
Philip Yee, EVP and Chief Financial Officer
Media
Louise McMahon, Director Communications & Public Affairs
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “believes”, “budgets”, “commitment”, “confident”, “estimates”, “expects”, “forecasts”, “intends”, “plans”, “potential”, “prospective”, or “schedule” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “can”, “could”, “likely”, “may”, “might”, “will” or “would” be taken, occur or be achieved.
Forward-looking statements or information contained in this press release include, but are not limited to, statements or information with respect to: the total funding requirements for the Project, including the sources thereof; the drawdown of the proceeds of the Facility, including the timing thereof; the Company’s ability to fund the remaining 20% equity funding commitment, the Company’s hedging strategy; risk factors affecting our business; our expectations as to our future financial and operating performance, including future cash flow, estimated cash costs, expected metallurgical recoveries and gold and copper price outlook; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities, related timelines and schedules. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
We have made certain assumptions about the forward-looking statements and information, including assumptions about: the total funding required to complete the Project; our ability to meet our timing objectives for drawdown of funds under the Facility and to provide our equity commitment; our ability to execute our plans relating to Skouries, including the timing thereof; our ability to obtain all required approvals and permits; cost estimates in respect of Skouries; no changes in input costs, exchange rates, development and gold; the geopolitical, economic, permitting and legal climate that we operate in, including at Skouries; how the worldwide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing, cost and results of our construction and exploration; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; mineral reserves and resources; and the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In addition, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this press release.
Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.