Eldorado Gold Corp (EGO) 2024 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold fourth-quarter and year-end 2024 results conference call. (Operator Instructions)

感謝您的支持。這是會議主持人。歡迎參加 Eldorado Gold 第四季和 2024 年年終業績電話會議。（操作員指令）

I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations, Communications, and External Affairs. Please go ahead, Ms. Gould.

現在，我想將會議交給投資者關係、通訊和外部事務副總裁 Lynette Gould。請繼續，古爾德女士。

Thank you, operator, and good morning, everyone. It is my pleasure to welcome you to our fourth-quarter and year-end 2024 results conference call.

謝謝接線員，大家早安。我很高興歡迎您參加我們的 2024 年第四季和年終業績電話會議。

Before we begin, I would like to remind you that we will be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary statements included in the presentation and the disclosure on non-IFRS measures and risk factors in our management's discussion and analysis.

在我們開始之前，我想提醒您，我們將在電話會議中做出前瞻性陳述並參考非國際財務報告準則指標。請參閱本報告中所包含的警示聲明以及我們管理階層討論與分析中關於非國際財務報告準則指標與風險因素的揭露。

Joining me on the call today, we have George Burns, President and Chief Executive Officer; Paul Ferneyhough, Executive Vice President and Chief Financial Officer; Louw Smith, Executive Vice President, Development, Greece; and Simon Hille, Executive Vice President, Operational, Operations and Technical Services.

今天與我一起參加電話會議的還有總裁兼執行長 George Burns； Paul Ferneyhough，執行副總裁兼財務長； Louw Smith，希臘發展部執行副總裁；以及營運、營運和技術服務執行副總裁 Simon Hille。

Our release yesterday details our fourth quarter and year-end 2024 financial and operating results. This should be read in conjunction with our year-end 2024 financial statements and management's discussion and analysis, both of which are available on our website. They have also both been filed on SEDAR+ and EDGAR.

我們昨天的發布詳細介紹了我們的 2024 年第四季和年終財務和營運表現。這應與我們 2024 年年終財務報表和管理層討論與分析一起閱讀，兩者均可在我們的網站上找到。它們也都已在 SEDAR+ 和 EDGAR 上備案。

All dollar figures discussed today are U.S. dollars, unless otherwise stated. We will be speaking to the slides that accompany this webcast, and you can download a copy of these slides from our website. After the prepared remarks, we will open the call for Q&A. At this time, we will invite analysts to queue for questions.

除非另有說明，今天討論的所有美元數字均為美元。我們將針對本次網路廣播隨附的幻燈片進行演講，您可以從我們的網站下載這些投影片的副本。準備好的發言結束後，我們將開始問答環節。這時候我們會邀請分析師排隊來回答問題。

I will now turn the call over to George.

現在我將電話轉給喬治。

Thanks, Lynette, and good morning, everyone. Here is the outline for today's call. I'll provide an overview of Q4 and 2024 results and highlights. I will then pass the call over to Paul to go through our financials and then Louw and Simon to review our operational performance. Then we will open the call to questions from our analysts.

謝謝，Lynette，大家早安。這是今天通話的概要。我將概述第四季和 2024 年的業績和亮點。然後，我會將電話轉給保羅 (Paul)，讓他審核我們的財務狀況，然後由洛 (Louw) 和西蒙 (Simon) 審查我們的營運績效。然後我們將開始回答分析師的問題。

Turning to Slide 4. 2024 was a strong operational and financial year at Eldorado, marked by many accomplishments. As planned, the fourth quarter was the strongest quarter of the year with safe production of 155,668 ounces.

轉到投影片 4。2024 年是 Eldorado 營運和財務表現強勁的一年，取得了許多成就。根據計劃，第四季度是今年最強勁的季度，安全產量達到 155,668 盎司。

We finished the full year with gold production of 520,293 ounces, in line with our tightened guidance range and 7% increase over our 2023 production. Production benefited from higher mining rates and ore throughput at Lamaque Complex, operational upgrades at Kisladag and increased productivity at Olympias. On the cost side, our cash costs and all-in sustaining costs met our tightened guidance range. They were higher compared to '23, primarily as a result of higher royalties driven by higher gold prices, labor costs and sustaining capital. Paul will touch on our costs in more detail later in the call.

我們全年的黃金產量為 520,293 盎司，符合我們收緊的指導範圍，比 2023 年的產量增加 7%。生產受益於 Lamaque Complex 的採礦率和礦石吞吐量提高、Kisladag 的營運升級以及 Olympias 的生產效率提高。在成本方面，我們的現金成本和總維持成本符合我們收緊的指導範圍。與23年相比，這一數字有所上升，主要是由於金價上漲、勞動成本和維持資本增加導致特許權使用費增加。保羅將在稍後的通話中更詳細地談到我們的成本。

During 2024, each of our assets continue to execute. In Quebec, at the Lamaque complex, we achieved record production of 196,538 ounces, showcasing the efficiency and capability of our operations. Furthermore, the declaration of an inaugural mineral reserve and subsequent technical report at Ormaque marks a significant milestone in our strategic growth and development efforts in the Abitibi. This reinvestment in high-return growth continues to create long-term value. Our Turkish operations performed well during the year.

2024 年期間，我們的每項資產都將繼續執行。在魁北克的拉馬克綜合設施，我們實現了創紀錄的 196,538 盎司產量，展示了我們的營運效率和能力。此外，Ormaque 宣布首個礦產儲量並隨後發布技術報告，標誌著我們在阿比蒂比的策略成長和發展努力取得了重要的里程碑。對高回報成長的再投資將繼續創造長期價值。我們的土耳其業務在這一年中表現良好。

Efemçukuru continues to deliver at a steady rate, and we are pleased to announce a 2-year mine life extension with a 23% increase in mineral reserves compared to the previous year. At Kisladag, during the year, we experienced slower-than-anticipated leach kinetics and delivered an exceptional fourth quarter, driving a stronger finish to the year, reflecting our commitment to excellent operations.

Efemçukuru 繼續以穩定的速度交付，我們很高興地宣布礦山壽命延長 2 年，礦產儲量與前一年相比增加了 23%。在 Kisladag，在這一年中，我們經歷了比預期更慢的浸出動力學，並取得了出色的第四季度業績，為全年帶來了更強勁的收官，反映了我們對卓越運營的承諾。

In Greece, Skouries was a significant focus during 2024, and we continue to advance construction. Once into production next year, this mine will be transformational for the company. Our focus at Skouries remains on delivering on key milestones and our commitment to driving long-term growth and value for our stakeholders. At Olympias, we successfully concluded the labor negotiations, which coupled with productivity improvements supports the 650,000 tonne per annum plant expansion, an increase from 500,000 tonnes per annum, positioning the mine for long-term profitability over its current life of 15 years. Turning to Slide 5.

在希臘，Skouries 是 2024 年的重要關注點，我們將繼續推進建設。一旦明年投產，該礦將為公司帶來改變。在 Skouries，我們的重點仍然是實現關鍵里程碑以及致力於為利害關係人推動長期成長和價值。在奧林匹亞斯，我們成功完成了勞資談判，再加上生產率的提高，支持了每年 65 萬噸的工廠擴建（高於每年 50 萬噸），使該礦在目前 15 年的壽命內實現長期盈利。翻到幻燈片 5。

In the fourth quarter, our lost time injury frequency rate was 1.02, an increase from the LTIFR of 0.42 in the fourth quarter of 2023. In 2024, the LTIFR was 0.99, an increase from 0.65 in 2023.

第四季度，我們的工傷損失頻率為 1.02，高於 2023 年第四季的 0.42。2024 年的 LTIFR 為 0.99，高於 2023 年的 0.65。

We take pride in our safety performance and our employees' dedication to safe operations, but we recognize there is still more to achieve. In 2025, our conviction to health and safety improvements remain steadfast with a strong emphasis on preventing high potential incidents and empowering our employees to cultivate a positive health and safety culture. We had a number of notable achievements throughout the year, including in the fourth quarter.

我們為我們的安全表現和員工對安全操作的奉獻感到自豪，但我們認識到還有更多的工作要做。到 2025 年，我們對改善健康和安全的信念仍然堅定不移，重點強調預防高潛在事故，並授權我們的員工培育積極的健康和安全文化。我們全年取得了許多顯著的成就，包括第四季。

Hellas Gold was honored with a silver award at the 2024 Euro Mine Safety Awards, second place amongst 15 nominations in Europe. The award recognizes our innovative virtual and augmented reality training programs. We also published our annual conflict-free gold report in December, reaffirming our gold products do not cause contribution to or benefit from conflict. In addition, we published an update to our climate and greenhouse gas emissions annual report, including progress against our climate target. Both reports are available on our website.

Hellas Gold 公司在 2024 年歐洲礦場安全獎評選中榮獲銀獎，在歐洲 15 個提名企業中排名第二。該獎項對我們創新的虛擬和擴增實境培訓計畫表示認可。我們也在 12 月發布了年度無衝突黃金報告，重申我們的黃金產品不會助長衝突，也不會從衝突中獲益。此外，我們也發布了氣候和溫室氣體排放年度報告的更新，其中包括我們氣候目標的進展。這兩份報告均可在我們的網站上查閱。

Before I turn the call over to Paul to discuss the financial highlights, I just wanted to touch on our news release announcing the filing of an amended technical report for the Lamaque Complex. This was the result of a continuous disclosure review by the British Columbia Securities Commission.

在我將電話轉給保羅討論財務亮點之前，我只想談談我們的新聞稿，宣布提交拉馬克綜合體的修訂技術報告。這是不列顛哥倫比亞省證券委員會持續披露審查的結果。

In the amended technical report, the preliminary economic assessment previously contained in Section 4 has been removed in addition to other minor changes. The BCSC took the view that the economic assessment in our technical report did not meet the definition of PEA in NI 43-101 for 2 reasons. First, the commissions took the view that the study was not enough of a scope of a rescope of the project as required by the rules.

在修改後的技術報告中，除了其他細微改動外，第 4 部分中先前包含的初步經濟評估已被刪除。BCSC 認為，我們技術報告中的經濟評估不符合 NI 43-101 中 PEA 的定義，原因有二。首先，委員會認為這項研究不足以依照規則的要求重新確定計畫範圍。

Second, in the commission's view, it was not consistent with the definition of PEA to apply the same inputs and parameters used in the reserve case to the inferred resources, even though those inputs and parameters are conservative and have a high level of confidence. The amended technical report does not alter any other aspect of the January 2025 report, including the mineral resource estimates and the mineral reserve estimates, the financial assumptions or the economic analysis in the pre-feasibility study for the reserve case. Specifically, the technical information supporting the inaugural mineral reserve at Ormaque remains part of the amended technical report.

其次，委員會認為，將儲量案例中使用的相同輸入和參數應用於推斷資源量並不符合PEA的定義，即使這些輸入和參數是保守且具有較高的置信度。修改後的技術報告不會改變2025年1月報告的任何其他方面，包括礦產資源估算和礦產儲量估算、財務假設或儲量案例預可行性研究中的經濟分析。具體而言，支持 Ormaque 首個礦產儲量的技術資訊仍然是修訂後的技術報告的一部分。

Our confidence in the development of a second mine at Lamaque Complex was bolstered by the successful completion of the Ormaque bulk sample in December of 2024. With our 7-year history of drilling mineral resources and successfully converting them to mineral reserves, we are confident about the future of the Lamaque complex. I'll stop there and turn the call over to Paul to review our financial results.

2024 年 12 月成功完成 Ormaque 批量取樣，增強了我們對開發 Lamaque Complex 第二座礦場的信心。憑藉我們 7 年的鑽探礦產資源並成功將其轉化為礦產儲備的歷史，我們對 Lamaque 綜合體的未來充滿信心。我就講到這裡，然後將電話轉給保羅來審查我們的財務結果。

Slide 6 provides a summary of our fourth quarter and full year results for 2024. Efficient operations and continued high gold prices have been the foundation of both our quarterly and full year financial results, delivering in line with our tightened guidance issued during our 3Q results. Eldorado reported net earnings attributable to shareholders from continuing operations of $108 million or $0.53 per share in the fourth quarter. For the full year, net earnings attributable to shareholders from continuing operations were $301 million, equivalent to $1.48 per share. Net earnings increased for the full year 2024 and in the fourth quarter of the year compared to prior year periods as a result of higher gold prices and sales volumes, partially offset by higher production costs, including increased royalties and associated income tax expenses.

投影片 6 概述了我們 2024 年第四季和全年業績。高效的營運和持續的高金價一直是我們季度和全年財務業績的基礎，與我們在第三季業績中發布的緊縮指引一致。Eldorado 公佈第四季度持續經營歸屬於股東的淨利潤為 1.08 億美元，即每股 0.53 美元。全年歸屬於股東的持續經營淨利為 3.01 億美元，折合每股 1.48 美元。2024 年全年和第四季的淨利潤較去年同期有所增加，原因是金價上漲和銷量增加，但生產成本增加（包括特許權使用費增加和相關所得稅費用）部分抵消了這一增長。

After adjusting for onetime nonrecurring items, adjusted net earnings were $128 million or $0.62 per share for the quarter.

調整一次性非經常性項目後，本季調整後淨利為 1.28 億美元，即每股 0.62 美元。

Adjusted net earnings in the quarter accounted for 2 principal items being, firstly, a $26.5 million loss on foreign exchange due to the translation of deferred tax balances, primarily in Greece; and secondly, a $10.2 million unrealized gain on derivative instruments. For the full year, adjusted net earnings were $321 million or $1.57 per share. Adjustments during the year included the following: a $50 million unrealized gain net of capital gains tax on the G Mining Ventures deferred consideration and a $52 million unrealized loss on derivative instruments. Our free cash flow in the quarter was $75 million or $176 million, excluding capital investment in the Skouries project. For the full year, free cash flow was $7 million or $342 million, excluding the expenditure on the Skouries project.

本季調整後淨收益主要有兩個項目：第一，由於轉換遞延稅項餘額（主要在希臘）導致的 2,650 萬美元外匯損失；其次，衍生性工具未實現收益1,020萬美元。全年調整後淨利為 3.21 億美元，即每股 1.57 美元。本年度的調整包括：G Mining Ventures 遞延對價的資本利得稅淨額為 5,000 萬美元的未實現收益，以及衍生性商品的 5,200 萬美元未實現損失。本季我們的自由現金流為 7,500 萬美元，不包括 Skouries 專案的資本投資，則為 1.76 億美元。全年自由現金流為 700 萬美元，不包括 Skouries 項目支出，則為 3.42 億美元。

This was a significant improvement over 2023, which delivered $113 million, again, excluding Skouries CapEx, thereby demonstrating the strong business foundation provided by our current operating assets during the continued high gold price environment. For the full year 2024, cash flow generated by operating activities before changes in working capital was $636 million compared to $411 million in the prior year.

這比 2023 年有了顯著改善，實現了 1.13 億美元，同樣不包括 Skouries 資本支出，從而證明了在持續的高金價環境下我們當前的營運資產所提供的強大業務基礎。2024 年全年，營運資本變動前的經營活動產生的現金流為 6.36 億美元，而前一年為 4.11 億美元。

The increase was principally driven by revenue, which increased by $314 million with average realized gold prices having risen from $1,944 per ounce to $2,405 per ounce and higher volumes produced and sold. This was partially offset by higher production costs that increased by $85 million, $28 million of which related to higher royalties. As a result of sustained high gold prices, royalty expenses have impacted our total cash costs, along with increased labor expenditure. Further -- sorry, fourth quarter total cash costs were $944 per ounce sold and for the full year were $940 per ounce sold. Increased total cash costs drove higher all-in sustaining costs for the quarter and the full year.

成長主要得益於收入，收入增加了 3.14 億美元，平均實現黃金價格從每盎司 1,944 美元上漲至每盎司 2,405 美元，且生產和銷售量增加。這被增加的 8500 萬美元的生產成本部分抵消，其中 2800 萬美元與增加的特許權使用費有關。由於金價持續高企，特許權使用費支出以及勞動力支出的增加影響了我們的總現金成本。此外 - 抱歉，第四季度的總現金成本為每盎司 944 美元，全年的總現金成本為每盎司 940 美元。總現金成本的增加導致本季和全年的總體維持成本上升。

In the fourth quarter, ASIC was $1,226 per ounce sold and for the full year, $1,285 per ounce sold. Year-over-year comparison of ASIC was also impacted by higher sustaining capital expenditures in 2024. Fourth quarter capital expenditures at our operating mines were $174 million, including investment in growth projects at Kisladag where we focused on planned waste stripping, equipment to support the mine life extension, continued construction of the second phase of the North heap leach pad and related infrastructure and preparation work for a building relocation due to an upcoming pit expansion.

第四季度，ASIC 的黃金銷量為每盎司 1,226 美元，全年的銷量為每盎司 1,285 美元。ASIC 的年比比較也受到 2024 年持續資本支出增加的影響。我們營運礦場的第四季度資本支出為 1.74 億美元，包括對 Kisladag 成長項目的投資，我們專注於計劃中的廢物剝離、支持延長礦山壽命的設備、繼續建設北堆浸墊第二階段和相關基礎設施以及為即將到來的礦坑擴建而進行的建築物搬遷準備工作。

At Skouries, major earthworks continue to advance along with infrastructure construction and the project invested approximately $98 million in the quarter. Furthermore, the project incurred $7 million of accelerated operational capital. Overall, 2024 cash capital expenditures were $594 million. Current tax expense of $41 million for the fourth quarter increased from $22 million compared to the same period in 2023. Current tax expense totaled $114 million for the full year, an increase from the 2023 expense of $86 million.

在斯庫里斯，主要土方工程和基礎設施建設繼續推進，該項目本季投資約 9,800 萬美元。此外，該專案還獲得了700萬美元的加速營運資本。整體而言，2024 年現金資本支出為 5.94 億美元。第四季的當期稅費為 4,100 萬美元，較 2023 年同期的 2,200 萬美元增加。全年當期稅金總計 1.14 億美元，高於 2023 年的 8,600 萬美元。

The increase in the fourth quarter and 2024 as a whole was primarily related to higher revenues driving increased income taxes in Türkiye and Quebec. Deferred income tax expense of $28 million in the fourth quarter and $21 million for the full year compared to recoveries of $68 million in the fourth quarter of 2023 and $28 million for 2023 as a whole. Turning to Slide 7. Our growing balance sheet continues to be the foundation of our business, and we ended the year with total liquidity of $1.1 billion. including $857 million of cash and cash equivalents and $239 million of available capacity on our senior secured credit facility.

第四季和整個 2024 年的成長主要與土耳其和魁北克的收入增加導致所得稅增加有關。第四季遞延所得稅費用為 2,800 萬美元，全年遞延所得稅費用為 2,100 萬美元，而 2023 年第四季遞延所得稅費用為 6,800 萬美元，2023 年全年遞延所得稅費用為 2,800 萬美元。翻到幻燈片 7。我們不斷成長的資產負債表繼續成為我們業務的基礎，截至今年年底，我們的總流動資金達到 11 億美元。包括 8.57 億美元的現金和現金等價物以及 2.39 億美元的優先擔保信貸額度可用容量。

As expected, we continue to build cash through the fourth quarter as a result of positive cash flows from our producing mines as well as benefiting from drawdowns from the project finance facility for the Skouries development. We further augmented our cash balance in January 2025 with the full divestment of our G Mining Ventures ownership, bolstering our balance sheet with a further $155 million.

正如預期的那樣，由於來自生產礦山的正現金流以及 Skouries 開發項目融資工具的提取，我們在第四季度繼續累積現金。2025 年 1 月，我們完全剝離了 G Mining Ventures 所有權，進一步增加了現金餘額，為我們的資產負債表增添了 1.55 億美元。

We are committed to maintaining a strong financial position while we advance the construction of Skouries, thereby ensuring we have flexibility to respond to new business opportunities whilst also investing in our profitable and cash flow generating operating mines. ith that, I'll now turn the call over to Lo to go through the Greek asset highlights.

我們致力於在推進 Skouries 建設的同時保持強勁的財務狀況，從而確保我們能夠靈活地應對新的商機，同時投資於我們盈利且能產生現金流的營運礦場。因此，我現在將電話轉給 Lo，讓他介紹希臘資產的亮點。

Thanks, Paul, and good morning. Starting on Slide 8 at our Skouries copper-gold project. At the end of Q4, overall project progress was 60% of Phase 2 of construction. As discussed on February 6 on our conference call, we have revised project capital cost with an increase of $143 million to a total of $1.06 billion in addition to $154 million in accelerated operational capital cost. We expect first gold production in the first quarter of 2026 and commercial production in mid-2026.

謝謝，保羅，早安。從我們的 Skouries 銅金計畫的第 8 張幻燈片開始。截至第四季末，整體專案進度為第二階段建設的60％。正如我們在 2 月 6 日的電話會議上所討論的那樣，我們已修改專案資本成本，將 1.43 億美元增加至總計 10.6 億美元，此外還增加了 1.54 億美元的加速營運資本成本。我們預計首次黃金生產將於 2026 年第一季進行，商業生產將於 2026 年中期進行。

Despite the slower-than-expected ramp-up due to the tight labor market in Greece, we have made significant progress. This week, we are now at approximately 1,180 workers on site and actively onboarding additional talent. At year-end 2024, detailed engineering and procurement was substantially completed. On the underground, we have received approximately 90% of the equipment and operator licenses. Development mining has been ramping up with access to the test stopes advanced ahead of plan at the upper level.

儘管由於希臘勞動力市場緊張導致成長速度低於預期，但我們仍取得了重大進展。本週，我們現場現有約 1,180 名工人，並積極招募更多人才。截至 2024 年底，詳細工程和採購工作已基本完成。在地下，我們已經獲得了大約90％的設備和操作員許可證。開發採礦正在不斷加緊進行，上層試驗礦場的進入已比計劃提前。

The 2 test stopes are expected to be completed in 2025. On this slide, you can see on the right-hand side, the advancement of the – reclaim feed tunnel from the Course ore stockpile and the assembly of the conveyors that will transport the oversized ore to the pebble crusher. Moving on to Slide 9. During the fourth quarter, the construction project capital investment at Skouries was $98 million and the full year spend was $325 million. The photos on this slide and the next few slides will show the advancement of the work underway.

預計這兩個試驗場將於 2025 年完工。在這張投影片的右側，您可以看到從粗礦石堆回收進料隧道的進展情況，以及將超大礦石運送到鵝卵石破碎機的傳送帶的組裝情況。轉到投影片 9。第四季度，Skouries 的建設項目資本投資為 9,800 萬美元，全年支出為 3.25 億美元。這張幻燈片和接下來幾張幻燈片上的照片將顯示正在進行的工作的進展。

As you can see on the photo on the left of the slide, the 3 thickeners continue to advance. Concrete works for the first 2 thickeners has reached approximately 85% and 65%, respectively.

正如您在幻燈片左側的照片中看到的，3 個增稠劑繼續前進。前兩座濃密機混凝土工程分別完成約85%及65%。

And as you can see on the left of this photo, the third thickener construction has commenced. Infrastructure on the west side of the main process building is shown, including construction work progressing on the secondary substation and control building. On the 2 far right photos, infrastructure on the east side of the main process building is showing. The structural steel installation is complete at the water pump house and nearing completion for the lime plant building and flotation blowers building, including the line plant plate work progressing.

正如您在照片左側看到的，第三台濃密機的建設已經開始。圖中顯示了主工藝大樓西側的基礎設施，包括正在進行的二次變電站和控制大樓的施工工作。最右邊的兩張照片顯示的是主工藝大樓東側的基礎設施。水泵房的鋼結構安裝已經完成，石灰廠廠房和浮選鼓風機廠房的鋼結構安裝也已接近完工，其中線路廠板工程正在進行中。

Turning to Slide 10. At the Filter tailings facility, we have included a link to a time lapse video showcasing the progress of the concrete foundation, which is nearly complete, and we have achieved a milestone with the commencement of the structural steel construction, and we are rigorously advancing the building. On Slide 11, we have completed the foundation construction for the primary crusher, including excavations and retaining walls which has enabled the commencement of the crusher building structure. In this photo, you can see the fixed location construction crane that will assist with the build.

翻到幻燈片 10。在過濾尾礦設施中，我們附加了一個延時視頻的鏈接，展示了混凝土基礎的進展情況，該基礎已接近完工，隨著鋼結構施工的開始，我們已經取得了一個里程碑，我們正在嚴格推進建設。在第 11 張投影片上，我們已經完成了主要破碎機的基礎施工，包括挖掘和擋土牆，這使得破碎機建築結構的開始成為可能。在這張照片中，您可以看到協助施工的固定位置建築起重機。

Moving to Olympias on Slide 12. Fourth quarter gold production was 15,922 ounces and total cash costs were $1,463 per ounce sold. Production was lower than the fourth quarter of 2023 as a result of slightly lower throughput and lower gold grades in the quarter. Lower throughput was as a result of planned equipment downtime and unplanned maintenance related to the gold concentrate filter presses, which negatively impacted mill throughput.

移至第 12 張投影片上的奧林匹亞斯。第四季黃金產量為 15,922 盎司，每盎司售出總現金成本為 1,463 美元。由於本季產量略有下降且黃金品位較低，產量低於 2023 年第四季。產量較低的原因是計劃內的設備停機和與金精礦壓濾機相關的計劃外維護，這對磨機產量產生了負面影響。

The filter presses resumed normal operations in late January. Total cash costs were impacted by increased labor and higher royalty expenses as a result of higher realized gold prices as well as higher gold ounces sold compared to the fourth quarter of 2023. I'll stop there and hand it over to Simon to discuss the Turkish and Canadian operations.

壓濾機於一月底恢復正常運作。與 2023 年第四季相比，總現金成本受到勞動力增加和特許權使用費增加的影響，前者是由於實際金價上漲以及黃金銷售增加。我就到此為止，並將其交給西蒙來討論土耳其和加拿大的行動。

Thanks, Louw. Starting in Türkiye on Slide 13. Kisladag delivered the strongest quarter of the year with production totaling 56,483 ounces and total cash costs of $978 per ounce sold. Total cash costs were primarily impacted by the higher gold production and higher ounces sold, along with higher labor costs in addition to local cost inflation, which was not offset by depreciation of the lira against the U.S. dollar.

謝謝，Louw。從幻燈片 13 上的 Türkiye 開始。基斯拉達格 (Kisladag) 本季的產量最為強勁，共 56,483 盎司，每盎司售出的總現金成本為 978 美元。總現金成本主要受到黃金產量增加和銷售增加、勞動成本增加以及當地成本通膨的影響，而土耳其里拉兌美元的貶值並未抵銷此影響。

Production in the fourth quarter benefited from the operation of the new North ADR facility, enabling optimization of carbon loading, recovery and regeneration. The North ADR facility has a higher capacity for carbon management compared to the South ADR facility. The commencement of the North ADR operations was combined with steady performance in stacking, leaching and ongoing inventory drawdown activities.

第四季度的生產受益於新的北方 ADR 設施的運營，從而實現了碳負荷、回收和再生的最佳化。與南部 ADR 設施相比，北部 ADR 設施的碳管理能力更強。北部 ADR 業務的開始與堆疊、浸出和持續庫存減少活動的穩定表現相結合。

During the fourth quarter, we advanced the engineering study that is focused on geometallurgical understanding of future places and optimization of the crushing and leach circuits. At Efemçukuru on Slide 14, fourth quarter gold production was 19,451 ounces at total cash costs of $1,376 per ounce sold. Gold production throughput and average gold grade at Efemçukuru were in line with the plan for the quarter. This year marks the 10th consecutive year of Efemçukuru achieving annual production guidance, a true testament to the team's dedication to continuous improvement. And now moving to the Lamaque complex on Slide 15.

在第四季度，我們推進了以未來地點的地質冶金學理解以及破碎和浸出迴路的最佳化為重點的工程研究。在幻燈片 14 上的 Efemçukuru，第四季度黃金產量為 19,451 盎司，每盎司售出的總現金成本為 1,376 美元。Efemçukuru 的黃金產量和平均黃金品位符合本季的計畫。今年是 Efemçukuru 連續第十年實現年度生產指導，真正證明了團隊致力於持續改進的努力。現在轉到幻燈片 15 上的 Lamaque 建築群。

Lamaque delivered production of 63,742 ounces at total cash costs of $615 per ounce sold. Fourth quarter production benefited from the additional ore from the Ormaque bulk sample, coupled with higher throughput rates and higher grade.

Lamaque 公司生產了 63,742 盎司黃金，每盎司現金總成本為 615 美元。第四季的產量受益於來自 Ormaque 散裝樣品的額外礦石，以及更高的生產率和更高的品位。

Total cash costs were slightly higher in the fourth quarter compared to the comparable period in 2024, impacted by higher production costs, but almost entirely offset by the higher ounces sold. This past week, we achieved a safe production milestone with the 1 million ounce poured at Lamaque. We would like to congratulate the Lamaque team for your authentic dedication and hard work this year. This is a tremendous achievement. Additionally, we have recently updated a technical report that extends the mine life.

受生產成本上升的影響，第四季的總現金成本與 2024 年同期相比略有上升，但幾乎完全被銷售增加所抵銷。上週，我們在拉馬克鑄造廠澆注了 100 萬盎司黃金，實現了安全生產的里程碑。我們要祝賀 Lamaque 團隊今年的真誠奉獻和辛勤工作。這是一個巨大的成就。此外，我們最近更新了一份延長礦井壽命的技術報告。

We expect this mine to continue to deliver significant value for our stakeholders for years to come. I'll stop there and hand back to George for his closing remarks.

我們預計該礦將在未來幾年繼續為我們的利害關係人帶來巨大的價值。我的發言就到此結束，請喬治作結束語。

Thanks, team. In summary, 2024 was a strong year operationally and financially, and I would like to acknowledge the dedication and hard work of our teams across the sites. We delivered 7% higher production, hitting an annual production record at Lamaque, implemented optimization initiatives at Kisladag to draw down the gold inventory and delivered continued Olympias productivity improvements that support our 2025 plant expansion project. We are strongly disciplined for 2025 and beyond, building on years of optimization efforts to strengthen our asset portfolio.

謝謝，團隊。總而言之，2024 年在營運和財務方面都是強勁的一年，我要感謝我們各個站點團隊的奉獻和辛勤工作。我們的產量提高了 7%，創下了 Lamaque 的年度產量記錄；在 Kisladag 實施了優化舉措，以減少黃金庫存；並持續提高了 Olympias 的生產效率，為我們的 2025 年工廠擴建項目提供支持。我們對2025年及以後的目標制定了嚴格的紀律，並在多年的優化努力的基礎上加強了我們的資產組合。

With a solid balance sheet, we have the necessary funding to complete the construction of Skouries and continue to drive ongoing improvement projects across our assets to set up the company for the long term. Our continued focus on operational performance, cost control and capital discipline in this record high gold price environment will enable us to create value for all stakeholders. Thank you for your time. I will now turn it over to the operator for questions from our analysts.

憑藉穩健的資產負債表，我們擁有必要的資金來完成 Skouries 的建設，並繼續推動我們資產的持續改進項目，為公司的長期發展奠定基礎。在金價創歷史新高的環境下，我們將繼續專注於營運績效、成本控制和資本紀律，這將使我們能夠為所有利害關係人創造價值。感謝您的時間。現在我將把問題交給接線員，以便我們的分析師提問。

(Operator Instructions) Tanya Jakusconek, Scotiabank.

(操作員指示) Tanya Jakusconek，加拿大豐業銀行。

Maybe just a follow-up on Skouries. I just like to understand when we have the call in early February, we had -- we talked about the labor, the tightness in the labor market and needing another 150 specialized labor force for Stories. So I'm just wondering an update on the progress there and sort of the $150 million, can you break it down into buckets of what we need for electrical, mechanical, et cetera, et cetera, that would be useful. And then number two, how are we looking at in terms of hiring, let's say, inside the EU and then outside if we have to. So just maybe a little bit of an update there, if there is in February.

也許只是對 Skouries 的後續。我只是想知道，當我們在二月初接到電話時，我們談到了勞動力、勞動力市場的緊張狀況以及 Stories 需要另外 150 名專業勞動力。所以我只是想知道那裡的進展以及 1.5 億美元的情況，您能否將其分解成我們需要的電氣、機械等方面的資金，這將會很有用。第二，在招募方面我們如何看待，比如說，在歐盟內部，然後如果有必要的話，在歐盟外部。所以如果二月有的話，也許會有一些更新。

February is earlier this month. Okay. Since earlier at this month.

二月是這個月早些時候。好的。從本月初開始。

Yes, Tanya, I'd say that we're making good progress to hit our target total construction workforce of 1,300 people on the ground. And that roughly is what we need to average through this year and into the new year to deliver our updated guidance for commercial production by the middle of next year. Specifically now, the focus has been on concrete workers. That's kind of been our bottleneck late last year and into the new year. And so we're at 1,180 average over the last week and tracking to get to that 1,300 by quarter end.

是的，Tanya，我想說我們在實現地面建築勞動力總數 1,300 人的目標方面取得了良好的進展。這就是我們今年和新年所需的平均水平，以便在明年年中之前提供最新的商業生產指導。具體來說，現在的重點是混凝土工人。這可以說是我們去年年末和新年面臨的瓶頸。因此，我們上週的平均數字為 1,180，預計到季度末將達到 1,300。

And then in terms of where we're trying to recruit, I mean, our focus continues to be local where we can.

至於我們招募人員的地點，我們的重點仍然是盡可能地在地化。

The really tight construction market in Greece has forced us to look outside. And we're having success both within the country and outside the country of finding those additional workers. Right now, we're trying to get about 80 more concrete workers to get to that Q1 target, and we have pretty good visibility that we'll be successful. In terms of the transition into the other trades, obviously, as the concrete wraps up in many areas of the plant, then we can move into setting structural steel and then setting mechanical equipment and then follow that up with electrical and control systems. So it's fairly complex how this is going to evolve.

希臘建築市場確實緊張，迫使我們將目光投向外部。我們在國內外都成功找到了額外的工人。目前，我們正努力招募大約 80 名混凝土工人來實現第一季的目標，並且我們非常有信心取得成功。就向其他行業的過渡而言，顯然，隨著混凝土在工廠的許多區域完成，我們可以轉向設置結構鋼，然後設置機械設備，然後再設置電氣和控制系統。因此，這一進程將如何發展相當複雜。

It will be an ongoing focus of ours as we complete certain work that we bring in the additional trades to complete the work. So it's -- all I can describe for you right now is that we're on track to get to that 1,300 level, and we're working very hard to ensure we can bring in the additional trades as required as the project continues to progress.

當我們完成某些工作時，我們將會持續專注於引入額外的工種來完成這項工作。所以，我現在能向您描述的就是，我們正朝著 1,300 的水平邁進，而且我們正在努力確保隨著項目的不斷進展，我們能夠根據需要引入額外的交易。

Okay. So you're comfortable then getting the concrete workers that need mechanical, electrical, when do you start looking or hiring for those electrical control systems? When are we looking for those (inaudible) and sort of this division, I guess -- go ahead.

好的。那麼，您是否可以輕鬆地招募需要機械和電氣的混凝土工人，那麼您什麼時候開始尋找或僱用那些電氣控制系統呢？我想，我們什麼時候尋找那些（聽不清楚）以及這種劃分呢 - 繼續吧。

Yes. So we have pipe bitters, mechanical electrical control system at site now constructing. So certain parts of the plant are ready for those sort of skills. The areas where we're doing concrete, we don't have the work available for them to begin until the concrete is finished. So it's a phased approach.

是的。所以我們現在正在現場建造管道、機械電氣控制系統。因此植物的某些部分已經準備好掌握這類技能。在我們正在進行混凝土施工的區域，在混凝土施工完成之前，我們無法為他們提供工作。所以這是一個分階段的方法。

I'll give you an example. So the critical path in the projects from the beginning has been the dry stack filter facility. It's a pretty big facility. And in the video we uploaded today, it shows the critical path part of that facility is the building that will house the 6 filters that removes the water from the tailings. So the concrete is nearly complete.

我給你舉個例子。因此，從一開始，專案的關鍵路徑就是乾式過濾設施。這是一個相當大的設施。在我們今天上傳的影片中，顯示了該設施的關鍵路徑部分是容納 6 個過濾器的建築物，這些過濾器用於去除尾礦中的水。混凝土已接近完工。

In the next week or so, we'll pour the last piece. The first part of the plant that was poured, we're already setting up the structural steel. So you can see in the video, there's 2 stories of structural steel that's been set in the last week or 2.

在接下來的一周左右，我們將澆注最後一塊。工廠的第一部分已經澆築完畢，我們正在安裝結構鋼。所以你可以在影片中看到，在過去的一兩週內已經建造好了兩層鋼結構。

And that eventually will be a 4-story building, and it will continue to progress across the concrete plant. So what's happened here in just 2 weeks is we've gone from all concrete work to now setting structural steel. As the steel gets completed, then we'll have mechanics coming in to set the major equipment that will go in at some point, the building will go up. So as I say, every part of the plant has this transition happening where we move from concrete to structural steel, then the mechanical sets and electrical and control system.

它最終會成為一座四層樓高的建築，並將繼續在混凝土工廠中建造。所以在短短兩週內發生的事情是，我們已經從所有的混凝土工程過渡到現在的安裝結構鋼。當鋼材完成後，我們就會有機械師來安裝主要設備，然後大樓就會蓋起來。正如我所說，工廠的每個部分都在發生這種轉變，從混凝土到鋼結構，然後是機械設備、電氣和控制系統。

And this will evolve at different paces through every portion of the plant. for the remainder of this year. So again, it's very complex. I can tell you we have electricians, control system people at site today. And as we open up these additional work fronts as concrete gets completed over the coming couple of months and quarters, we'll be ramping up those other trades.

並且這將透過植物的每個部分以不同的速度進化。今年剩餘的時間。所以，這又非常複雜。我可以告訴你，今天我們有電工、控制系統人員在現場。隨著我們在未來幾個月和幾季內混凝土工程完工並開闢這些額外的工作戰線，我們將加強其他產業的力度。

So we're focused to support our contractors to ensure we have the right trades at the right moments to meet our schedule.

因此，我們專注於支持我們的承包商，以確保我們在正確的時間進行正確的交易以滿足我們的計劃。

And so -- and maybe the last thing I'd say that gives us a bit of comfort is our current estimate assumes a solid day shift work and a light second shift work. And we're working aggressively to find the people required to be able to have more work done on the second shift, which derisk the schedule that we currently have. So it's all about the people. I can only tell you, we're working hard on it. We have visibility.

所以——也許我要說的最後一件能讓我們感到些許安慰的事情是，我們目前的估計假設白班工作很充實，第二班工作很輕鬆。我們正在積極尋找所需的人員，以便在第二班次完成更多工作，從而降低我們目前的工作安排風險。所以一切都與人有關。我只能告訴你，我們正在努力。我們具有可見性。

We can meet our schedule, and we'll try to beat it.

我們可以滿足我們的計劃，並且我們會努力提前完成。

Okay. So basically, George, we need to get another 120 people with the appropriate background by the end of -- by the end of March, so in the next month or so?

好的。所以基本上，喬治，我們需要在三月底之前，也就是下個月左右找到另外 120 名具有適當背景的人？

That's correct.

沒錯。

Okay. And then maybe just on this economic -- this removal of the preliminary assessment in the technical report. I'm sorry, I just jumped in a bit later. So can you just review that again? I mean I haven't seen that before.

好的。然後可能只是關於經濟方面——刪除技術報告中的初步評估。抱歉，我剛才才來。那你能再複習一下嗎？我的意思是我之前沒見過這個。

So I'm just trying to understand what exactly happened.

所以我只是想了解到底發生了什麼事。

Yes. So we filed an updated 43-101 technical report. And I would tell you the key thing in it was we've got now a reserve at Ormaque and that stands. What the commission came back with is that we had a PEA in Section 24. And in that PEA, the commission's view was we were using technical and economic parameters included in our reserve case that we had high confidence in that shouldn't be used in a PEA case.

是的。因此我們提交了更新的43-101技術報告。我想告訴你，其中的關鍵是我們現在在 Ormaque 有一個保護區，而且它就在那裡。委員會的答覆是，我們在第 24 節中有一個 PEA。在該 PEA 中，委員會認為我們使用了儲備案例中包含的技術和經濟參數，我們對此有很高的信心，但這些參數不應該在 PEA 案例中使用。

And so we pulled that whole section out and you shouldn't be relying on that PEA as it's in an inferred resource case. So the inferred resources are still intact. The PEA and the economics that go with it can't be relied upon based on the BC Commission's review.

因此，我們將整個部分刪除了，您不應該依賴該 PEA，因為它屬於推斷資源案例。因此推斷的資源仍然完整。根據 BC 委員會的審查，PEA 和與之相關的經濟學是不可靠的。

And that's basically because you used inferred in that PEA?

這基本上是因為您在 PEA 中使用了推斷嗎？

Well, all PEAs have inferred. I mean if you go back to when Eldorado acquired Integra in 2017, we acquired mineral resources and inferred resources, and we acquired a PEA at that stage. We were able to complete a pre-feasibility study, and we had enough measured and indicated resources to convert that to a reserve by the end of 2017.

嗯，所有 PEA 都已推斷出來。我的意思是，如果回顧 2017 年 Eldorado 收購 Integra 的時候，我們獲得了礦產資源和推斷資源，並且在那個階段獲得了 PEA。我們已經完成了預可行性研究，我們擁有足夠的測量和指示資源，可以在 2017 年底之前將其轉化為儲備。

What we have now, we have reserves both on Ormaque and on Triangle. And so the commission's view is we can have a PEA using technical assumptions on our reserve case built into a PEA. So if it was stand-alone somewhere else, we'd have been okay. But because it's tied to a mineral reserve on both of those deposits, they're telling us we can't have a PEA in this case.

目前，我們在 Ormaque 和 Triangle 都有儲備。因此，委員會的觀點是，我們可以使用內建於 PEA 中的儲備案例技術假設來進行 PEA。所以如果它在其他地方是獨立的，我們就會沒事。但由於它與這兩個礦床的礦產儲量有關，他們告訴我們在這種情況下我們不能進行 PEA。

So we've pulled it, and I'll just spin you back to what we've been doing from the beginning. I mean it's been quite a positive journey for us over the last 7 years. We acquired Lamaque in 2017. We had 1.2 million ounces of indicated resources, 631,000 ounces of inferred resources. And we closed that transaction in July of 2017.

所以我們把它撤下來了，我只想讓你回顧一下我們從一開始就在做的事情。我的意思是，過去 7 年對我們來說是一段相當積極的歷程。我們於 2017 年收購了 Lamaque。我們擁有 120 萬盎司的指示資源和 631,000 盎司的推斷資源。我們於 2017 年 7 月完成了該交易。

At the end of the year, we had a mineral reserve of 893,000 ounces, and we grew the inferred resources to 1.3 million ounces. So we did that with drilling, and we converted to a reserve with infill drilling. So we were successful in that acquisition. And since then, we've grown the reserves on Triangle.

截至年底，我們的礦產儲量為 893,000 盎司，推斷資源量增加至 130 萬盎司。因此，我們透過鑽探實現了這一目標，並透過加密鑽探將其轉化為儲備。因此，我們那次收購是成功的。從此以後，我們增加了三角地區的儲備。

We discovered the Ormaque deposit. We had an inaugural inferred resource of 803,000 ounces of inferred resources on Ormaque in February of 2021. And then in the fourth quarter of last year, we did enough drilling to expand that resource and convert a portion of it to a mineral reserve backed by a pre-feasibility study. So we've had an evolution of success of finding additional inferred resources, infill drilling, combining it with feasibility study engineering work and then converting it into reserves.

我們發現了Ormaque礦床。2021 年 2 月，我們在 Ormaque 上首次發現了 803,000 盎司的推斷資源。然後在去年第四季度，我們進行了足夠的鑽探以擴大該資源並將其中的一部分轉化為由預可行性研究支持的礦產儲量。因此，我們成功地找到了額外的推斷資源，進行了加密鑽探，並將其與可行性研究工程工作相結合，然後將其轉化為儲備。

So where we sit at the end of last year, we have mineral reserves of 1.3 million ounces. We produced 1 million ounces of gold from the operation since acquisition, and we have 2.6 million ounces of inferred resource. So we have a robust amount of inferred resources on both Ormaque and Triangle, and we're actively drilling. We have 8 drill rigs underground and 3 rigs on surface. This year alone, we'll drill 43,000 meters into the Triangle to convert -- to work towards converting those inferred resources to reserves.

截至去年年底，我們的礦產儲量為 130 萬盎司。自收購以來，我們已從該業務中生產了 100 萬盎司黃金，並且擁有 260 萬盎司的推斷資源。因此，我們在 Ormaque 和 Triangle 都擁有大量推斷資源，並且我們正在積極鑽探。我們有 8 台地下鑽孔機和 3 台地面鑽孔機。光是今年，我們就將在三角區鑽探 43,000 米，努力將這些推斷資源轉化為儲量。

And we have 48,000 meters of planned drilling on Ormaque, again, with the intention of converting those inferred resources into reserves.

我們計劃在 Ormaque 進行 48,000 公尺的鑽探，目的是將這些推斷資源轉化為儲量。

And this is an ongoing multiple year progress. So anyway, we feel very confident we'll continue to add value at both now Triangle and Ormaque, and we've got a bright future ahead of us. The unfortunate thing for us is that we did pull the PEA and we shouldn't rely on that chapter. But as I say, those inferred resources stand and our success story continues.

這是一個持續多年的進展。所以無論如何，我們非常有信心我們將繼續為現在的 Triangle 和 Ormaque 增加價值，而且我們的前途一片光明。對我們來說不幸的是，我們確實撤回了 PEA，我們不應該依賴該章節。但正如我所說，這些推論的資源仍然有效，我們的成功故事仍在繼續。

As there are no further questions at this time. This concludes the question-and-answer session, and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

因為現在沒有其他問題。問答環節和今天的電話會議到此結束。您可以斷開您的線路。感謝您的參與，祝您有個愉快的一天。