Eldorado Gold Corporation

Thank you for standing by. This is the conference operator. Welcome to the El Dorado Gold second quarter 2022 financial and operational results conference call. As a reminder, all participants are in listen only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Lisa Wilkinson, Vice President, Investor Relations. Please go ahead, Ms. Wilkinson.

Thank you, operator, and good morning, everyone. I'd like to welcome you to our second quarter results conference call. 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 disclosures on non-IFRS measures in our management's discussion and analysis, as well as the risk factors set out in our annual information form. Joining me on the call today, we have George Burns, President and Chief Executive Officer, Phil Yee, Executive Vice President and Chief Financial Officer, and Joe Dick, Executive Vice President and Chief Operating Officer. Other members of the senior leadership team will also be available for the Q&A session. Our release yesterday details our 2022 second quarter financial and operating results. This should be read in conjunction with our second quarter financial statements and management's discussion and analysis, both of which are available on our website. They have also been filed on CDAR and EDGAR. All dollar figures discussed today are U.S. dollars unless otherwise stated. We will be speaking to the slides that accompany this webcast. 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 would invite analysts to queue for questions. I will now turn the call over to George.

Thanks, Lisa, and good morning, everyone. Here is the outline for today's call. I'll provide a brief overview of Q2 results and highlights before passing it to Phil to go through the financials and then Joe to go through our operational performance. And we'll open it up to questions from our analysts. Our team has worked hard in the face of several challenges at the start of the year, and I'm pleased to report that our performance improved in the second quarter. We had strong operating results from Lamoc and FM Chukaru this quarter, with improvements seen at Olympias. In the second quarter, ounces placed to the leach pad at Kisada increased significantly, which should positively impact gold production in the third quarter. We maintain our original 2022 production guidance range of 460,000 to 490,000 ounces and are tracking towards the lower end of that range. We continue to expect full year production to be weighted to the second half. Joe will speak to the operations in more detail later in the call. As we have noted in previous quarters, we continue to face inflationary pressures similar to the wider market. During the first half of the year, we experienced cost increases for key commodities and consumables as a result of inflationary pressures in Turkey A, global supply chain issues, and impacts from sanctions imposed on Russia. Higher labor costs in Turkey and Greece were partially offset by weakening of the Turkish lira and the euro in the second quarter. We were revising our 2022 consolidated cost guidance ranges to reflect lower than expected gold production in the first half of the year, continued inflationary pressures in consumables such as diesel, electricity and reagents, and additional costs associated with the VAT import charge on Olympia's gold concentrate shipments into China. Phil will speak to this in more detail later in the call. In the second quarter, work progressed at scurries with activity focused on steel erection and enclosure of the processing facilities, execution readiness and critical path activities. The execution team is largely in place and we are well positioned to advance access to a ready pool of labor in the local area for the construction of the project. Recently we completed a purchase order for the tailings filter press. one of our long lead equipment items which is in line with the feasibility study cost estimate this reiterates our confidence in the initial capital estimate of 845 million us dollars to bring the scurries project into commercial production our scurries financing discussions continue to advance we are evaluating all available options including joint venture equity partners project and debt financing through EU and Greek lenders, as well as the EU Recovery and Resiliency Fund and metal streams. Our focus in selecting a financing package will continue to be driven by value optimization and de-risking for the future. We look forward to updating the market as we continue to work towards financing and board approval for the restart of construction at Scurries in the second half of 2022. As a bridge to completion of a financing package, we will be allocating additional capital to the project in 2022. Total growth capital excruise will now be 60 to 80 million US dollars for the year. We will adhere to the capital discipline thus far, and the scope will continue to focus on critical path and site mobilization for key activities to support a decision for construction restart. Finally, I would like to touch on our 10th annual sustainability report was published in the second quarter. I'm very proud of the team for the progress we've made on ESG goals and initiatives. Some highlights of the report are. We achieve gender parity on our board with 56% of members identifying as female as of January 2022. We launched our climate change strategy and set a target to mitigate greenhouse gas emissions. by 30% by 2030 on a business as usual basis, enhancing our competitive low emission intensity relative to our peers. We demonstrated leadership in regard to local employment and procurement with 81% of our employees from local communities surrounding our operations and 99% of our employees from countries in which we operate. As we look forward, we will continue to build on our solid foundation, challenge the static quo, and find ways of sustainable mining practices. I'll stop there and turn things over to Phil for a review of our financial results. Thank you, George.