Eldorado Gold Corporation

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Third Quarter 2023 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'll be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations. Please go ahead, Ms. Gould.

Thank you, Operator, and good morning, everyone. I'd like to welcome you to our third quarter 2023 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 disclosure 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, Philly Yee, Executive Vice President and Chief Financial Officer, Joe Dick, Executive Vice President and Chief Operating Officer, and Simon Hilly, Senior Vice President, Technical Services and Operations. Our release yesterday details our third quarter 2023 financial and operating results. This should be read in conjunction with our third quarter financial statements and management's discussion and analysis, both of which are available on our website. They have also both been filed on CDAR Plus 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, 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. I will now turn the call over to George.

Thanks, Lynette, and good morning, everyone. Here is the outline for today's call. I'll provide a brief overview of Q3 results and highlights before passing it to Phil to go through the financials, and then Joe and Simon to review our operational performance. Then we will open the call to questions from our analysts. Turning to slide four, starting with production, our performance continued to improve over the quarter with safe production of 121,030 ounces of gold at Olympias, The mine delivered its best quarter of the year, and the trend is positive, with significant opportunity to make further improvements beyond where we are today. This is a site that is really seeing innovation and technology making a difference in productivity. In the past few months, we have energized the substation, upgraded ventilation, and added bulk emulsion blasting underground. All of this is converging to create a positive trajectory for the site going forward. In the third quarter, at Quesada, with the north heap leach pad operational, we are seeing increased tons with three cells under leach, which should positively impact gold production in the fourth quarter. The tons placed are record amounts compared to the past six and a half years, and a 19% increase relative to both the first and the second quarters of 2023. At Lamarck, Q3 production increased over both Q1 and Q2, However, it was impacted by slower than expected development in the underground due to suspended shifts in the second quarter owing to the wildfires in the region. As a result, we saw a ripple effect with reduced mining phases available for ore production during the third quarter, which impacted our production relative to our expectations. This site has consistently met its performance expectations, and I anticipate that it will maintain the trend throughout the fourth quarter as they access higher grade stoves. As we head into the fourth quarter, we are updating our guidance range to narrow the ranges reflecting our full year expectations given the operational and financial performance to date. And we expect tightening gold production to between 475 and 495,000 ounces versus previous guidance of 475 to 515,000 ounces. Lowered cash operating costs to be between $730 to $780 per ounce sold versus previous guidance of $760 to $860. Tightening all and sustaining costs to between $1,190 and $1,240 per ounce sold versus previous guidance of $1,190 to $1,290. Sustaining capital guidance remains unchanged at $114 to $139 million. Growth capital for the year has been reduced to $280 to $305 million from $394 to $437 million, primarily driven by lower than expected growth capital spend at scurries. Scurries capital is expected to be between $160 to $170 million versus previous guidance of $240 to $260 million. The reduction in scurries is driven by a change in timing to award several contracts in order to optimize project execution, shifting of certain pre-production expenditures from 2023 to 2024 without impact to work progress or completion schedule, transitioning engineering work into Greece, an updated execution approach to major IRF works while maintaining construction schedule flexibility. In addition, the closing of the project financing in April, which was slightly delayed from our initial expectation, meant a slower ramp up than what was expected in awarding the contracts. This lower than expected spend in growth capital at scurries in 2023 is not impacting overall project plan, including cost and schedule, and we remain comfortable we are on track for first gold in mid 2025. We are also pleased to issue our 2022 climate change and greenhouse gas emissions report in August, which provides a measurable progress towards our GHG mitigation target and enhancing climate resilience. This report builds on our first climate change report that was published in 2021 and focuses on our progress implementing the climate change strategy. The report included our GHG emissions target achievement pathway in which we seek to mitigate our Scope 1 and Scope 2 emissions from operating mines by 30% on a 2020 baseline by 2030. Our GHG emissions target achievement pathway comprises four levers, operational efficiencies and continuous improvement, technologies, processes, and energy generation, grid decarbonization, and mine shutdown and operational changes. These opportunities will help mitigate our emissions, and we are already discovering these levers often provide multiple benefits that extend even further. We are committed to continuing to assess opportunities to improve our emissions-related impacts and enhance the resilience of our business in response to climate change. In addition, we are committed to further investigating how we will incorporate Scurry's operational emissions to a climate target. I invite you to read the full report available on our website. The highlight as we entered the fourth quarter has been a well-attended investor and analyst mind tour that we hosted at all four of our European assets, Scurries, Olympias, Quesada, and FM Chukaru. Some of you on the call today were able to get a firsthand feel for how things are going on the ground, which provided a sense of confidence in terms of the abilities of each side team. Each of you that participated was able to see firsthand Our productivity improvements are making a meaningful impact across the sites, and in addition, the opportunities that still lie ahead for us. Additionally, you're able to see directly our sustainable mining practices that we feel are best in class. I think everyone that attended the tour was impressed with our site teams and the significant achievements that we have made across the business. We plan in the future to host more investor and analyst tours as we continue to deliver our growth and value creation that is unique amongst our peers. I'll stop there and turn the call over to Phil for a review of our financial results.