Day: October 31, 2024

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All figures are in United States dollars. All production figures reflect payable metal quantities and are on a 100% basis, unless otherwise stated. For references denoted with NG, refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release for a description of these measures.

TORONTO, Oct. 31, 2024 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra” or the “Company”) CGCGAU today reported its third quarter 2024 operating and financial results.

President and CEO, Paul Tomory, commented, “Centerra continues to deliver consistent operating performance and is on track to meet our consolidated production and cost guidance for the year. We have benefited from margin expansion driven by stable cost performance in an elevated metal price environment. As planned, we have returned to strong free cash flow generation in the third quarter. Even after spending approximately $32 million on the restart of operations at the Thompson Creek mine, we grew our cash and cash equivalents to $604 million at the end of the third quarter. We increased our share buybacks in the third quarter to $12 million, and declared a quarterly dividend, delivering on our disciplined approach of returning capital to shareholders.

“We continue to systematically execute on our strategic plan by working through the assets in our portfolio to unlock value. In February, we announced an additional agreement with Royal Gold, which allowed us to extend the mine life at Mount Milligan by two additional years and created the potential for future mine life extensions. In September, we announced the restart of operations at Thompson Creek and a progressive ramp-up of production at Langeloth, to realize value in our Molybdenum Business Unit. Looking ahead, we are progressing work at Mount Milligan on a preliminary economic assessment that is expected to illustrate the future potential at the mine and is on track to be completed towards the end of the first half of 2025. We also expect to publish an initial resource estimate at Goldfield in conjunction with our year-end reserve and resource update, expected in early 2025. By continuing to execute on our strategic plan, we expect to create value and growth for our shareholders and stakeholders,” concluded Mr. Tomory.

Third Quarter 2024 Highlights

Operations

• Production: Consolidated gold production of 93,712 ounces in the quarter, including 42,993 ounces from the Mount Milligan Mine (“Mount Milligan”) and 50,719 ounces from the Öksüt Mine (“Öksüt”). Copper production in the quarter was 13.7 million pounds. Year-to-date, consolidated gold and copper production was 294,880 ounces of gold and 41.6 million pounds of copper. Consolidated full year 2024 production guidance is unchanged at 370,000 to 410,000 ounces of gold and 55 to 65 million pounds of copper.
• Sales: Third quarter 2024 gold sales were 96,736 ounces at an average realized gold price^NG of $2,206 per ounce and copper sales were 14.2 million pounds at an average realized copper price^NG of $3.37 per pound. The average realized gold and copper prices include the impact of the Mount Milligan streaming agreement with Royal Gold. Gold and copper sales were 16% and 21% higher, respectively, compared to last quarter, mainly driven by the timing of shipments at Mount Milligan.
• Costs: Consolidated gold production costs were $973 per ounce and all-in sustaining costs (“AISC”) on a by-product basis^NG were $1,302 per ounce for the quarter. Year-to-date, gold production costs were $860 per ounce and AISC on a by-product basis^NG were $1,103 per ounce. Consolidated full year 2024 cost guidance is unchanged. Consolidated gold production costs are expected to be $800 to $900 per ounce and AISC on a by-product basis^NG is expected to be $1,075 to $1,175 per ounce.
• Capital expenditures^NG: Additions to property, plant, and equipment (“PP&E”) and sustaining capital expenditures^NG in the quarter were $79.7 million and $35.3 million, respectively. Sustaining capital expenditures^NG in the third quarter 2024 included construction at the tailings storage facility and equipment rebuilds at Mount Milligan, as well as capitalized stripping and expansions at the heap leach pad and waste rock dump at Öksüt. Non-sustaining capital expenditures^NG in the third quarter were $25.2 million related mainly to the restart of operations at the Thompson Creek mine (“Thompson Creek”).

Financial

• Net earnings: Third quarter 2024 net earnings were $28.8 million, or $0.14 per share, and adjusted net earnings^NG were $38.6 million or $0.19 per share. Adjustments to net earnings included $6.6 million of reclamation provision revaluation recovery and $1.5 million of unrealized loss on the financial asset related to the additional agreement with Royal Gold (the “Additional Royal Gold Agreement”). For additional adjustments refer to the “Non-GAAP and Other Financial Measures” disclosure at the end of this news release.
• Cash provided by operating activities and free cash flow^NG: In the third quarter 2024, cash provided by operating activities was $103.6 million and free cash flow^NG was $37.4 million. This includes $97.3 million of cash provided by mine operations and $86.8 million of free cash flow^NG at Öksüt; and $40.2 million of cash provided by mine operations and $15.6 million of free cash flow^NG at Mount Milligan. This is offset by cash used in operating activities and a free cash flow deficit^NG from Thompson Creek expenditures.
• Cash and cash equivalents: Total liquidity of $1,004.3 million as at September 30, 2024, comprising a cash balance of $604.3 million and $400.0 million available under a corporate credit facility.
• Dividend: Quarterly dividend declared of C$0.07 per common share.

Other

• Share buybacks: Under Centerra’s normal course issuer bid (“NCIB”) program, the Company repurchased 1,741,800 common shares in the third quarter 2024, for the total consideration of $12.0 million. In the first nine months of 2024, Centerra has returned $65 million to shareholders, including $32 million in share buybacks and $33 million in dividends.
• Thompson Creek feasibility study results and strategic plan for US Molybdenum Operations: In September 2024, Centerra announced a strategic, integrated business plan for its Molybdenum Business Unit (“MBU”) consisting of a restart of Thompson Creek and a commercially optimized ramp up plan for the Langeloth Metallurgical Facility (“Langeloth”), collectively the US Molybdenum Operations (“US Moly”). The US Moly business is expected to produce an after-tax net present value (8%) (“NPV_8%“) of $472 million. A key contributor to this value is Langeloth, which at full capacity, integrated with Thompson Creek, has the potential to generate robust annual earnings before interest, taxes, depreciation and amortization (“EBITDA”).
• Intention to renew normal course issuer bid (“NCIB”): Centerra believes its share price continues to be trading in a price range that does not adequately reflect the value of its assets and future prospects. As a result, subject to the approval of the Toronto Stock Exchange (“TSX”), Centerra intends to renew its NCIB to purchase for cancellation a number of common shares in the capital of the Company (“Common Shares”), representing the greater of 5% of the issued and outstanding Common Shares or 10% of the public float. As of October 31, 2024, Centerra had 211,337,985 issued and outstanding Common Shares.

Table 1 – Overview of Consolidated Financial and Operating Highlights

($millions, except as noted)	Three months ended September 30,				Nine months ended September 30,
	2024	2023	% Change		2024	2023		% Change
Financial Highlights
Revenue	323.9	343.9	(6)%		912.1	754.9		21	%
Production costs	183.4	186.8	(2)%		519.8	544.6		(5)%
Depreciation, depletion, and amortization (“DDA”)	33.2	42.5	(22)%		93.9	84.4		11	%
Earnings from mine operations	107.3	114.6	(6)%		298.4	125.9		137	%
Net earnings (loss)	28.8	60.6	(52)%		132.9	(52.5	)	353	%
Adjusted net earnings (loss)(1)	38.6	44.4	(13)%		116.3	(50.7	)	329	%
Cash provided by (used in) operating activities	103.6	166.6	(38)%		205.6	100.2		105	%
Free cash flow(1)	37.4	144.5	(74)%		91.6	49.2		86	%
Additions to property, plant and equipment (“PP&E”)	79.7	25.0	219	%	132.9	53.8		147	%
Capital expenditures – total(1)	60.5	24.6	146	%	113.6	51.9		119	%
Sustaining capital expenditures(1)	35.3	23.5	50	%	82.1	49.0		68	%
Non-sustaining capital expenditures(1)	25.2	1.1	2191	%	31.5	2.9		986	%
Net earnings (loss) per common share – $/share basic(2)	0.14	0.28	(50)%		0.62	(0.24	)	357	%
Adjusted net earnings (loss) per common share – $/share basic(1)(2)	0.19	0.21	(10)%		0.54	(0.23	)	335	%
Operating highlights
Gold produced (oz)	93,712	126,221	(26)%		294,880	221,058		33	%
Gold sold (oz)	96,736	130,973	(26)%		284,307	218,118		30	%
Average market gold price ($/oz)	2,474	1,929	28	%	2,296	1,931		19	%
Average realized gold price ($/oz )(3)	2,206	1,741	27	%	2,040	1,642		24	%
Copper produced (000s lbs)	13,693	15,026	(9)%		41,573	42,168		(1)%
Copper sold (000s lbs)	14,209	15,385	(8)%		41,536	43,548		(5)%
Average market copper price ($/lb)	4.18	3.79	10	%	4.14	3.89		6	%
Average realized copper price ($/lb)(3)	3.37	2.99	13	%	3.39	3.01		13	%
Molybdenum sold (000s lbs)	2,431	2,700	(10)%		8,054	9,077		(11)%
Average market molybdenum price ($/lb)	21.78	23.77	(8)%		21.17	26.05		(19)%
Average realized molybdenum price ($/lb)(3)	23.27	24.08	(3)%		21.90	25.71		(15)%
Unit costs
Gold production costs ($/oz)(4)	973	643	51	%	860	820		5	%
All-in sustaining costs on a by-product basis ($/oz)(1)(4)	1,302	827	57	%	1,103	1,122		(2)%
All-in costs on a by-product basis ($/oz)(1)(4)	1,509	983	54	%	1,299	1,471		(12)%
Gold – All-in sustaining costs on a co-product basis ($/oz)(1)(4)	1,401	858	63	%	1,218	1,168		4	%
Copper production costs ($/lb)(4)	1.99	2.30	(13)%		2.09	2.43		(14)%
Copper – All-in sustaining costs on a co-product basis ($/lb)(1)(4)	2.69	2.73	(1)%		2.61	2.78		(6)%

(1)	Non-GAAP financial measure. See discussion under “Non-GAAP and Other Financial Measures”.
(2)	As at September 30, 2024, the Company had 211,752,347 common shares issued and outstanding.
(3)	This supplementary financial measure within the meaning of National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 51-112”) is calculated as a ratio of revenue from the consolidated financial statements and units of metal sold and includes the impact from the Mount Milligan Streaming Agreement, copper hedges and mark-to-market adjustments on metal sold not yet finally settled.
(4)	All per unit costs metrics are expressed on a metal sold basis.

2024 Outlook

The Company’s full year 2024 outlook, and comparative actual results for the nine months ended September 30, 2024 are set out in the following table:

	Units	2024 Guidance	Nine Months Ended September 30, 2024
Production
Total gold production(1)	(Koz)	370 – 410	295
Mount Milligan Mine(2)(3)(4)	(Koz)	180 – 200	130
Öksüt Mine	(Koz)	190 – 210	165
Total copper production(2)(3)(4)	(Mlb)	55 – 65	42
Unit Costs(5)
Gold production costs(1)	($/oz)	800 – 900	860
Mount Milligan Mine(2)	($/oz)	950 – 1,050	1,062
Öksüt Mine	($/oz)	650 – 750	710
All-in sustaining costs on a by-product basisNG(1)(3)(4)	($/oz)	1,075 – 1,175	1,103
Mount Milligan Mine(4)	($/oz)	1,075 – 1,175	1,064
Öksüt Mine	($/oz)	900 – 1,000	946
Capital Expenditures
Additions to PP&E(1)	($M)	157 – 195	132.9
Mount Milligan Mine	($M)	55 – 65	46.8
Öksüt Mine	($M)	40 – 50	39.5
Total Capital ExpendituresNG(1)	($M)	157 – 195	113.6
Mount Milligan Mine	($M)	55 – 65	46.2
Öksüt Mine	($M)	40 – 50	30.6
Sustaining Capital ExpendituresNG(1)	($M)	101 – 127	82.1
Mount Milligan Mine	($M)	55 – 65	46.2
Öksüt Mine	($M)	40 – 50	30.6
Non-sustaining Capital ExpendituresNG(1)	($M)	56 – 68	31.5
Depreciation, depletion and amortization(1)	($M)	110 – 135	93.9
Mount Milligan Mine	($M)	60 – 70	51.4
Öksüt Mine	($M)	45 – 55	39.8
Income tax and BC mineral tax expense(1)	($M)	75 – 85	70.4
Mount Milligan Mine	($M)	1 – 5	2.8
Öksüt Mine	($M)	74 – 80	67.6

1. Consolidated Centerra figures.
2. The Mount Milligan Mine is subject to an arrangement with RGLD Gold AG and Royal Gold Inc. (together, “Royal Gold”) which entitles Royal Gold to purchase 35% and 18.75% of gold and copper produced, respectively, and requires Royal Gold to pay $435 per ounce of gold and 15% of the spot price per metric tonne of copper delivered (“Mount Milligan Mine Streaming Agreement”). Using an assumed market gold price of $2,500 per ounce and a blended copper price of $4.25 per pound for the fourth quarter of 2024, Mount Milligan Mine’s average realized gold and copper price for the remaining three months of 2024 would be $1,777 per ounce and $3.57 per pound, respectively, compared to average realized prices of $2,040 per ounce and $3.39 per pound in the nine-month period ended September 30, 2024, when factoring in the Mount Milligan Streaming Agreement and concentrate refining and treatment costs. The blended copper price of $4.25 per pound factors in copper hedges in place as of September 30, 2024.
3. Gold and copper production for the fourth quarter of the year at the Mount Milligan Mine assumes estimated recoveries of 63% to 65% for gold and 75% to 77% for copper compared to actual recoveries for gold of 63.8% and for copper of 75.6% achieved in the first nine months of 2024. The Company estimates full year recoveries of 65% for gold and 77% for copper.
4. Unit costs include a credit for forecasted copper sales treated as by-product for all-in sustaining costs^NG and all-in costs^NG. Production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and metal deductions levied by smelters.
5. Units noted as ($/oz) relate to gold ounces and ($/lb) relate to copper pounds.

Molybdenum Business Unit

(Expressed in millions of United States dollars)	2024 Guidance		Nine Months Ended September 30, 2024
Langeloth Facility
Loss from operationsNG(1)	(5) – (15)		(6.1)
DD&A Expense	5 – 10		2.8
Other non-cash adjustments	—		(1.8)
Cash (used in) provided by operations before changes in working capital	(5) – 0		(5.1)
Changes in Working Capital	(20) – 20		(0.6)
Cash (Used in) Provided by Operations	(25) – 20		(5.7)
Sustaining Capital ExpendituresNG	(5) – (10)		(4.9)
Free Cash Flow (Deficit) from OperationsNG(2)	(30) – 10		(10.6)
Thompson Creek Mine(2)
Project Evaluation Expenses(3)	(21.1)		(21.1)
Care and Maintenance Expenses – Cash	(2.0)		(2.0)
Other non-cash adjustments	0.1		0.1
Cash (used in) provided by operations before changes in working capital	(23.0)		(23.0)
Changes in Working Capital	3.4		3.4
Cash Used in Operations	(19.6)		(19.6)
Non-sustaining Capital ExpendituresNG	(55) – (65)		(28.9)
Free Cash Flow (Deficit) from OperationsNG	(75) – (85)		(48.5)
Endako Mine
Care and Maintenance Expenses	(5) – (7)		(3.7)
Reclamation Costs	(15) – (18)		(4.0)
Cash Used in Operations	(20) – (25)		(7.7)

1. Additions to PP&E calculations for calculating Free Cash Flow (Deficit) from Operations^NG include only cash expenditures for PP&E additions.
2. Reflects updated outlook range for the Thompson Creek Mine for the full year of 2024.
3. Project evaluation expenses are recognized as expense in the consolidated statements of earnings (loss).

Project Evaluation, Exploration, and Other Costs

(Expressed in millions of United States dollars)	2024 Guidance	Nine Months Ended September 30, 2024
Project Exploration and Evaluation Costs
Goldfield Project	9 – 13	5.7
Thompson Creek Mine(1)	21 – 27	21.1
Kemess Project	3 – 5	0.5
Total Project Evaluation Costs	33 – 45	27.3
Brownfield Exploration(2)	17 – 22	18.6
Greenfield and Generative Exploration	18 – 23	11.2
Total Exploration Costs(2)	35 – 45	29.8
Total Exploration and Project Evaluation Costs	68 – 90	57.1
Other Costs
Kemess Project Care & Maintenance	12 – 14	9.8
Corporate Administration Costs	37 – 42	30.7
Stock-based Compensation	8 – 10	6.0
Other Corporate Administration Costs	29 – 32	24.7

1. Thompson Creek Mine’s project evaluation costs updated revised outlook for the full year of 2024.
2. Total exploration costs include capitalized exploration costs at the Mount Milligan Mine of $1.5 million for the nine months ended September 30, 2024..

Mount Milligan

Mount Milligan produced 42,993 ounces of gold and 13.7 million pounds of copper in the third quarter of 2024. In the first nine months of 2024, Mount Milligan produced 129,919 ounces of gold and 41.6 million pounds of copper. Mining activities were carried out in phases 5, 6, 7, and 9 with a total of 11.8 million tonnes mined in the third quarter of 2024. Process plant throughput for the third quarter of 2024 was 5.6 million tonnes, averaging 58,520 tonnes per day. Gold sales were 45,968 ounces and copper sales were 14.2 million pounds in the third quarter, up 46% and 21% respectively, compared to last quarter. The higher sales volumes were anticipated due to the timing of shipments. Metal production in the fourth quarter is expected to be slightly higher compared to the previous nine months of 2024 due to higher projected mill throughput and higher expected gold grades. The 2024 production guidance metrics at Mount Milligan remain unchanged at 180,000 to 200,000 ounces of gold and 55 to 65 million pounds of copper, with gold production trending towards the lower end of the range.

Gold production costs in the third quarter 2024 were $1,138 per ounce. AISC on a by-product basis^NG was $1,318 per ounce, higher than last quarter due to increased sustaining capital expenditures. In the first nine months of 2024, gold production costs were $1,062 per ounce and AISC on a by-product basis^NG was $1,064 per ounce. The Company expects AISC on a by-product basis^NG to be lower in the fourth quarter, compared to the second and third quarters, driven by higher expected sales and lower expected sustaining capital expenditures. 2024 cost guidance metrics at Mount Milligan remain unchanged. Gold production costs are expected to be $950 to $1,050 per ounce, and AISC on a by-product basis^NG is expected to be $1,075 to $1,175 per ounce. The Company expects AISC on a by-product basis^NG at Mount Milligan to be at the lower end of the costs guidance range.

In the third quarter 2024, sustaining capital expenditures^NG at Mount Milligan were $24.7 million, focused on the tailings storage facility dam construction and equipment rebuilds. Full year 2024 guidance for sustaining capital expenditures^NG is unchanged at $55 to $65 million.

In the third quarter of 2024, Mount Milligan generated solid cash flow from operations of $40.2 million and $15.6 million of free cash flow^NG.

The site-wide optimization program at Mount Milligan, initially launched in the fourth quarter 2023, continues to progress. This program covers all aspects of the operation to maximize the potential of the orebody, setting up Mount Milligan for long-term success to 2035 and beyond. Notable achievements in the first nine months of 2024 include an improved safety record, increased availability and utilization of the haul fleet and consistent ore supply which has led to increased mill throughput per operating day. As part of the optimization program, Mount Milligan is actively pursuing opportunities to reduce operating costs. The Company continues to see productivity improvements in the load-haul cycle at the mine, as well as in the unit processing costs. In the first nine months of 2024, milling costs were $5.56 per tonne processed, 12% lower than the first nine months of last year.

In February 2024, Centerra announced that the Company has entered into the Additional Royal Gold Agreement relating to Mount Milligan, which has resulted in a life of mine extension to 2035 and established favourable parameters for potential future mine life extensions. Work is progressing on a preliminary economic assessment (“PEA”) to evaluate the substantial mineral resources at the Mount Milligan mine with a goal to unlock additional value beyond its current 2035 mine life. The PEA is expected to be completed towards the end of the first half of 2025.

Öksüt

Öksüt produced 50,719 ounces of gold in the third quarter of 2024, consistent with last quarter, and produced 164,961 ounces of gold in the first nine months of 2024. Mining activities were focused on phase 5 and phase 4 of the Keltepe pit and in phase 2 of the Güneytepe pit. A total of 4.9 million tonnes were mined and 1.5 million tonnes were stacked at an average grade of 1.05 g/t. In the first nine months of 2024, Öksüt finished processing the excess gold inventory that it had accumulated in the previous year, leading to elevated gold production levels. In the fourth quarter, substantially all gold production is expected from lower grade areas of the mine. As a result, gold production in the fourth quarter is expected to contribute approximately 15% to 20% of the annual gold production. The 2024 production guidance at Öksüt is unchanged and is expected to be 190,000 to 210,000 ounces of gold.

Gold production costs and AISC on a by-product basis^NG for the third quarter 2024 at Öksüt were $829 per ounce and $1,092 per ounce, respectively. These costs were impacted by higher royalty expense in the quarter due to elevated gold prices. In the first nine months of 2024, gold production costs were $710 per ounce and AISC on a by-product basis^NG was $946 per ounce. The Company expects AISC on a by-product basis^NG to be the highest in the fourth quarter, compared to the first nine months of 2024, driven by lower production due to lower expected grades. Öksüt’s gold production costs guidance and AISC on a by-product basis^NG guidance for 2024 is unchanged and is expected to be $650 to $750 per ounce, and $900 to $1,000 per ounce, respectively. However, AISC on a by-product basis^NG could slightly exceed the guidance range due to higher royalty costs driven by elevated gold prices. Centerra is seeing early indications of high inflation in Türkiye which is not being fully offset by devaluation of the lira, unlike in the past few years. The Company is currently evaluating the potential impact this could have on Öksüt’s cost structure moving forward.

In the third quarter 2024, sustaining capital expenditures at Öksüt were $10.5 million, focused on capitalized stripping, heap leach pad expansion and waste rock dump expansion.

As expected, in the third quarter of 2024, Öksüt returned to generating strong cash flow from operations and free cash flow^NG, after making tax and annual royalty payments in the second quarter of 2024. In the third quarter, Öksüt generated $97.3 million of cash from mine operations and $86.8 million of free cash flow^NG.

Molybdenum Business Unit

In the third quarter 2024, the MBU sold 2.4 million pounds of molybdenum, generating revenue of $60.4 million with an average realized price of $23.27 per pound.

On September 12, 2024, Centerra announced the results from its Thompson Creek feasibility study, including a strategic, integrated business plan for its MBU consisting of a restart of Thompson Creek and a commercially optimized plan for Langeloth, collectively US Moly. The Company believes the decision will unlock significant value through the restart of operations at Thompson Creek and a progressive ramp-up of production at Langeloth. When Thompson Creek begins production, currently targeted for the second half of 2027, it will provide additional high-grade, high-quality feed to Langeloth, enabling a ramp-up of production to more fully utilize Langeloth’s full annual capacity of 40 million pounds, while improving operational flexibility to meet market demand. For additional details, please refer to the announcement entitled “Centerra Gold Announces Thompson Creek Feasibility Study Results and Strategic Plan for US Molybdenum Operations, Including a Restart of the Thompson Creek Mine and Ramp-up of Langeloth“, issued on September 12, 2024.

The initial capital investment to restart Thompson Creek is approximately $397 million. The capital required is significantly de-risked due to an existing pit, significantly advanced rebuilds and purchases, and an existing process plant that requires minimal upgrades and refurbishments. A majority of the anticipated capital expenditures are focused on capitalized stripping, plant refurbishments and mine mobile fleet upgrades. At current metal prices, the capital investment to restart Thompson Creek is expected to be funded largely from Centerra’s cash flow from operations.

In the third quarter and first nine months of 2024, non-sustaining capital expenditures^NG at Thompson Creek were $25.2 million and $25.8 million, respectively. Full year 2024 non-sustaining capital^NG guidance at Thompson Creek is expected to be approximately $55 million to $65 million. Spending in the fourth quarter of 2024 is expected to include capitalized stripping, continued refurbishment of the existing mobile equipment fleet, acquisition of new mine mobile equipment, and initial engineering work on the mill refurbishment.

Intention to Renew NCIB

Subject to the approval of the approval of the TSX, Centerra intends to proceed with a renewal of a NCIB to purchase for cancellation a number of Common Shares representing the greater of 5% of the issued and outstanding Common Shares or 10% of the public float. As of October 31, 2024, Centerra had 211,337,985 issued and outstanding Common Shares.

Centerra believes that the Common Shares continue to be trading in a price range which does not adequately reflect the value of such shares in relation to Centerra’s assets and its future prospects. As a result, Centerra believes that the NCIB will provide the Company with a flexible tool to deploy a portion of its cash balance pursuant to its capital allocation framework to, depending upon future Common Share price movements and other factors, purchase Common Shares for cancellation while preserving its strong balance sheet position.

Centerra will file a notice of intention to renew a NCIB with the TSX and, subject to the approval of the TSX, Centerra may purchase Common Shares under the NCIB over a twelve-month period. Once the NCIB is commenced, the exact timing and amount of any purchases will depend on market conditions and other factors. Centerra will not be obligated to acquire any Common Shares and may suspend or discontinue purchases under the NCIB at any time. Any purchases made under the NCIB will be made at market price at the time of purchase through the facilities of the TSX and/or alternative Canadian trading systems in accordance with applicable securities laws and stock exchange rules. The Company’s previous NCIB authorized the purchase of up to 18,293,896 Common Shares and expires on November 6, 2024. During the period when that program operated through October 30, 2024, a total of 5,783,100 Common Shares of the Company were repurchased through the facilities of the TSX and alternative Canadian trading systems at a volume weighted average price of C$8.74 per Common Share. Centerra intends to establish an automatic share purchase plan in connection with its renewed NCIB to facilitate the purchase of Common Shares during times when Centerra would ordinarily not be permitted to purchase Common Shares due to regulatory restrictions or self-imposed blackout periods. Before entering a black-out period, Centerra may, but is not required to, instruct its designated broker to make purchases under the NCIB based on parameters set by Centerra in accordance with the automatic share purchase plan, applicable securities laws and stock exchange rules.

Third Quarter 2024 Operating and Financial Results Webcast and Conference Call

Centerra invites you to join its 2024 third quarter conference call on Friday, November 1, 2024, at 9:00 a.m. Eastern Time. Details for the webcast and conference call are included below.

Webcast

• Participants can access the webcast at the following webcast link.
• An archive of the webcast will be available until the end of day on February 1, 2025.

Conference Call

• Participants can register for the conference call at the following registration link. Upon registering, you will receive the dial-in details and a unique PIN to access the call. This process will bypass the live operator and avoid the queue. Registration will remain open until the end of the live conference call.
• Participants who prefer to dial in and speak with a live operator can access the call by dialing 1-844-763-8274 or 647-484-8814. It is recommended that you call 10 minutes before the scheduled start time.
• After the call, an audio recording will be made available via telephone for one month, until the end of day December 1, 2024. The recording can be accessed by dialing 1-855-669-9658 or 412-317-0088 and using the access code 4219380. In addition, the webcast will be archived on Centerra’s website at: www.centerragold.com/investors/webcasts.
• Presentation slides will be available on Centerra’s website at www.centerragold.com.

For detailed information on the results contained within this release, please refer to the Company’s Management’s Discussion and Analysis (“MD&A”) and financial statements for the quarter ended September 30, 2024, that are available on the Company’s website www.centerragold.com or SEDAR+ at www.sedarplus.ca.

About Centerra
Centerra Gold Inc. is a Canadian-based mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Türkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Öksüt Mine in Türkiye. The Company also owns the Goldfield Project in Nevada, United States, the Kemess Project in British Columbia, Canada, and owns and operates the Molybdenum Business Unit in the United States and Canada. Centerra’s shares trade on the Toronto Stock Exchange (“TSX”) under the symbol CG and on the New York Stock Exchange (“NYSE”) under the symbol CGAU. The Company is based in Toronto, Ontario, Canada.

For more information:

Lisa Wilkinson
Vice President, Investor Relations & Corporate Communications
(416) 204-3780
lisa.wilkinson@centerragold.com 

Additional information on Centerra is available on the Company’s website at www.centerragold.com, on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.

Qualified Person

All scientific and technical information presented in this document has been prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 and has been reviewed, verified, and compiled by Centerra’s geological and mining staff under the supervision of W. Paul Chawrun, Professional Engineer, member of the Professional Engineers of Ontario (PEO) and Centerra’s Executive Vice President and Chief Operating Officer, the qualified person for the purpose of National Instrument 43-101.

Caution Regarding Forward-Looking Information

This document contains or incorporates by reference “forward-looking statements” and “forward-looking information” as defined under applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company expects to occur are, or may be deemed to be, forward-looking statements. Such forward-looking information involves risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as “believe”, “continue”, “expect”, “evaluate”, “finalizing”, “forecast”, “goal”, “intend”, “ongoing”, “on track”, “plan”, “potential”, “preliminary”, “project”, “pursuing”, “realize”, “restart”, “target” or “update”, or variations of such words and phrases and similar expressions or statements that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved or the negative connotation of such terms.

Such statements include, but may not be limited to: statements regarding 2024 guidance, outlook and expectations, including production, cash flow, costs including care and maintenance and reclamation costs, capital expenditures, inflation, depreciation, depletion and amortization, taxes and cash flows; exploration potential, budgets, focuses, programs, targets and projected exploration results; gold and copper prices; the declaration, payment and sustainability of the Company’s dividends; the continuation of the Company’s NCIB and automatic share purchase plan including the intention to renew the NCIB and the timing, methods and quantity of any purchases of Common Shares under the NCIB; statements relating to the TSX’s approval of the NCIB; compliance with applicable laws and regulations pertaining to the NCIB; the availability of cash for repurchases of Common Shares under the NCIB; the timing and amount of future benefits and obligations in connection with the Additional Royal Gold Agreement; a Preliminary Economic Assessment at Mount Milligan Mine and any related evaluation of resources or a life of mine beyond 2035; the integrated business plan of the Molybdenum Business Unit including the restart of the Thompson Creek Mine and commercial optimization of the Langeloth Metallurgical Facility; an initial resource estimate at the Goldfield Project including the success of exploration programs or metallurgical testwork; the Company’s strategic plan; the optimization program at Mount Milligan including any further improvements to occupational health and safety, availability and utilization of the haul fleet, mill throughput and any potential costs savings resulting from the same; the expected gold production at Öksüt Mine in 2024; royalty rates and taxes, including withholding taxes related to repatriation of earnings from Türkiye; project development costs at the Goldfield Project; financial hedges; and other statements that express management’s expectations or estimates of future plans and performance, operational, geological or financial results, estimates or amounts not yet determinable and assumptions of management.

The Company cautions that forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company at the time of making such statements, are inherently subject to significant business, economic, technical, legal, political and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information.

Risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements in this document include, but are not limited to: (A) strategic, legal, planning and other risks, including: political risks associated with the Company’s operations in Türkiye, the USA and Canada; resource nationalism including the management of external stakeholder expectations; the impact of changes in, or to the more aggressive enforcement of, laws, regulations and government practices, including unjustified civil or criminal action against the Company, its affiliates, or its current or former employees; risks that community activism may result in increased contributory demands or business interruptions; the risks related to outstanding litigation affecting the Company; the impact of any sanctions imposed by Canada, the United States or other jurisdictions; potential defects of title in the Company’s properties that are not known as of the date hereof; the inability of the Company and its subsidiaries to enforce their legal rights in certain circumstances; risks related to anti-corruption legislation; Centerra not being able to replace mineral reserves; Indigenous claims and consultative issues relating to the Company’s properties which are in proximity to Indigenous communities; and potential risks related to kidnapping or acts of terrorism; (B) risks relating to financial matters, including: sensitivity of the Company’s business to the volatility of gold, copper, molybdenum and other mineral prices; the use of provisionally-priced sales contracts for production at the Mount Milligan Mine; reliance on a few key customers for the gold-copper concentrate at the Mount Milligan Mine; use of commodity derivatives; the imprecision of the Company’s mineral reserves and resources estimates and the assumptions they rely on; the accuracy of the Company’s production and cost estimates; persistent inflationary pressures on key input prices; the impact of restrictive covenants in the Company’s credit facilities and in the Royal Gold Streaming Agreement which may, among other things, restrict the Company from pursuing certain business activities. including paying dividends or repurchasing shares under its normal course issuer bid, or making distributions from its subsidiaries; changes to tax regimes; the Company’s ability to obtain future financing; sensitivity to fuel price volatility; the impact of global financial conditions; the impact of currency fluctuations; the effect of market conditions on the Company’s short-term investments; the Company’s ability to make payments, including any payments of principal and interest on the Company’s debt facilities, which depends on the cash flow of its subsidiaries; the ability to obtain adequate insurance coverage; changes to taxation laws in the jurisdictions where the Company operates and (C) risks related to operational matters and geotechnical issues and the Company’s continued ability to successfully manage such matters, including: unanticipated ground and water conditions; the stability of the pit walls at the Company’s operations leading to structural cave-ins, wall failures or rock-slides; the integrity of tailings storage facilities and the management thereof, including as to stability, compliance with laws, regulations, licenses and permits, controlling seepages and storage of water, where applicable; periodic interruptions due to inclement or hazardous weather conditions or operating conditions and other force majeure events; the risk of having sufficient water to continue operations at the Mount Milligan Mine and achieve expected mill throughput; changes to, or delays in the Company’s supply chain and transportation routes, including cessation or disruption in rail and shipping networks, whether caused by decisions of third-party providers or force majeure events (including, but not limited to: labour action, flooding, landslides, seismic activity, wildfires, earthquakes, pandemics, or other global events such as wars); lower than expected ore grades or recovery rates; the success of the Company’s future exploration and development activities, including the financial and political risks inherent in carrying out exploration activities; inherent risks associated with the use of sodium cyanide in the mining operations; the adequacy of the Company’s insurance to mitigate operational and corporate risks; mechanical breakdowns; the occurrence of any labour unrest or disturbance and the ability of the Company to successfully renegotiate collective agreements when required; the risk that Centerra’s workforce and operations may be exposed to widespread epidemic or pandemic; seismic activity, including earthquakes; wildfires; long lead-times required for equipment and supplies given the remote location of some of the Company’s operating properties and disruptions caused by global events; reliance on a limited number of suppliers for certain consumables, equipment and components; the ability of the Company to address physical and transition risks from climate change and sufficiently manage stakeholder expectations on climate-related issues; regulations regarding greenhouse gas emissions and climate change; significant volatility of molybdenum prices resulting in material working capital changes and unfavourable pressure on viability of the molybdenum business; the Company’s ability to accurately predict decommissioning and reclamation costs and the assumptions they rely upon; the Company’s ability to attract and retain qualified personnel; competition for mineral acquisition opportunities; risks associated with the conduct of joint ventures/partnerships; risk of cyber incidents such as cybercrime, malware or ransomware, data breaches, fines and penalties; and, the Company’s ability to manage its projects effectively and to mitigate the potential lack of availability of contractors, budget and timing overruns, and project resources.

Additional risk factors and details with respect to risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this document are set out in the Company’s latest 40-F/Annual Information Form and Management’s Discussion and Analysis, each under the heading “Risk Factors”, which are available on SEDAR+ (www.sedarplus.ca) or on EDGAR (www.sec.gov/edgar). The foregoing should be reviewed in conjunction with the information, risk factors and assumptions found in this document.

The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether written or oral, or whether as a result of new information, future events or otherwise, except as required by applicable law.

Non-GAAP and Other Financial Measures

This document contains “specified financial measures” within the meaning of NI 52-112, specifically the non-GAAP financial measures, non-GAAP ratios and supplementary financial measures described below. Management believes that the use of these measures assists analysts, investors and other stakeholders of the Company in understanding the costs associated with producing gold and copper, understanding the economics of gold and copper mining, assessing operating performance, the Company’s ability to generate free cash flow from current operations and on an overall Company basis, and for planning and forecasting of future periods. However, the measures have limitations as analytical tools as they may be influenced by the point in the life cycle of a specific mine and the level of additional exploration or other expenditures a company has to make to fully develop its properties. The specified financial measures used in this document do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers, even as compared to other issuers who may be applying the World Gold Council (“WGC”) guidelines. Accordingly, these specified financial measures should not be considered in isolation, or as a substitute for, analysis of the Company’s recognized measures presented in accordance with IFRS.

Definitions

The following is a description of the non-GAAP financial measures, non-GAAP ratios and supplementary financial measures used in this document:

• All-in sustaining costs on a by-product basis per ounce is a non-GAAP ratio calculated as all-in sustaining costs on a by-product basis divided by ounces of gold sold. All-in sustaining costs on a by-product basis is a non-GAAP financial measure calculated as the aggregate of production costs as recorded in the condensed consolidated statements of (loss) earnings, refining and transport costs, the cash component of capitalized stripping and sustaining capital expenditures, lease payments related to sustaining assets, corporate general and administrative expenses, accretion expenses, asset retirement depletion expenses, copper and silver revenue and the associated impact of hedges of by-product sales revenue. When calculating all-in sustaining costs on a by-product basis, all revenue received from the sale of copper from the Mount Milligan Mine, as reduced by the effect of the copper stream, is treated as a reduction of costs incurred. A reconciliation of all-in sustaining costs on a by-product basis to the nearest IFRS measure is set out below. Management uses these measures to monitor the cost management effectiveness of each of its operating mines.
• All-in sustaining costs on a co-product basis per ounce of gold or per pound of copper, is a non-GAAP ratio calculated as all-in sustaining costs on a co-product basis divided by ounces of gold or pounds of copper sold, as applicable. All-in sustaining costs on a co-product basis is a non-GAAP financial measure based on an allocation of production costs between copper and gold based on the conversion of copper production to equivalent ounces of gold. The Company uses a conversion ratio for calculating gold equivalent ounces for its copper sales calculated by multiplying the copper pounds sold by estimated average realized copper price and dividing the resulting figure by estimated average realized gold price. For the third quarter ended September 30, 2024, 423 pounds of copper were equivalent to one ounce of gold. A reconciliation of all-in sustaining costs on a co-product basis to the nearest IFRS measure is set out below. Management uses these measures to monitor the cost management effectiveness of each of its operating mines.
• Sustaining capital expenditures and Non-sustaining capital expenditures are non-GAAP financial measures. Sustaining capital expenditures are defined as those expenditures required to sustain current operations and exclude all expenditures incurred at new operations or major projects at existing operations where these projects will materially benefit the operation. Non-sustaining capital expenditures are primarily costs incurred at ‘new operations’ and costs related to ‘major projects at existing operations’ where these projects will materially benefit the operation. A material benefit to an existing operation is considered to be at least a 10% increase in annual or life of mine production, net present value, or reserves compared to the remaining life of mine of the operation. A reconciliation of sustaining capital expenditures and non-sustaining capital expenditures to the nearest IFRS measures is set out below. Management uses the distinction of the sustaining and non-sustaining capital expenditures as an input into the calculation of all-in sustaining costs per ounce and all-in costs per ounce.
• All-in costs on a by-product basis per ounce is a non-GAAP ratio calculated as all-in costs on a by-product basis divided by ounces sold. All-in costs on a by-product basis is a non-GAAP financial measure which includes all-in sustaining costs on a by-product basis, exploration and study costs, non-sustaining capital expenditures, care and maintenance and other costs. A reconciliation of all-in costs on a by-product basis to the nearest IFRS measures is set out below. Management uses these measures to monitor the cost management effectiveness of each of its operating mines.
• Adjusted net earnings (loss) is a non-GAAP financial measure calculated by adjusting net (loss) earnings as recorded in the condensed consolidated statements of (loss) earnings for items not associated with ongoing operations. The Company believes that this generally accepted industry measure allows the evaluation of the results of income-generating capabilities and is useful in making comparisons between periods. This measure adjusts for the impact of items not associated with ongoing operations. A reconciliation of adjusted net (loss) earnings to the nearest IFRS measures is set out below. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.
• Free cash flow (deficit) is a non-GAAP financial measure calculated as cash provided by operating activities from continuing operations less property, plant and equipment additions. A reconciliation of free cash flow to the nearest IFRS measures is set out below. Management uses this measure to monitor the amount of cash available to reinvest in the Company and allocate for shareholder returns.
• Free cash flow (deficit) from mine operations is a non-GAAP financial measure calculated as cash provided by mine operations less property, plant and equipment additions. A reconciliation of free cash flow from mine operations to the nearest IFRS measures is set out below. Management uses this measure to monitor the degree of self-funding of each of its operating mines and facilities.
• EBITDA is a non-GAAP financial measure that represents earnings before interest, taxes, depreciation, and amortization. It is calculated by adjusting earnings from operations as recorded in the consolidated statements of earnings by depreciation and amortization. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.

Certain unit costs, including all-in sustaining costs on a by-product basis (including and excluding revenue-based taxes) per ounce, are non-GAAP ratios which include as a component certain non-GAAP financial measures including all-in sustaining costs on a by-product basis which can be reconciled as follows:

	Three months ended September 30,
	Consolidated				Mount Milligan				Öksüt
(Unaudited – $millions, unless otherwise specified)	2024		2023		2024		2023		2024	2023
Production costs attributable to gold	94.2		84.2		52.3		45.0		41.9	39.2
Production costs attributable to copper	28.3		35.4		28.3		35.4		—	—
Total production costs excluding Molybdenum BU segment, as reported	122.5		119.6		80.6		80.4		41.9	39.2
Adjust for:
Third party smelting, refining and transport costs	3.2		2.8		3.0		2.4		0.2	0.4
By-product and co-product credits	(50.1	)	(48.2	)	(50.1	)	(47.9	)	—	(0.3	)
Adjusted production costs	75.6		74.2		33.5		34.9		42.1	39.3
Corporate general administrative and other costs	10.8		7.7		0.5		—		0.2	—
Reclamation and remediation – accretion (operating sites)	2.7		2.3		0.5		0.6		2.2	1.7
Sustaining capital expenditures	35.2		22.6		24.7		12.5		10.5	10.1
Sustaining lease payments	1.8		1.5		1.3		1.3		0.5	0.2
All-in sustaining costs on a by-product basis	126.1		108.3		60.5		49.2		55.5	51.3
Exploration and study costs	13.5		16.5		2.3		2.9		0.3	0.5
Non-sustaining capital expenditures	0.2		1.1		—		—		—	—
Care and maintenance and other costs	6.2		2.8		1.5		—		—	—
All-in costs on a by-product basis	146.0		128.7		64.3		52.1		55.8	51.8
Ounces sold (000s)	96.7		131.0		46.0		42.9		50.7	88.1
Pounds sold (millions)	14.2		15.4		14.2		15.4		—	—
Gold production costs ($/oz)	973		643		1,138		1,050		829	445
All-in sustaining costs on a by-product basis ($/oz)	1,302		827		1,318		1,150		1,092	582
All-in costs on a by-product basis ($/oz)	1,509		983		1,401		1,218		1,098	586
Gold – All-in sustaining costs on a co-product basis ($/oz)	1,401		858		1,526		1,245		1,092	582
Copper production costs ($/pound)	1.99		2.30		1.99		2.30		n/a	n/a
Copper – All-in sustaining costs on a co-product basis ($/pound)	2.69		2.73		2.69		2.73		n/a	n/a

Certain unit costs, including all-in sustaining costs on a by-product basis (including and excluding revenue-based taxes) per ounce, are non-GAAP ratios which include as a component certain non-GAAP financial measures including all-in sustaining costs on a by-product basis which can be reconciled as follows:

	Nine months ended September 30,
	Consolidated				Mount Milligan				Öksüt
(Unaudited – $millions, unless otherwise specified)	2024		2023		2024		2023		2024		2023
Production costs attributable to gold	244.5		178.8		130.1		135.3		114.4		43.5
Production costs attributable to copper	86.9		106.0		86.9		106.0		—		—
Total production costs excluding Molybdenum BU segment, as reported	331.4		284.8		217.0		241.3		114.4		43.5
Adjust for:
Third party smelting, refining and transport costs	8.3		7.8		7.6		7.4		0.7		0.4
By-product and co-product credits	(147.1	)	(137.5	)	(146.9	)	(137.2	)	(0.2	)	(0.3	)
Adjusted production costs	192.6		155.1		77.7		111.5		114.9		43.6
Corporate general administrative and other costs	31.3		32.8		0.7		0.1		0.6		—
Reclamation and remediation – accretion (operating sites)	7.6		4.3		1.7		1.8		5.9		2.5
Sustaining capital expenditures	77.2		48.1		46.2		27.6		30.6		20.5
Sustaining lease payments	5.0		4.3		4.0		3.8		1.0		0.5
All-in sustaining costs on a by-product basis	313.7		244.6		130.3		144.8		153.0		67.1
Exploration and study costs	34.5		50.4		5.3		4.2		0.7		1.3
Non-sustaining capital expenditures	0.8		2.9		—		—		—		—
Care and maintenance and other costs	20.3		23.0		4.2		—		—		14.2
All-in costs on a by-product basis	369.3		320.9		139.8		149.0		153.7		82.6
Ounces sold (000s)	284.3		218.1		122.5		119.3		161.8		98.8
Pounds sold (millions)	41.5		43.5		41.5		43.5		—		—
Gold production costs ($/oz)	860		820		1,062		1,134		710		440
All-in sustaining costs on a by-product basis ($/oz)	1,103		1,122		1,064		1,214		946		679
All-in costs on a by-product basis ($/oz)	1,299		1,471		1,141		1,249		950		836
Gold – All-in sustaining costs on a co-product basis ($/oz)	1,218		1,168		1,329		1,300		946		679
Copper production costs ($/pound)	2.09		2.43		2.09		2.43		n/a		n/a
Copper – All-in sustaining costs on a co-product basis ($/pound)	2.61		2.78		2.61		2.78		n/a		n/a

Adjusted net earnings (loss) is a non-GAAP financial measure and can be reconciled as follows:

	Three months ended September 30,					Nine months ended September 30,
($millions, except as noted)		2024		2023			2024			2023
Net earnings (loss)	$	28.8	$	60.6		$	132.9		$	(52.5	)
Adjust for items not associated with ongoing operations:
Unrealized loss on financial assets relating to the Additional Royal Gold Agreement		1.5		—			10.4			—
Unrealized foreign exchange loss (gain)(1)		1.3		(2.3	)		(2.1	)		(2.3	)
Income and mining tax adjustments(2)		0.4		9.2			(4.5	)		19.9
Transaction costs related to the Additional Royal Gold Agreement		—		—			2.5			—
Unrealized loss on marketable securities		—		—			0.6			—
Reclamation expense (recovery) at the Molybdenum BU sites and the Kemess Project		6.6		(23.1	)		(23.5	)		(15.8	)
Adjusted net earnings (loss)	$	38.6	$	44.4		$	116.3		$	(50.7	)
Net earnings (loss) per share – basic	$	0.14	$	0.28		$	0.62		$	(0.24	)
Net earnings (loss) per share – diluted	$	0.13	$	0.27		$	0.61		$	(0.25	)
Adjusted net earnings (loss) per share – basic	$	0.19	$	0.21		$	0.54		$	(0.23	)
Adjusted net earnings (loss) per share – diluted	$	0.18	$	0.20		$	0.54		$	(0.23	)

(1)	Effect of the foreign exchange movement on the reclamation provision at the Endako Mine and Kemess Project and on the income tax payable and royalty payable related to the Öksüt Mine.
(2)	Income tax adjustments reflect the impact of foreign currency translation on deferred income taxes at the Öksüt Mine and the Mount Milligan Mine and the impact of a one-time income tax levied by the Turkish government in the prior period.

Free cash flow (deficit) is a non-GAAP financial measure and can be reconciled as follows:

	Three months ended September 30,
	Consolidated						Mount Milligan						Öksüt						Molybdenum						Other
		2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
Cash provided by (used in) operating activities(1)	$	103.6		$	166.6		$	40.2		$	35.6		$	97.3		$	143.9		$	(14.0	)	$	9.2		$	(19.9	)	$	(22.1	)
Deduct:
Property, plant & equipment additions		(66.2	)		(22.1	)		(24.6	)		(10.4	)		(10.5	)		(10.1	)		(31.1	)		(0.4	)		—			(1.2	)
Free cash flow (deficit)	$	37.4		$	144.5		$	15.6		$	25.2		$	86.8		$	133.8		$	(45.1	)	$	8.8		$	(19.9	)	$	(23.3	)

(1)	As presented in the Company’s condensed consolidated statements of cash flows.

 

	Nine months ended September 30,
	Consolidated						Mount Milligan						Öksüt						Molybdenum						Other
		2024			2023			2024			2023			2024			2023			2024			2023			2024			2023
Cash provided by (used in) operating activities	$	205.6		$	100.2		$	99.3		$	84.8		$	196.6		$	130.8		$	(28.7	)	$	(36.7	)	$	(61.6	)	$	(78.7	)
Deduct:
Property, plant & equipment additions		(114.0	)		(51.0	)		(46.0	)		(26.2	)		(30.6	)		(20.5	)		(36.9	)		(0.5	)		(0.5	)		(3.8	)
Free cash flow (deficit)	$	91.6		$	49.2		$	53.3		$	58.6		$	166.0		$	110.3		$	(65.6	)	$	(37.2	)	$	(62.1	)	$	(82.5	)

Sustaining capital expenditures and non-sustaining capital expenditures are non-GAAP measures and can be reconciled as follows:

	Three months ended September 30,
	Consolidated						Mount Milligan						Öksüt						Molybdenum					Other
		2024			2023			2024			2023			2024			2023			2024			2023		2024			2023
Additions to PP&E(1)	$	79.7		$	25.0		$	27.2		$	9.3		$	17.9		$	12.7		$	34.3		$	0.5	$	0.3		$	2.5
Adjust for:
Costs capitalized to the ARO assets		(17.8	)		1.8			(2.4	)		3.1			(6.4	)		(1.3	)		(9.0	)		—		—			—
Costs capitalized to the ROU assets		(0.3	)		(2.8	)		—			(0.2	)		(1.0	)		(1.2	)		—			—		0.7			(1.4	)
Other(2)		(1.1	)		0.7			(0.1	)		0.4			—			(0.1	)		(0.1	)		—		(0.9	)		0.4
Capital expenditures	$	60.5		$	24.6		$	24.7		$	12.5		$	10.5		$	10.1		$	25.2		$	0.5	$	0.1		$	1.5
Sustaining capital expenditures		35.3			23.5			24.7			12.5			10.5			10.1			—			0.5		0.1			0.4
Non-sustaining capital expenditures		25.2			1.1			—			—			—			—			25.2			—		—			1.1

(1)	As presented in note 16 of the Company’s condensed consolidated interim financial statements.
(2)	Includes reclassification of insurance and capital spares from supplies inventory to PP&E.

	Nine months ended September 30,
	Consolidated						Mount Milligan						Öksüt						Molybdenum					Other
		2024			2023			2024			2023			2024			2023			2024			2023		2024			2023
Additions to PP&E(1)	$	132.9		$	53.8		$	46.8		$	25.4		$	39.5		$	23.4		$	44.8		$	0.6	$	1.8		$	4.4
Adjust for:
Costs capitalized to the ARO assets		(15.1	)		1.0			1.7			2.5			(7.3	)		(1.5	)		(9.0	)		—		(0.5	)		—
Costs capitalized to the ROU assets		(3.1	)		(2.7	)		(1.8	)		(0.1	)		(1.6	)		(1.2	)		—			—		0.3			(1.4	)
Other(2)		(1.1	)		(0.2	)		(0.5	)		(0.2	)		—			(0.2	)		(0.1	)		—		(0.5	)		0.2
Capital expenditures	$	113.6		$	51.9		$	46.2		$	27.6		$	30.6		$	20.5		$	35.7		$	0.6	$	1.1		$	3.2
Sustaining capital expenditures		82.1			49.0			46.2			27.6			30.6			20.5			4.9			0.6		0.4			0.3
Non-sustaining capital expenditures		31.5			2.9			—			—			—			—			30.8			—		0.7			2.9

(1)	As presented in note 16 of the Company’s consolidated financial statements.
(2)	Includes reclassification of insurance and capital spares from supplies inventory to PP&E.

VANCOUVER, British Columbia, Oct. 31, 2024 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the third quarter of 2024. For further information, please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) filed on SEDAR+ at www.sedarplus.com under the Company’s profile.

Third Quarter 2024 Highlights

Operations

• Gold production: 125,195 ounces were produced in the quarter. Production increased 3% from Q3 2023, reflecting increased gold production of 13% at Olympias due to higher gold grades processed and 10% at Kisladag as a result of increased heap leach inventory drawdown.
• Gold sales: 123,828 ounces at an average realized gold price per ounce sold¹ of $2,492. Gold sales increased 4% from Q3 2023 primarily as a result of increased production at Olympias and Kisladag.
• Production costs: $141.2 million in Q3 2024, compared to $115.5 million in Q3 2023. The increase was due primarily to higher sales volumes, as well as higher cash costs, the latter impacted by higher royalty expense due to higher gold sales and higher gold price, as well as increases in labour costs.
• Total cash costs¹: $953 per ounce gold sold compared to $794 per ounce gold sold in Q3 2023, with the increases primarily due to higher royalties (driven by higher gold prices) and higher labour costs.
• All-in sustaining costs (“AISC”)¹: $1,335 per ounce sold compared to $1,177 per ounce sold in Q3 2023, with the increase due to higher total cash costs combined with higher sustaining capital.
• Total capital expenditures: $158.1 million, including $82.7 million of growth capital¹ invested at Skouries, with activity focused on infrastructure construction. Growth capital at the operating mines totalled $39.0 million and was primarily related to Kisladag for continued waste stripping, construction of the North Heap Leach Pad and related infrastructure.
• Production and cost outlook: The Company is tightening its 2024 guidance for gold production, costs, depreciation and capital expenditure, reflecting updated full-year expectations given the operational and financial performance to date. Gold production is expected to be 505,000 to 530,000 ounces, from 505,000 to 555,000 ounces. Total cash costs per ounce sold is expected to be $910 to $940 per ounce sold, from $840 to $940 per ounce sold, primarily due to lower production and increased royalties in Greece and Turkiye related to higher gold price. AISC per ounce sold is expected to be $1,260 to $1,290 per ounce sold, from $1,190 to $1,290 per ounce sold, primarily due to higher total cash costs, partially offset by lower sustaining capital expenditure.

Financial

• Revenue: $331.8 million in Q3 2024, an increase of 36% from $244.8 million in Q3 2023, primarily due to the higher averaged realized gold price and higher sales volumes.
• Net cash generated from operating activities from continuing operations: $180.9 million compared to $108.1 million in Q3 2023, primarily due to higher revenue, partially offset by higher cash costs.
• Cash flow from operating activities before changes in working capital²: $166.5 million compared to $97.5 million in Q3 2023, primarily due to higher revenue, partially offset by higher cash costs.
• Cash, cash equivalents and term deposits: $676.6 million, as at September 30, 2024 as compared to $595.1 million as at June 30, 2024, with the cash increase attributable to strong operating cashflows combined with the planned Skouries Term Facility drawdown, partially offset by the significant investing activities, particularly at Skouries.
• Net earnings (loss) attributable to shareholders from continuing operations: $101.1 million, or $0.49 per share, compared to $6.6 million loss or $0.03 loss per share in Q3 2023, with the increase driven by higher revenue.
• Adjusted net earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”)²: $169.0 million compared to $108.7 million in Q3 2023, with the increase driven by higher revenue, partially offset by the adjustment of a gain on recognition of deferred consideration.
• Adjusted net earnings²: $71.0 million or $0.35 per share compared to $35.0 million or $0.17 per share in Q3 2023. Adjustments in Q3 2024 include a $33.1 million unrealized loss on derivative instruments, a $50.1 million gain on recognition of deferred consideration net of tax impacts related to commercial production being declared at the Tocantinzinho Mine, which was divested to G Mining Ventures in 2021, and a $15.3 million gain on foreign exchange due to the translation of deferred tax balances and Turkiye inflation accounting.
• Free cash flow²: Negative $4.8 million in Q3 2024 compared to negative $19.3 million in Q3 2023, with the increase in higher operating cash flow, primarily due to the higher average realized gold price and higher sales volumes, partially offset by continued investment at Skouries.
• Free cash flow excluding Skouries²: $98.3 million in Q3 2024 compared to $37.3 million in Q3 2023, with the increase driven by higher operating cash flow, primarily due to the higher average realized gold price and higher sales volumes.
• Project Facility: Drawdowns on the Skouries Term Facility during Q3 2024 totalled €83.7 million and year to date as at September 30, 2024 totalled €201.8 million.

Corporate

“As gold prices reached record highs during the quarter we continued to realize margin expansion and strong cash flow generation across our operations,” said George Burns, President and Chief Executive Officer. “Free cash flow before Skouries investment totalled $98.3 million.”

“At Olympias, we successfully concluded the CBA negotiations and reached a mutually beneficial agreement with the union workforce in early August. This three-year agreement combined with increased productivity in our underground operations, and as contemplated in our guidance, supports the 650ktpa expansion, an increase from 500ktpa, positioning Olympias for long-term profitability over its current mine life of 15 years. In Canada, at Lamaque, progress continued on the Ormaque bulk sample. We have begun stockpiling material ahead of processing it through the mill in the fourth quarter and remain on track to declare an inaugural reserve later this year.”

“At Kisladag, we encountered a few operational challenges including lower tonnes stacked, slightly lower recovery and a longer leach cycle than planned. Throughout the quarter, we implemented a number of improvements to address these issues. This included improving the stacking sequence where we have started to see positive results. In addition, we have begun to see improved solution management through various innovative methods that are being deployed to help draw down the gold inventory.”

“Production reached 364,625 ounces in the first nine months of the year, an increase of 7% compared to 2023, and 12% compared to 2022, respectively. We are on track to meet our 2024 production and cost guidance. We have tightened the gold production range to between 505,000 to 530,000 ounces. As gold prices hit record highs in the third quarter, we continued to experience increased royalty costs, which has impacted our overall costs, and we expect full year all-in sustaining costs to be near the upper end of guidance of between $1,260 and $1,290 per ounce.”

“Our transformational Skouries project continues to track on budget and on schedule with first production expected in the third quarter of 2025. Solid progress was made during the third quarter, with overall project completion currently at 79%. As anticipated, the contract was awarded for the steel and mechanical installations for the filter building during the quarter, which is part of the critical path. Thus far the construction workforce productivity is slightly beating our assumptions. With approximately 1,000 personnel working, we are making steady progress towards our year-end target of 1,300. Our focus once we have the additional personnel onsite will turn to integrating them at our assumed productivity levels to maintain the schedule and budget. We are managing this closely and taking proactive measures to mitigate potential challenges in a tight construction labour market. To view the progress see our Q3 2024 progress update video linked below.”

Q3 2024 progress update video link: https://youtu.be/js0MxV8Dgdo

Skouries Highlights

Growth capital invested totalled $82.7 million in Q3 2024 and $227.1 million during the nine months ended September 30, 2024. At September 30, 2024, the growth capital invested towards the overall capital estimate of $920 million totalled $411.9 million.

In 2024, the expected capital spend has been lowered to between $350 and $380 million from the original guidance of $375 and $425 million. The lowered capital is not expected to impact first production as it is primarily related to rescheduled work that has been shifted to a later phase of the project that is not on the critical path, and reflects a slower than expected ramp-up of contractor mobilization during the first three quarters of 2024.

First production of the copper-gold concentrate is expected in Q3 2025, with expected 2025 gold production of 50,000 to 60,000 ounces and copper production of 15 to 20 million pounds. The project remains on track for commercial production at the end of 2025.

Table 1: Skouries Project – Project Expenditures (January 1, 2023 to September 30, 2024)

Millions of US$	As of September 30, 2024
Total capital estimate	$920
Expenditures incurred since project restart	412
Remaining spend	508
Committed expenditures – including expenditures incurred	788
Uncommitted expenditures	132

Construction Activities

Overall construction progress is 79% when including the first phase of construction.

Work continues to advance on the filtered tailings building which is on the critical path. In September, the first contract for the filtered tailings building was awarded for the structure and mechanical installations. For efficiency, the contract was split into two components:

	1)	filtered tailings building structure and mechanical installations, and
	2)	piping, electrical and instrumentation.

Piling has been completed for the filtered tailings building and concrete work is progressing to enable construction of the structural steel. With three active drills on site, the piles for the filtered tailings facility ancillary buildings continue to progress. To date, 388 piles have been completed out of a total of 871. As previously announced, the fabricated frames for the filter press plates arrived on site during Q2 2024, and all filter press components have now been delivered to site.

Primary Crusher Building

Progress continued to advance on the foundation construction of the primary crusher with retaining walls and stabilized excavations nearing completion. Construction of the crusher building structure will commence in November.

Process plant

Work in the process plant continues to progress. Re-lining of the flotation tanks was completed as planned and structural and mechanical work is in progress. Off-site pipe spool fabrication continues and delivery of high-density polyethylene piping to site has commenced. Scaffolding is advancing to support electrical cable tray and piping installations and the contractor continues to ramp up to support increasing levels of activity. Work has also commenced on support infrastructure including the process control room building, process plant sub-station, water pump station, lime plant, air blowers building, compressor building and flotation reagent areas.

Thickeners

Construction of the three thickeners progressed on plan during the quarter. Major concrete pours are complete for the foundations of the first two thickeners. Support columns are complete on the first thickener and over 50% complete for the second thickener. Construction of the third thickener will start in Q4 2024 following completion of the first thickener.

Integrative Extractive Waste Management Facility (the “IEWMF”)

During Q3 2024, construction continued to progress at the coffer dam site with excavation of the spillway and foundation preparation. By the end of 2024, the Company expects to have completed the first of two water management ponds, coffer dam and significantly advanced the earthworks. Work continues to progress with foundation preparation for the KL Embankment (tailings embankment) and the fill placement for water management pond 2 has advanced on plan for completion at year end. Excavations for water management pond 1 continue and development of the low-grade ore stockpile advanced with foundation preparation, drain construction and fill placement.

Underground Development

Progress has been made on the underground with expansion of the underground services for water management, ventilation and electrical distribution. Approximately 70% of the equipment and operator licenses have been received to date and development mining is ramping up. Access to the test stopes is advancing at the upper level as planned and the priority for the balance of the year is to advance the main decline and gain access to the bottom elevations of the test stopes. The schedule to receive all licenses and permits was later than planned and while the contractor is ramping up, it has delayed the completion of the expected 2,200 metres of underground development for 2024. The underground development for 2024 is now expected to be between 500 and 600 metres. While the metres are not on track with guidance the underground is not on the critical path for first production, in addition, this does not impact the overall timing for the two test stopes which are expected to be completed in Q3 2025.

Engineering, Procurement and Operational Readiness

Engineering

As engineering works are now at 78% and are nearing substantial completion, the focus has been on finalizing engineering to support the construction schedule. The release of structural steel for fabrication is nearing completion and steel deliveries have commenced to site to support steel construction in the process plant and filtered tailings building.

Procurement

At the end of Q3 2024, procurement is substantially complete, with all long-lead items procured and the focus on managing fabrication and deliveries.
Operational Readiness

A key focus of the operational readiness team is to establish a strong, risk-based operational readiness plan. Key departmental plans have been developed, an overarching governance framework established, and weekly leadership forums and monthly steering committee reviews established. Specialized support has been engaged to focus on processing operationalization, and readiness support. Further work is ongoing to establish detailed readiness plans for support and shared services. Priority focus areas have been identified and resource allocation adjusted accordingly.

The development of the Management Operating System (MOS) is currently focused on providing frontline supervisor and worker practices and procedures to the open pit operations team. These practices and procedures are established to ensure adherence to standards as well as establishing best practices and overall transparency across planning, execution, reporting and remediation to the frontline team. Several workshops were held with the heads of functions and initial departmental workflows were established.

The training department’s short-term priority was developing a training plan for the open pit excavation activities in line with the recently adopted competency-based framework. The competency-based framework identifies specific competencies per role and then assesses the employee’s performance against specific performance criteria on knowledge, skills and attitude. This competency-based framework will ensure improved individual performance compared to the previous time in role-based competency framework only. Training material as well as training providers are in place and four (4) CAT 6020B hydraulic excavator operators commenced training during October 2024. This program will be expanded with the arrival of additional mining equipment in H1 2025. The Mavres Petres main training building structural upgrade has been completed and the focus for the coming quarter will be to equip practical training workbenches for basic skills training and assessment as well as for refresher training.

Operations

The operations team completed their labour strategy and associated organizational designs. Recruitment is underway at local and national levels. Several local and national job fairs are planned for Q4 2024 to attract as many as possible potential employees.

The CAT 6020B hydraulic excavator was assembled during the quarter and training of operators commenced in October 2024. Most of the remaining open pit mining fleet will arrive during H1 2025. The first operational plan was prepared that combines the completion of construction pre-stripping and the start of open pit mining in H1 2025. A similar plan is being prepared for the underground mine and the expectation is that both the surface and underground mining will be operationalized during Q4 2024.

Other operational, commercial and administrative departments made progress in recruiting their leadership and supervision employees and setting up operating and commercial processes.

Workforce

In addition to the Operational Readiness team, as at September 30, 2024, there were approximately 1,000 personnel working. Thus far the construction workforce productivity is slightly ahead of our assumptions. We are making steady progress towards our year-end target of 1,300 workers on site. Our focus once we have the additional personnel onsite will turn to integrating them at our assumed productivity levels to maintain the schedule and budget. We are managing this closely and taking proactive measures to mitigate potential challenges in a tight construction labour market.

Skouries key milestones in 2024, which include:

Area of Focus	Key Milestone	Status
Procurement and Engineering	Substantial completion of procurement and engineering	Substantial completion of engineering on track for Q4 2024 Procurement substantially complete
Process Plant	Construction of the control room and electrical room building	Q1 2024 commenced Electrical room building on track for completion in Q4 2024
	Construction of the tailings thickeners
Filtered Tailings Facility	Awarding of the first filter facility construction contract	Q3 2024 first contract awarded
Integrated Extractive Waste Management Facility (“IEWMF”)	Completion of the coffer dam	On track for completion in Q4 2024
Underground	Awarding of the underground development and test stoping contract	Contract awarded and approximately 70% of the equipment and operator licenses have been received to date and development is ramping up
	Completion of approximately 2,200 metres of underground development	Expected completion lowered to between 500 and 600 metres (see section titled ‘Underground Development’) Ore from test stopes still on track for delivery during plant commissioning period in 2025

Consolidated Financial and Operational Highlights

	3 months ended September 30,							9 months ended September 30,
		2024			2023				2024			2023
Revenue		$331.8			$244.8				$886.9			$701.6
Gold produced (oz)		125,195			121,030				364,625			341,973
Gold sold (oz)		123,828			119,200				361,062			339,151
Average realized gold price ($/oz sold) (2)		$2,492			$1,879				$2,309			$1,920
Production costs		141.2			115.5				392.0			341.3
Total cash costs ($/oz sold) (2,3)		953			794				939			858
All-in sustaining costs ($/oz sold) (2,3)		1,335			1,177				1,310			1,225
Net earnings (loss) for the period (1)		95.0			(8.0	)			184.1			12.2
Net earnings (loss) per share – basic ($/share) (1)		0.46			(0.04	)			0.90			0.06
Net earnings (loss) per share – diluted ($/share) (1)		0.46			(0.04	)			0.90			0.06
Net earnings (loss) for the period continuing operations (1,4)		101.1			(6.6	)			192.7			14.4
Net earnings (loss) per share continuing operations – basic ($/share)(1,4)		0.49			(0.03	)			0.95			0.07
Net earnings (loss) per share continuing operations – diluted ($/share)(1,4)		0.49			(0.03	)			0.94			0.07
Adjusted net earnings continuing operations – basic (1,2,4)		71.0			35.0				192.9			61.4
Adjusted net earnings per share continuing operations ($/share)(1,2,4)		0.35			0.17				0.95			0.32
Net cash generated from operating activities (4)		180.9			108.1				388.4			223.3
Cash flow from operating activities before changes in working capital (2,4)		166.5			97.5				407.0			273.1
Free cash flow (2,4)		(4.8	)		(19.3	)			(67.8	)		(76.4	)
Free cash flow excluding Skouries (2,4)		98.3			37.3				165.8			30.7
Cash, cash equivalents and term deposits (4)		676.6			476.6				676.6			476.6
Total assets		5,565.1			4,812.2				5,565.1			4,812.2
Debt (4)		849.2			596.5				849.2			596.5

	(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’ of our MD&A for explanations and discussions of these non-IFRS financial measures or ratios.
	(3)	Revenues from silver, lead and zinc sales are off-set against total cash costs.
	(4)	Amounts presented for 2024 and 2023 are from continuing operations only and exclude the Romania segment. See Note 4 of our condensed consolidated interim financial statements for the three and nine months ended September 30, 2024.

Total revenue increased to $331.8 million in Q3 2024 from $244.8 million in Q3 2023 and to $886.9 million in the nine months ended September 30, 2024, from $701.6 million in the nine months ended September 30, 2023. The increases in both three and nine-month periods were primarily due to the higher average realized gold price as well as the higher sales volumes.

Production costs increased to $141.2 million in Q3 2024 from $115.5 million in Q3 2023 and to $392.0 million in the nine months ended September 30, 2024 from $341.3 million in the nine months ended September 30, 2023. Increases in both periods were driven primarily by higher sales volume as well as higher cash costs, the latter impacted by higher royalty expense due to higher gold sales and higher gold price, as well as increases in labour costs.

Total cash costs³ averaged $953 per ounce sold in Q3 2024, an increase from $794 in Q3 2023, and $939 the nine months ended September 30, 2024 from $858 in the nine months ended September 30, 2023. The increases in both the three and nine-month periods were primarily due to higher royalties (driven by higher gold prices) and labour costs.

In the quarter, AISC⁴ averaged $1,335 per ounce sold in Q3 2024, an increase from $1,177 in Q3 2023, and $1,310 the nine months ended September 30, 2024 from $1,225 in the nine months ended September 30, 2023, with the increases in both the three and nine-month periods due to higher total cash costs combined with higher sustaining capital.

Eldorado reported net earnings attributable to shareholders from continuing operations of $101.1 million ($0.49 earnings per share) in Q3 2024 compared to a net loss of $6.6 million ($0.03 loss per share) in Q3 2023 and net earnings of $192.7 million ($0.95 earnings per share) in the nine months ended September 30, 2024 compared to net earnings of $14.4 million ($0.07 earnings per share) in the nine months ended September 30, 2023. The increases in net earnings in both the three and nine-month periods were driven by higher operating income due primarily to higher average realized gold price as well as stronger gold sales and the gain on deferred consideration, partially offset by higher unrealized derivative losses.

Adjusted net earnings⁴ was $71.0 million ($0.35 earnings per share) in Q3 2024 compared to adjusted net earnings of $35.0 million ($0.17 earnings per share) in Q3 2023. Adjustments in Q3 2024 include a $33.1 million unrealized loss on derivative instruments, a $50.1 million gain on recognition of deferred consideration net of tax impacts related to commercial production being declared at the Tocantinzinho Mine, which was divested to G Mining Ventures in 2021, and a $15.3 million gain on foreign exchange due to the translation of deferred tax balances and Turkiye inflation accounting.

Adjusted net earnings was $192.9 million ($0.95 earnings per share) in the nine months ended September 30, 2024 compared to adjusted net earnings of $61.4 million ($0.32 earnings per share) in the nine months ended September 30, 2023. Adjustments in the nine months ended September 30, 2024 include a $61.9 million unrealized loss on derivative instruments, a $50.1 million gain on recognition of deferred consideration net of tax impacts mentioned above, and a $11.9 million gain on foreign exchange due to the translation of deferred tax balances net of Turkiye inflation accounting.

Quarterly Operations Update

	3 months ended September 30,							9 months ended September 30,
	2024			2023				2024			2023
Consolidated
Ounces produced		125,195			121,030				364,625			341,973
Ounces sold		123,828			119,200				361,062			339,151
Production costs		$141.2			$115.5				$392.0			$341.3
Total cash costs ($/oz sold) (1,2)		$953			$794				$939			$858
All-in sustaining costs ($/oz sold) (1,2)		$1,335			$1,177				$1,310			$1,225
Sustaining capital expenditures (2)		$33.3			$31.8				$93.2			$83.9
Kisladag
Ounces produced		41,084			37,219				117,597			108,558
Ounces sold		40,724			38,732				117,068			108,405
Production costs		$37.3			$28.6				$106.5			$86.7
Total cash costs ($/oz sold) (1,2)		$899			$722				$889			$778
All-in sustaining costs ($/oz sold) (1,2)		$1,028			$884				$1,002			$897
Sustaining capital expenditures (2)		$3.7			$5.5				$8.9			$10.5
Lamaque
Ounces produced		43,106			43,821				132,796			120,450
Ounces sold		44,531			40,908				132,776			119,455
Production costs		$32.8			$26.9				$101.6			$84.4
Total cash costs ($/oz sold) (1,2)		$728			$648				$755			$697
All-in sustaining costs ($/oz sold) (1,2)		$1,189			$1,099				$1,228			$1,143
Sustaining capital expenditures (2)		$20.0			$18.0				$61.1			$52.0
Efemcukuru
Ounces produced		19,794			21,142				60,692			63,714
Ounces sold		19,741			21,364				60,817			63,581
Production costs		$26.4			$20.6				$73.0			$58.7
Total cash costs ($/oz sold) (1,2)		$1,325			$990				$1,185			$947
All-in sustaining costs ($/oz sold) (1,2)		$1,578			$1,205				$1,336			$1,137
Sustaining capital expenditures (2)		$4.7			$3.7				$10.7			$9.6
Olympias
Ounces produced		21,211			18,848				53,540			49,251
Ounces sold		18,833			18,196				50,401			47,710
Production costs		$44.7			$39.3				$110.9			$111.6
Total cash costs ($/oz sold) (1,2)		$1,210			$1,048				$1,241			$1,325
All-in sustaining costs ($/oz sold) (1,2)		$1,513			$1,319				$1,520			$1,614
Sustaining capital expenditures (2)		$4.9			$4.7				$12.5			$11.8

	(1)	Revenues from silver, lead and zinc sales are off-set against total cash costs.
	(2)	These financial measures or ratios are non-IFRS financial measures or ratios. See the section ‘Non-IFRS and Other Financial Measures and Ratios’ of our MD&A for explanations and discussions of these non-IFRS financial measures or ratios.

Kisladag

Kisladag produced 41,084 ounces of gold in Q3 2024, a 10% increase from 37,219 ounces produced in Q3 2023. Production in the quarter benefited from both higher average grade and higher stacking rates from earlier in the year. Grade slightly increased from 0.85 grams per tonne in Q3 2023 to 0.86 grams per tonne in Q3 2024 as a result of mine planning changes and positive grade reconciliation.

Availability of the crushing circuit has been impacted due to maintenance issues, leading to slightly lower tonnes stacked compared to plan. We are working on a solution and expect to install it in Q1 2025. In addition, a small portion of the ore product coming from the high pressure grinding rolls (“HPGR”) contains particles that are greater than 10mm which has slightly reduced recovery due to the larger particle size. As we continue to analyze data following the ramp-up of the HPGR and agglomeration drum, we are seeing leach cycles extending beyond the planned 220 days which leads to an increase in gold inventory.

We have responded to these operational challenges through irrigation optimization activities, which have demonstrated positive results through the drawdown of gold inventory partially offsetting the longer leach cycle. Additionally, as we have previously discussed, a geometallurgical study has commenced with drilling currently underway. Starting in Q4 2024, as the new Adsorption-Desorption facility goes into operations we will also realize a number of benefits at Kisladag including: reducing carbon handling requirements, realigning the extraction cycle with the stacking cycle and decoupling the North and South heap leach facilities.

Revenue increased to $102.2 million in Q3 2024 from $75.2 million in Q3 2023, reflecting the higher average realized gold price as well as higher ounces sold.

Production costs increased to $37.3 million in Q3 2024 from $28.6 million in Q3 2023, with more than half the increase attributable to the higher sales volume, as well as higher royalty expense due to both the higher average realized gold price and higher gold sales. As a result, total cash costs per ounce increased to $899 in Q3 2024 from $722 in Q3 2023.

AISC per ounce sold increased to $1,028 in Q3 2024 from $884 in Q3 2023, primarily due to the increase in total cash costs per ounce sold.

Sustaining capital expenditures were $3.7 million in Q3 2024 and $8.9 million in the nine months ended September 30, 2024, which primarily included equipment rebuilds, mine equipment purchases and geotechnical drilling and monitoring. Growth capital investment of $27.4 million and $85.1 million in the three and nine months ended September 30, 2024 and was primarily related to waste stripping and associated equipment costs to support the mine life extension, continued construction of the second phase of the North Heap Leach Pad and adsorption-desorption-regeneration plant infrastructure, and preparation work for building relocation due to pit expansion.

Lamaque

Lamaque produced 43,106 ounces of gold in Q3 2024, compared to 43,821 ounces in Q3 2023. The slight decrease was primarily due to lower grades processed, partially offset by increased throughput. Average grade decreased to 6.03 grams per tonne in Q3 2024 from 7.04 grams per tonne in the comparative quarter.

Revenue increased to $111.6 million in Q3 2024 from $79.1 million in Q3 2023, reflecting the higher average realized gold price as well as higher ounces sold.

Production costs increased to $32.8 million in Q3 2024 from $26.9 million in Q3 2023 due to higher sales volume, as well as additional costs incurred in labour, contractors, and equipment rentals. Total cash costs were also impacted by slightly higher royalties due to the higher average realized gold price, with total cash costs per ounce sold increasing to $728 in Q3 2024 from $648 in Q3 2023.

AISC per ounce sold increased to $1,189 in Q3 2024 from $1,099 in Q3 2023, primarily due to higher total cash costs per ounce as well as higher sustaining capital.

Sustaining capital expenditures of $20.0 million in Q3 2024 and $61.1 million in the nine months ended September 30, 2024 primarily included underground development, equipment rebuilds and expenditure on the expansion of the tailings facility. Growth capital investment of $6.4 million in Q3 2024 and $18.9 million in the nine months ended September 30, 2024 was primarily related to resource conversion drilling and initiation of the bulk sample development at Ormaque.

The inaugural reserve at Ormaque is expected to be announced by the end of 2024, and material for the bulk sample is now being stockpiled in preparation for processing through the mill in December.

Efemcukuru

Efemcukuru produced 19,794 ounces of gold in Q3 2024, a 6% decrease from 21,142 ounces in Q3 2023. The slight decrease was primarily driven by lower throughput and lower grade.

Revenue increased to $52.3 million in Q3 2024 from $39.1 million in Q3 2023, with the increase attributable to the higher average realized gold price, partially offset by lower sales volume.

Production costs increased to $26.4 million in Q3 2024 from $20.6 million in Q3 2023, with the increase attributable to higher unit costs, primarily a result of increased royalty expense due to the higher average realized gold price during the quarter. Additionally, labour and transportation costs have increased compared to the comparative period of the prior year. Overall, this resulted in an increase to total cash costs per ounce sold to $1,325 in Q3 2024 from $990 in Q3 2023.

AISC per ounce sold increased to $1,578 in Q3 2024 from $1,205 in Q3 2023, primarily due to higher total cash costs per ounce.

Sustaining capital expenditures of $4.7 million in Q3 2024 and $10.7 million in the nine months ended September 30, 2024 were primarily related to underground development and equipment rebuilds. Growth capital investment of $1.2 million in Q3 2024 and $3.3 million in the nine months ended September 30, 2024 supported underground development to Kokarpinar.

Olympias

Olympias produced 21,211 ounces of gold in Q3 2024, a 13% increase from 18,848 ounces in Q3 2023 primarily driven by higher grade ore, which reflected stope sequencing in the quarter.

Revenue increased to $65.7 million in Q3 2024 from $51.4 million in Q3 2023, primarily as a result of the higher average realized gold price and slightly higher ounces sold.

Production costs increased to $44.7 million in Q3 2024 from $39.3 million in Q3 2023 driven by higher labour costs and higher royalty expenses as a result of higher realized gold prices, as well as higher gold ounces sold. The increase in unit costs, which were partially offset by higher by-product revenues, resulted in an increase to total cash costs per ounce sold to $1,210 in Q3 2024 from $1,048 in Q3 2023.

AISC per ounce sold increased to $1,513 in Q3 2024 from $1,319 in Q3 2023 primarily due to higher total cash costs per ounce sold.

Sustaining capital expenditures of $4.9 million in Q3 2024 and $12.5 million in the nine months ended September 30, 2024 primarily included underground development and process improvements. Growth capital investment of $4.1 million in Q3 2024 and $6.7 million in the nine months ended September 30, 2024 was primarily related to underground development and investment towards the mill throughput expansion.

During Q3 2024, the Collective Bargaining Agreement was finalized. This three-year agreement, combined with increased productivity in our underground operations and as contemplated in our guidance, supports the 650ktpa expansion, an increase from 500ktpa.

For further information on the Company’s operating results for the third quarter of 2024, please see the Company’s MD&A filed on SEDAR+ at www.sedarplus.com under the Company’s profile.

Conference Call

A conference call to discuss the details of the Company’s Third Quarter 2024 Results will be held by senior management on Friday, November 1, 2024 at 11:30 AM ET (8:30 AM PT). The call will be webcast and can be accessed at Eldorado’s website: www.eldoradogold.com or via this link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=EB9o82Zh.

Participants may elect to pre-register for the conference call via this link: https://dpregister.com/sreg/10192246/fd5e1d8d60. Upon registration, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call.

Conference Call Details		Replay (available until December 6 2024)
Date:	November 1, 2024	Vancouver:	+1 412 317 0088
Time:	11:30 AM ET (8:30 AM PT)	Toll Free:	1 855 669 9658
Dial in:	+1 647 484 8814	Access code:	6725564
Toll free:	1 844 763 8274

About Eldorado

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 ELD and the New York Stock Exchange EGO.

Contact

Investor Relations

Lynette Gould, VP, Investor Relations, Communications & External Affairs
647 271 2827 or 1 888 353 8166
lynette.gould@eldoradogold.com

Media

Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
chad.pederson@eldoradogold.com

Non-IFRS and Other Financial Measures and Ratios

Certain non-IFRS financial measures and ratios are included in this press release, including 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, and free cash flow excluding Skouries.

Please see the September 30, 2024 MD&A for explanations and discussion of these non-IFRS and other financial measures and ratios. The Company believes that these measures and ratios, in addition to conventional measures and ratios prepared in accordance with International Financial Reporting Standards (“IFRS”), provide investors an improved ability to evaluate the underlying performance of the Company. The non-IFRS and other financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures or ratios of performance prepared in accordance with IFRS. These measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers. Certain additional disclosures for these and other financial measures and ratios have been incorporated by reference and can be found in the section ‘Non-IFRS and Other Financial Measures and Ratios’ in the September 30, 2024 MD&A available on SEDAR+ at www.sedarplus.com and on the Company’s website under the ‘Investors’ section.

Reconciliation of Production Costs to Total Cash Costs and Total Cash Costs per Ounce Sold:

		Q3 2024			Q3 2023				YTD 2024			YTD 2023
Production costs		$141.2			$115.5				$392.0			$341.3
By-product credits (1)		(26.9	)		(23.7	)			(64.3	)		(61.5	)
Concentrate deductions (2)		$3.7			$2.9				$11.2			$11.1
Total cash costs		$118.0			$94.7				$339.0			$291.0
Gold ounces sold		123,828			119,200				361,062			339,151
Total cash cost per ounce sold		$953			$794				$939			$858

	(1)	Revenue from silver, lead and zinc sales.
	(2)	Included in revenue.

Reconciliation of Total Cash Costs and Total Cash Cost per ounce sold, by asset, for the three months ended September 30, 2024:

	Direct operating costs			By-product credits			Refining and selling costs			Inventory change (1)			Royalty expense			Total cash costs			Gold oz sold			Total cash cost/oz sold
Kisladag		$36.1			($0.7	)		$0.1			($6.8	)		$7.9			$36.6			40,724			$899
Lamaque		32.4			(0.4	)		0.1			(1.0	)		1.3			32.4			44,531			728
Efemcukuru		18.0			(1.4	)		3.7			(0.2	)		6.0			26.2			19,741			1,325
Olympias		38.6			(24.4	)		4.6			(1.8	)		5.8			22.8			18,833			1,210
Total consolidated		$125.2			($26.9	)		$8.5			($9.8	)		$21.0			$118.0			123,828			$953

	(1)	Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.

Reconciliation of Total Cash Costs and Total Cash Cost per ounce sold, by asset, for the nine months ended September 30, 2024:

	Direct operating costs			By-product credits			Refining and selling costs			Inventory change (1)			Royalty expense			Total cash costs			Gold oz sold			Total cash cost/oz sold
Kisladag		$105.3			($2.5	)		$0.6			($19.4	)		$20.1			$104.0			117,068			$889
Lamaque		100.8			(1.3	)		0.3			(3.3	)		3.7			100.3			132,776			755
Efemcukuru		51.1			(4.7	)		11.4			(0.6	)		15.0			72.1			60,817			1,185
Olympias		96.5			(55.8	)		13.9			(6.2	)		14.2			62.6			50,401			1,241
Total consolidated		$353.7			($64.3	)		$26.1			($29.5	)		$53.0			$339.0			361,062			$939

	(1)	Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.

Reconciliation of Total Cash Costs and Total Cash Cost per ounce sold, by asset, for the three months ended September 30, 2023:

	Direct operating costs			By-product credits			Refining and selling costs			Inventory change (1)			Royalty expense			Total cash costs			Gold oz sold			Total cash cost/oz sold
Kisladag		$32.7			($0.7	)		$0.2			($8.1	)		$3.9			$28.0			38,732			$722
Lamaque		27.0			(0.4	)		0.1			(1.2	)		1.0			26.5			40,908			648
Efemcukuru		14.3			(1.0	)		3.8			0.3			3.7			21.2			21,364			990
Olympias		32.2			(21.6	)		4.5			1.0			3.0			19.1			18,196			1,048
Total consolidated		$106.2			($23.7	)		$8.6			($8.0	)		$11.5			$94.7			119,200			$794

	(1)	Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.

 

Reconciliation of Total Cash Costs and Total Cash Cost per ounce sold, by asset, for the nine months ended September 30, 2023:

	Direct operating costs			By-product credits			Refining and selling costs			Inventory change (1)			Royalty expense			Total cash costs			Gold oz sold			Total cash cost/oz sold
Kisladag	$90.6			($2.3		)	$0.5			($16.0		)	$11.6			$84.3				108,405		$778
Lamaque		83.6			(1.2	)		0.2			(2.3	)		2.9			83.2			119,455			697
Efemcukuru		43.1			(3.3	)		10.3			0.2			9.9			60.2			63,581			947
Olympias		90.9			(54.7	)		16.7			(0.6	)		10.9			63.2			47,710			1,325
Total consolidated	$308.1			($61.5		)	$27.8			($18.7		)	$35.3			$291.0				339,151		$858

	(1)	Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.

Reconciliation of Total Cash Costs to All-in Sustaining Costs and All-in Sustaining Costs per ounce sold:

	Q3 2024			Q3 2023				YTD 2024			YTD 2023
Total cash costs	$118.0			$94.7				$339.0			$291.0
Corporate and allocated G&A		10.9			11.5				35.3			32.6
Exploration and evaluation costs		0.8			(0.1	)			2.8			0.9
Reclamation costs and amortization		2.3			2.4				2.8			7.1
Sustaining capital expenditure		33.3			31.8				93.2			83.9
AISC	$165.3			$140.3				$473.1			$415.6
Gold ounces sold		123,828			119,200				361,062			339,151
AISC per ounce sold	$1,335			$1,177				$1,310			$1,225

Reconciliation of general and administrative expenses included in All-in Sustaining Costs:

	Q3 2024			Q3 2023				YTD 2024			YTD 2023
General and administrative expenses (from consolidated statement of operations)	$7.3			$9.3				$27.0			$29.3
Add:
Share-based payments expense		4.1			2.0				9.8			5.6
Employee benefit plan expense from corporate and operating gold mines		1.1			1.3				3.2			3.5
Less:
General and administrative expenses related to non-gold mines and in-country offices		(0.2	)		(0.3	)			(1.0	)		(0.8	)
Depreciation in G&A		(0.9	)		(0.8	)			(2.6	)		(2.4	)
Business development		(0.3	)		(0.2	)			(0.8	)		(2.4	)
Development projects		(0.2	)		—				(0.7	)		(0.3	)
Adjusted corporate general and administrative expenses	$10.8			$11.4				$34.9			$32.5
Regional general and administrative costs allocated to gold mines		0.1			0.1				0.5			0.2
Corporate and allocated general and administrative expenses per AISC	$10.9			$11.5				$35.3			$32.6

Reconciliation of exploration and evaluation costs included in All-in Sustaining Costs:

	Q3 2024			Q3 2023				YTD 2024			YTD 2023
Exploration and evaluation expense (from consolidated statement of operations)(1)	$8.3			$6.3				$16.1			$16.8
Add:
Capitalized sustaining exploration cost related to operating gold mines		0.8			(0.1	)			2.8			0.9
Less:
Exploration and evaluation expenses related to non-gold mines and other sites		(8.3	)		(6.3	)			(16.1	)		(16.8	)
Exploration and evaluation costs per AISC	$0.8			($0.1		)		$2.8			$0.9

	(1)	Amounts presented for 2024 and 2023 are from continuing operations only and exclude the Romania segment. See Note 4 of our condensed consolidated interim financial statements for the three and nine months ended September 30, 2024.

Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs:

	Q3 2024			Q3 2023				YTD 2024			YTD 2023
Asset retirement obligation accretion (from notes to the condensed consolidated interim financial statements)(1)	$1.2			$1.1				$3.7			$3.2
Add:
Depreciation related to asset retirement obligation assets		1.3			1.5				(0.2	)		4.5
Less:
Asset retirement obligation accretion related to non-gold mines and other sites		(0.2	)		(0.2	)			(0.6	)		(0.6	)
Reclamation costs and amortization per AISC	$2.3			$2.4				$2.8			$7.1

	(1)	Amounts presented for 2024 and 2023 are from continuing operations only and exclude the Romania segment. See Note 4 of our condensed consolidated interim financial statements for the three and nine months ended September 30, 2024.

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, 2024:

	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	$36.6				$—			$—		$1.6			$3.7			$41.9				40,724		$1,028
Lamaque		32.4			—			0.4			0.1			20.0			53.0			44,531			1,189
Efemcukuru		26.2			0.1			—			0.2			4.7			31.2			19,741			1,578
Olympias		22.8			—			0.4			0.4			4.9			28.5			18,833			1,513
Corporate (1)		—			10.8			—			—			—			10.8			—			88
Total consolidated	$118.0			$10.9			$0.8			$2.3			$33.3			$165.3				123,828		$1,335

	(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, 2024:

	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	$104.0				$—			$—		$4.4			$8.9			$117.3				117,068		$1,002
Lamaque		100.3			—			1.2			0.4			61.1			163.1			132,776			1,228
Efemcukuru		72.1			0.5			1.1			(3.2	)		10.7			81.3			60,817			1,336
Olympias		62.6			—			0.5			1.1			12.5			76.6			50,401			1,520
Corporate (1)		—			34.9			—			—			—			34.9			—			97
Total consolidated	$339.0			$35.3			$2.8			$2.8			$93.2			$473.1				361,062		$1,310

 

	(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, 2023:

	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		$28.0			$—			$—			$0.8			$5.5			$34.2			38,732			$884
Lamaque		26.5			—			0.3			0.1			18.0			44.9			40,908			1,099
Efemcukuru		21.2			0.1			—			0.8			3.7			25.7			21,364			1,205
Olympias		19.1			—			(0.4	)		0.7			4.7			24.0			18,196			1,319
Corporate (1)		—			11.4			—			—			—			11.4			—			95
Total consolidated		$94.7			$11.5			($0.1	)		$2.4			$31.8			$140.3			119,200			$1,177

	(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, 2023:

	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		$84.4			—			—			$2.4			$10.5			$97.2			108,405			$897
Lamaque		83.2			—			0.9			0.4			52.0			136.5			119,455			1,143
Efemcukuru		60.2			0.2			—			2.4			9.6			72.3			63,581			1,137
Olympias		63.2			—			—			2.0			11.8			77.0			47,710			1,614
Corporate (1)		—			32.5			—			—			—			32.5			—			96
Total consolidated		$291.0			$32.6			$0.9			$7.1			$83.9			$415.5			339,151			$1,225

	(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 Sustaining and Growth Capital:

	Q3 2024			Q3 2023				YTD 2024			YTD 2023
Additions to property, plant and equipment (1) (from segment note in the condensed consolidated interim financial statements)	$158.1			$91.1				$445.8			$273.9
Growth and development project capital investment – gold mines		(39.0	)		(29.1	)			(114.1	)		(81.1	)
Growth and development project capital investment – other (2)		(84.7	)		(30.3	)			(234.8	)		(110.0	)
Sustaining capital expenditure equipment leases (3)		(0.2	)		0.2				(0.8	)		1.1
Capitalized exploration cost related to operating gold mines		(0.8	)		(0.1	)			(2.8	)		(0.1	)
Sustaining capital expenditure at operating gold mines	$33.3			$31.8				$93.2			$83.9

	(1)	Amounts presented for 2024 and 2023 are from continuing operations only and exclude the Romania segment. See Note 4 of our condensed consolidated interim financial statements for the three and nine months ended September 30, 2024.
	(2)	Includes capital expenditures relating to Skouries, Stratoni and other projects, excluding non-cash sustaining lease additions.
	(3)	Sustaining lease principal and interest payments, net of non-cash lease additions.

Average realized gold price per ounce sold is reconciled for the periods presented as follows:

For the three months ended September 30, 2024:

	Revenue			Concentrate deductions (1)			Less non-gold revenue			Gold revenue (2)			Gold oz sold			Average realized gold price per ounce sold
Kisladag		$102.2			$—			($0.7	)		$101.5			40,724			$2,492
Lamaque		111.6			—			(0.4	)		111.2			44,531			2,496
Efemcukuru		52.3			1.1			(1.4	)		52.0			19,741			2,636
Olympias		65.7			2.6			(24.4	)		43.8			18,833			2,328
Total consolidated		$331.8			$3.7			($26.9	)		$308.5			123,828			$2,492

	(1)	Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.
	(2)	Includes the impact of provisional pricing adjustments on concentrate sales.

For the nine months ended September 30, 2024:

	Revenue			Concentrate deductions (1)			Less non-gold revenue			Gold revenue (2)			Gold oz sold			Average realized gold price per ounce sold
Kisladag		$273.3			$—			($2.5	)		$270.8			117,068			$2,313
Lamaque		307.8			—			(1.3	)		306.6			132,776			2,309
Efemcukuru		148.9			3.8			(4.7	)		148.0			60,817			2,433
Olympias		156.8			7.5			(55.8	)		108.5			50,401			2,152
Total consolidated		$886.9			$11.2			($64.3	)		$833.8			361,062			$2,309

	(1)	Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.
	(2)	Includes the impact of provisional pricing adjustments on concentrate sales.

For the three months ended September 30, 2023:

	Revenue			Concentrate deductions (1)			Less non-gold revenue			Gold revenue (2)			Gold oz sold			Average realized gold price per ounce sold
Kisladag	$75.2				$—		($0.7		)	$74.5				38,732		$1,923
Lamaque		79.1			—			(0.4	)		78.7			40,908			1,925
Efemcukuru		39.1			1.5			(1.0	)		39.6			21,364			1,855
Olympias		51.4			1.4			(21.6	)		31.2			18,196			1,712
Total consolidated	$244.8			$2.9			($23.7		)	$224.0				119,200		$1,879

	(1)	Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.
	(2)	Includes the impact of provisional pricing adjustments on concentrate sales.

For the nine months ended September 30, 2023:

	Revenue			Concentrate deductions (1)			Less non-gold revenue			Gold revenue (2)			Gold oz sold			Average realized gold price per ounce sold
Kisladag	$211.9				$—		($2.3		)	$209.6				108,405		$1,934
Lamaque		231.4			—			(1.2	)		230.2			119,455			1,927
Efemcukuru		123.9			4.8			(3.3	)		125.3			63,581			1,971
Olympias		134.5			6.4			(54.7	)		86.1			47,710			1,805
Total consolidated	$701.6			$11.1			($61.5		)	$651.3				339,151		$1,920

	(1)	Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.
	(2)	Includes the impact of provisional pricing adjustments on concentrate sales.

Reconciliation of Net Earnings (Loss) attributable to shareholders of the Company to Adjusted Net Earnings (Loss) attributable to shareholders of the Company:

	Q3 2024			Q3 2023				YTD 2024			YTD 2023
Net earnings attributable to shareholders of the Company (1)	$101.1			($6.6		)		$192.7			$14.4
Current tax expense due to Turkiye earthquake relief tax law change (2)		—			—				—			4.3
(Gain) loss on foreign exchange translation of deferred tax balances net of inflation accounting (3)		(15.3	)		15.2				(11.9	)		33.1
(Increase) decrease in fair value of redemption option derivative		(5.0	)		1.5				(7.0	)		2.0
Unrealized loss (gain) on derivative instruments		33.1			(6.0	)			61.9			(15.0	)
Deferred tax expense due to changes in tax rates (4)		—			22.6				—			22.6
Out-of-period current tax expense due to changes in tax rates (5)		—			8.2				—			—
Non-recurring current tax and interest accrual (6)		7.2			—				7.2			—
Gain on deferred consideration, net of tax (7)		(50.1	)		—				(50.1	)		—
Total adjusted net earnings	$71.0			$35.0				$192.9			$61.4
Weighted average shares outstanding (thousands)		204,521			202,472				203,770			191,786
Adjusted net earnings per share ($/share)	$0.35			$0.17				$0.95			$0.32

	(1)	Amounts presented for 2024 and 2023 are from continuing operations only and exclude the Romania segment. See Note 4 of our condensed consolidated interim financial statements for the three and nine months ended September 30, 2024.
	(2)	To help fund earthquake relief efforts in Turkiye, a one-time tax law change was introduced in Q1 2023 to reverse a portion of the tax credits and deductions previously granted in 2022.
	(3)	Q3 2024 includes $8.3 million gain (2023 – $15.2 million loss) on foreign exchange translation of deferred tax balances and $7.0 million gain (2023 – $nil) on inflation accounting. Nine month period ended September 30, 2024 includes $16.7 million loss (2023 – $33.1 million loss) on foreign exchange translation of deferred tax balances and $28.6 million gain (2023 – $nil) on inflation accounting.
	(4)	The deferred tax expense adjustment in 2023 is due to the income tax rate increase in Turkiye enacted in Q3 2023. The rate increased from 20% to 25% for general activities, from 19% to 24% for certain manufacturing activities (including mining) and from 19% to 20% for export income and is applicable retroactively to January 1, 2023.
	(5)	Q1 2023 through Q3 2023 have been adjusted for out-of-period current income tax adjustments related to impact of retroactive income tax rate increase in Turkiye enacted in Q3 2023.
	(6)	A provision of $7.2 million was recorded for potential non-recurring tax reassessments representing $5.9 million of tax and $1.4 million of interest. These relate to historical intercompany loan balances in 2020 and 2021 which have since been capitalized.
	(7)	A $60 million gain was recognized in the period related to deferred consideration from the sale of the Tocantinzinho property to G Mining Ventures in 2021. Taxes of $9.9 million was recognized on the gain.

Reconciliation of Net Earnings (Loss) before income tax to EBITDA and Adjusted EBITDA:

	Q3 2024			Q3 2023				YTD 2024			YTD 2023
Earnings before income tax (1)	$129.3			$45.3				$258.5			$117.7
Depreciation and amortization (2)		64.9			63.8				180.6			191.8
Interest income		(6.1	)		(5.3	)			(17.3	)		(11.8	)
Finance costs		3.5			8.9				10.5			27.1
EBITDA	$191.6			$112.7				$432.3			$324.8
Share-based payments expense		4.1			2.0				9.8			5.6
Loss (gain) on disposal of assets		0.3			(0.1	)			0.8			0.7
Unrealized loss (gain) on derivative instruments		33.1			(6.0	)			61.9			(15.0	)
Gain on recognition of deferred consideration(3)		(60.0	)		—				(60.0	)		—
Adjusted EBITDA	$169.0			$108.7				$444.9			$316.1

	(1)	Amounts presented for 2024 and 2023 are from continuing operations only and exclude the Romania segment. See Note 4 of our condensed consolidated interim financial statements for the three and nine months ended September 30, 2024.
	(2)	Includes depreciation within general and administrative expenses.
	(3)	A $60 million gain was recognized in the period related to deferred consideration from the sale of the Tocantinzinho property to G Mining Ventures in 2021.

Reconciliation of Net Cash Generated from Operating Activities to Free Cash Flow:

	Q3 2024			Q3 2023				YTD 2024			YTD 2023
Net cash generated from operating activities (1)	$180.9			$108.1				$388.4			$223.3
Less: Cash used in investing activities		(184.2	)		(127.4	)			(464.7	)		(265.3	)
Add back: Decrease in term deposits		—			—				(1.1	)		(35.0	)
Add back: Proceeds from sale of marketable securities		—			—				11.1			0.6
Less: Proceeds from sale of mining licenses		(1.5	)		—				(1.5	)		—
Free cash flow	($4.8		)	($19.3		)		($67.8		)	($76.4		)
Add back: Skouries cash capital expenditures		93.9			49.2				210.4			99.3
Add back: Capitalized interest paid (2)		9.1			7.3				23.2			7.8
Free cash flow excluding Skouries	$98.3			$37.3				$165.8			$30.7

	(1)	Amounts presented for 2024 and 2023 are from continuing operations only and exclude the Romania segment. See Note 4 of our condensed consolidated interim financial statements for the three and nine months ended September 30, 2024.
	(2)	Includes interest from the Term Facility and Senior Notes.

Reconciliation of Net Cash Generated from Operating Activities to Cash Flow from Operating Activities before Changes in Working Capital:

	Q3 2024			Q3 2023				YTD 2024			YTD 2023
Net cash generated from operating activities (1)		$180.9			$108.1				$388.4			$223.3
Less: Changes in non-cash working capital		14.4			10.6				(18.6	)		(49.9	)
Cash flow from operating activities before changes in working capital		$166.5			$97.5				$407.0			$273.1

	(1)	Amounts presented for 2024 and 2023 are from continuing operations only and exclude the Romania segment. See Note 4 of our condensed consolidated interim financial statements for the three and nine months ended September 30, 2024.

Forward-looking Statements and Information

Certain of the statements made and information provided in this press release are forward-looking statements or forward-looking 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 “anticipates”, “believes”, “budgets”, “committed”, “continue”, “estimates”, “expects”, “focus”, “forecasts”, “foresee”, “forward”, “future”, “goal”, “guidance”, “intends”, “opportunity”, “outlook”, “plans”, “potential”, “schedule”, “strategy”, “target”, “underway”, “working” 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 and forward-looking information contained in this press release includes, but is not limited to, statements or information with respect to: 2024 annual guidance including an updated annual gold production range, expected total cash costs per ounce sold, AISC per ounce sold; planned drawdowns on the Skouries Term Facility, expectations for Olympias profitability over its mine life; expectations to declare an inaugural reserve at Ormaque; expected benefits of operational focus at Kisladag; with respect to the Skouries project, the timing of first production, the year end personnel target, risks to integrating new personnel; updated 2024 capital spend and impact on first production, expected 2025 gold and copper production; timing of commercial production and specific activities and milestones related to construction, underground development, engineering, procurement and operational readiness; with respect to Kisladag, expected benefits of technical work and future technical focus and the timing of those solutions, the start-up of operations at the adsorption-desorption facility and expected benefits from the facility; risk factors affecting our business; our expectation as to our future financial and operating performance, including future cash flow, estimated cash costs, expected metallurgical recoveries and gold price outlook; and generally our strategy, plans and goals, including our proposed exploration, development, construction, permitting, financing and operating potential, plans and priorities and related timelines and schedules.

Forward-looking statements and forward-looking information are by their nature based on a number of assumptions, that management considers reasonable. However, such assumptions involve both known and unknown risks, uncertainties, and other factors which, if proven to be inaccurate, may cause actual results, activities, performance or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost and results of our construction and development activities, improvements and exploration; the future price of gold and other commodities; exchange rates; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; mineral reserves and resources; our ability to unlock the potential of our brownfield property portfolio; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables (including fuel, explosives, cement, and cyanide); the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; expected by-product grades; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in (including recent disruptions to shipping operations in the Red Sea and any related shipping delays, shipping price increases, or impacts on the global energy market).

With respect to the Skouries project, we have made additional assumptions about the ramp up of construction personnel on site; labour productivity, rates and expected hours; the scope and timing related to the awarding of key contract packages and approval thereon; capital spend rates; our ability to obtain and maintain all required approvals and permits in a timely manner, both overall and specifically, in relation to equipment, people mobility and power; expected scope of project management frameworks; the timeliness of shipping for important or critical items; our ability to continue to access our project funding and remain in compliance with all covenants and contractual commitments in relation thereto; completion of required archaeological investigations, the future price of gold, copper and other commodities; inflation rates; the broader community engagement and social climate in respect of the Skouries project; and generally, our ability to continue to execute our plans relating to Skouries on the existing project timeline and consistent with the current planned project scope.

In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this press release. Even though we believe that the assumptions and 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.

Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other important factors that may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. These risks, uncertainties and other factors include, among others: political, economic, and other risks specific to the foreign jurisdictions where we operate; the inherent risk associated with project development, including for the Skouries project; risks related to global economic conditions including those related to the Russia-Ukraine conflict; restrictive covenants that impose significant operating and financial restrictions; change of control restrictions; risks relating to our operations in foreign jurisdictions (including recent disruptions to shipping operations in the Red Sea and any related shipping delays, shipping price increases, or impacts on the global energy market); community relations and social license; liquidity and financing risks; climate change; inflation risk and cost pressures; environmental matters including existing or potential environmental hazards, contamination or damage at our projects; production and processing, including throughput, recovery and product quality; geometallurgical variability; waste disposal including a spill, failure or material flow from a tailings facility causing damage to the environment or surrounding communities; geotechnical and hydrogeological conditions or failures; the global economic environment; occupational health and safety risks, including those relating to any pandemic, epidemic, endemic or similar public health threats; reliance on a limited number of smelters and off-takers; labour (including in relation to employee/union relations, the Greek transformation, employee misconduct, key personnel, recruitment and development of required personnel, productivity levels, expatriates, and contractors); indebtedness (including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and change in credit ratings); government regulation; the Sarbanes-Oxley Act; commodity price risk; mineral tenure; permits; risks relating to environmental sustainability and governance practices and performance; financial reporting (including relating to the carrying value of our assets and changes in reporting standards); non-governmental organizations; corruption, bribery and sanctions; information and operation technology systems; cybersecurity threats and incidents; litigation and contracts; estimation of mineral reserves and mineral resources; different standards used to prepare and report mineral reserves and mineral resources; credit risk; price volatility, volume fluctuations and dilution risk in respect of our shares; actions of activist shareholders; reliance on infrastructure, commodities and consumables (including power and water); currency risk; interest rate risk; tax matters; dividends; reclamation and long-term obligations; acquisitions, including integration risks, and dispositions; regulated substances; necessary equipment; co-ownership of our properties; the unavailability of insurance; conflicts of interest; compliance with privacy legislation; reputational issues; and competition, and those risk factors discussed in our most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect our business and operations.

The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the United States.

This press release contains information that may constitute future-orientated financial information or financial outlook information (collectively, “FOFI”) about Eldorado’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Eldorado’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Eldorado has included FOFI in order to provide readers with a more complete perspective on Eldorado’s future operations and management’s current expectations relating to Eldorado’s future performance. Readers are cautioned that such information may not be appropriate for other purposes. FOFI contained herein was made as of the date of this press release. Unless required by applicable laws, Eldorado does not undertake any obligation to publicly update or revise any FOFI statements, whether as a result of new information, future events or otherwise.

Mineral Reserves and Mineral Resources Estimates and Related Cautionary Note to U.S. Investors

The Company’s mineral reserve and mineral resource estimates for Kisladag, Lamaque, Efemcukuru, Olympias, Perama Hill, Perama South, Skouries, Stratoni, Piavitsa, Sapes, Certej, and Ormaque, are based on the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, and in compliance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the SEC that are applicable to domestic U.S. companies. The reader may not be able to compare the mineral reserve and mineral resources information in this press release with similar information made public by domestic U.S. companies. The reader should not assume that:

• the mineral reserves defined in this press release qualify as reserves under SEC standards
• the measured and indicated mineral resources in this press release will ever be converted to reserves; and
• the inferred mineral resources in this press release are economically mineable, or will ever be upgraded to a higher category.

Mineral resources which are not mineral reserves do not have demonstrated economic viability.

The Company most recently completed its Mineral Reserves and Mineral Resources annual review process with an effective date of September 30, 2023, a summary of which was published on December 13, 2023. In addition, the Company filed the following updated Technical Reports on SEDAR+ and EDGAR on March 28, 2024: Technical Report titled “Technical Report, Efemcukuru Gold Mine, Turkiye” with an effective date of December 31, 2023; and Technical Report titled “Technical Report, Olympias Mine, Greece” with an effective date of December 31, 2023. The updated Technical Reports do not contain any material changes to the Mineral Resources and Mineral Reserves previously published on December 13, 2023.

Qualified Person

Except as otherwise noted, Simon Hille, FAusIMM, Executive Vice President, Technical Services and Operations, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific and technical information contained in this press release and verifying the technical data disclosed in this document relating to our operating mines and development projects.

Jessy Thelland, géo (OGQ No. 758), a member in good standing of the Ordre des Géologues du Québec, is the qualified person as defined in NI 43-101 responsible for, and has verified and approved, the scientific and technical disclosure contained in this press release for the Quebec projects.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.

As at	Note	September 30, 2024				December 31, 2023
ASSETS
Current assets
Cash and cash equivalents		$	676,590			$	540,473
Term deposits			—				1,136
Accounts receivable and other	5		195,246				122,778
Inventories	6		290,376				235,890
Current derivative assets	18		1,024				2,502
Assets held for sale	4		18,182				27,627
			1,181,418				930,406
Restricted cash			2,380				2,085
Deferred tax assets			14,748				14,748
Other assets	7		261,925				185,209
Non-current derivative assets	18		5,025				7,036
Property, plant and equipment			4,007,052				3,755,559
Goodwill			92,591				92,591
		$	5,565,139			$	4,987,634
LIABILITIES & EQUITY
Current liabilities
Accounts payable and accrued liabilities		$	307,106			$	254,030
Current portion of lease liabilities			5,073				5,020
Current portion of asset retirement obligation			2,367				4,019
Current derivative liabilities	18		24,957				279
Liabilities associated with assets held for sale	4		11,182				10,867
			350,685				274,215
Debt	8		849,196				636,059
Lease liabilities			11,194				12,092
Employee benefit plan obligations			11,137				10,261
Asset retirement obligations			128,153				125,090
Non-current derivative liabilities	18		52,539				18,843
Deferred income tax liabilities			399,986				399,109
			1,802,890				1,475,669
Equity
Share capital	14		3,433,327				3,413,365
Treasury stock			(11,966	)			(19,263	)
Contributed surplus			2,609,850				2,617,216
Accumulated other comprehensive income (loss)			45,186				(4,751	)
Deficit			(2,304,364	)			(2,488,420	)
Total equity attributable to shareholders of the Company			3,772,033				3,518,147
Attributable to non-controlling interests			(9,784	)			(6,182	)
			3,762,249				3,511,965
		$	5,565,139			$	4,987,634

Subsequent events (Note 4)
Approved on behalf of the Board of Directors
(signed) John Webster        Director	(signed) George Burns        Director
Date of approval: October 31, 2024

		Three months ended								Nine months ended
		September 30,								September 30,
	Note		2024				2023				2024				2023
Revenue
Metal sales	9	$	331,758			$	244,828			$	886,866			$	701,636
Cost of sales
Production costs			141,225				115,502				392,040				341,347
Depreciation and amortization			64,056				62,983				177,973				189,422
			205,281				178,485				570,013				530,769
Earnings from mine operations			126,477				66,343				316,853				170,867
Exploration and evaluation expenses			8,310				6,288				16,129				16,758
Mine standby costs	10		3,198				3,382				7,821				11,999
General and administrative expenses			7,281				9,291				27,040				29,256
Employee benefit plan expense			1,115				1,277				3,153				3,496
Share-based payments expense	15		4,083				2,045				9,808				5,573
Write-down of assets			2				2,924				1,412				4,972
Foreign exchange loss (gain)			2,527				(1,726	)			979				(15,480	)
Earnings from operations			99,961				42,862				250,511				114,293
Other income	11		32,773				11,366				18,553				30,454
Finance costs	12		(3,476	)			(8,910	)			(10,529	)			(27,053	)
Earnings from continuing operations before income tax			129,258				45,318				258,535				117,694
Income tax expense	13		28,223				51,984				65,986				103,581
Net earnings (loss) from continuing operations			101,035				(6,666	)			192,549				14,113
Net loss from discontinued operations, net of tax	4		(9,770	)			(1,201	)			(12,268	)			(3,267	)
Net earnings (loss) for the period		$	91,265			$	(7,867	)		$	180,281			$	10,846
Net earnings (loss) attributable to:
Shareholders of the Company			94,971				(7,998	)			184,056				12,207
Non-controlling interests			(3,706	)			131				(3,775	)			(1,361	)
Net earnings (loss) for the period		$	91,265			$	(7,867	)		$	180,281			$	10,846
Net earnings (loss) attributable to shareholders of the Company:
Continuing operations			101,113				(6,557	)			192,691				14,361
Discontinued operations			(6,142	)			(1,441	)			(8,635	)			(2,154	)
		$	94,971			$	(7,998	)		$	184,056			$	12,207
Net (loss) earnings attributable to non-controlling interests:
Continuing operations			(78	)			(109	)			(142	)			(248	)
Discontinued operations			(3,628	)			240				(3,633	)			(1,113	)
		$	(3,706	)		$	131			$	(3,775	)		$	(1,361	)
Weighted average number of shares outstanding:
Basic	14		204,520,670				202,471,872				203,770,089				191,786,143
Diluted	14		206,146,570				202,471,872				205,257,479				192,642,696
Net earnings (loss) per share attributable to shareholders of the Company:
Basic earnings (loss) per share		$	0.46			$	(0.04	)		$	0.90			$	0.06
Diluted earnings (loss) per share		$	0.46			$	(0.04	)		$	0.90			$	0.06
Net earnings (loss) per share attributable to shareholders of the Company – Continuing operations:
Basic earnings (loss) per share		$	0.49			$	(0.03	)		$	0.95			$	0.07
Diluted earnings (loss) per share		$	0.49			$	(0.03	)		$	0.94			$	0.07

	Three months ended								Nine months ended
	September 30,								September 30,
		2024				2023				2024				2023
Net earnings (loss) for the period	$	91,265			$	(7,867	)		$	180,281			$	10,846
Other comprehensive income (loss):
Items that will not be reclassified to earnings or loss:
Change in fair value of investments in marketable securities		2,739				3,375				57,984				30,872
Income tax expense on change in fair value of investments in marketable securities		(339	)			(476	)			(7,787	)			(1,657	)
Actuarial gains (losses) on employee benefit plans		413				(2,028	)			(342	)			(5,693	)
Income tax (expense) recovery on actuarial losses on employee benefit plans		(96	)			386				82				1,082
Total other comprehensive income for the period		2,717				1,257				49,937				24,604
Total comprehensive income (loss) for the period	$	93,982			$	(6,610	)		$	230,218			$	35,450
Attributable to:
Shareholders of the Company		97,688				(6,741	)			233,993				36,811
Non-controlling interests		(3,706	)			131				(3,775	)			(1,361	)
	$	93,982			$	(6,610	)		$	230,218			$	35,450

		Three months ended								Nine months ended
		September 30,								September 30,
	Note		2024				2023				2024				2023
Cash flows generated from (used in):
Operating activities
Net earnings (loss) from continuing operations		$	101,035			$	(6,666	)		$	192,549			$	14,113
Adjustments for:
Depreciation and amortization			64,944				63,789				180,608				191,803
Finance costs	12		3,476				8,910				10,529				27,053
Interest income	11		(6,060	)			(5,334	)			(17,346	)			(11,784	)
Unrealized foreign exchange loss (gain)			1,797				(1,736	)			3,134				(13,961	)
Income tax expense	13		28,223				51,984				65,986				103,581
Loss (gain) on disposal of assets			273				(60	)			830				707
Unrealized loss (gain) on derivative contracts	11		33,055				(5,957	)			61,908				(14,979	)
Write-down of assets			2				2,924				1,412				4,972
Realized loss (gain) on derivative contracts	11		39				(7	)			(423	)			(2	)
Share-based payments expense	15		4,083				2,045				9,808				5,573
Non-cash gain on deferred consideration	5		(60,000	)			—				(60,000	)			—
Employee benefit plan expense			1,115				1,277				3,153				3,496
			171,982				111,169				452,148				310,572
Property reclamation payments			(926	)			(583	)			(2,419	)			(2,539	)
Employee benefit plan payments			(255	)			(704	)			(1,175	)			(4,815	)
Settlement of derivative contracts			(39	)			7				423				2
Income taxes paid			(10,308	)			(17,727	)			(59,349	)			(41,864	)
Interest received			6,060				5,334				17,346				11,784
Changes in non-cash working capital	16		14,385				10,584				(18,575	)			(49,872	)
Net cash generated from operating activities of continuing operations			180,899				108,080				388,399				223,268
Net cash used in operating activities of discontinued operations	4		(75	)			(84	)			(293	)			(15	)
Investing activities
Additions to property, plant and equipment			(169,337	)			(114,597	)			(423,117	)			(273,101	)
Capitalized interest paid			(9,136	)			(7,302	)			(23,224	)			(7,829	)
Proceeds from the sale of property, plant and equipment			232				201				248				1,386
Value added taxes related to mineral property expenditures, net			(5,968	)			(5,656	)			(8,593	)			(20,158	)
Purchase of marketable securities and investment in debt securities			—				—				(11,130	)			(633	)
Decrease in term deposits			—				—				1,136				35,000
Net cash used in investing activities of continuing operations			(184,209	)			(127,354	)			(464,680	)			(265,335	)
Financing activities
Issuance of common shares for cash, net of share issuance costs			1,340				(62	)			13,659				166,747
Contributions from non-controlling interests			—				—				173				265
Proceeds from Term Facility – commercial loans and RRF loans	8		92,207				43,529				218,810				114,737
Proceeds from Term Facility – VAT facility	8		18,034				8,517				37,340				9,052
Repayments of Term Facility – VAT facility	8		(15,473	)			—				(30,962	)			—
Term Facility loan financing costs			—				(102	)			—				(17,274	)
Term Facility commitment fees			—				—				(2,201	)			(2,529	)
Senior Secured Credit Facility refinancing costs			(2,072	)			—				(2,222	)			—
Interest paid			(7,986	)			(10,063	)			(17,875	)			(27,762	)
Principal portion of lease liabilities			(1,202	)			(948	)			(3,366	)			(2,793	)
Purchase of treasury stock			—				(1,131	)			(958	)			(1,131	)
Net cash generated from financing activities of continuing operations			84,848				39,740				212,398				239,312
Net increase in cash and cash equivalents			81,463				20,382				135,824				197,230
Cash and cash equivalents – beginning of period			595,052				456,583				540,473				279,735
Change in cash in disposal group held for sale			75				(341	)			293				(341	)
Cash and cash equivalents – end of period		$	676,590			$	476,624			$	676,590			$	476,624

		Three months ended								Nine months ended
		September 30,								September 30,
	Note		2024				2023				2024				2023
Share capital
Balance beginning of period		$	3,431,267			$	3,410,609			$	3,413,365			$	3,241,644
Shares issued upon exercise of share options			1,465				71				13,784				5,211
Shares issued upon exercise of performance share units			—				—				499				—
Transfer of contributed surplus on exercise of options			595				31				5,679				2,199
Shares issued in private placements, net of share issuance costs			—				(12	)			—				66,764
Shares issued to the public, net of share issuance costs			—				(163	)			—				94,718
Balance end of period	14	$	3,433,327			$	3,410,536			$	3,433,327			$	3,410,536
Treasury stock
Balance beginning of period		$	(12,157	)		$	(14,821	)		$	(19,263	)		$	(20,454	)
Purchase of treasury stock			—				(1,131	)			(958	)			(1,131	)
Shares redeemed upon exercise of restricted share units			191				—				8,255				5,633
Balance end of period		$	(11,966	)		$	(15,952	)		$	(11,966	)		$	(15,952	)
Contributed surplus
Balance beginning of period		$	2,607,572			$	2,612,685			$	2,617,216			$	2,618,212
Share-based payment arrangements			3,064				2,523				7,067				4,797
Shares redeemed upon exercise of restricted share units			(191	)			—				(8,255	)			(5,633	)
Shares redeemed upon exercise of performance share units			—				—				(499	)			—
Transfer to share capital on exercise of options			(595	)			(31	)			(5,679	)			(2,199	)
Balance end of period		$	2,609,850			$	2,615,177			$	2,609,850			$	2,615,177
Accumulated other comprehensive income (loss)
Balance beginning of period		$	42,469			$	(18,937	)		$	(4,751	)		$	(42,284	)
Other comprehensive income for the period attributable to shareholders of the Company			2,717				1,257				49,937				24,604
Balance end of period		$	45,186			$	(17,680	)		$	45,186			$	(17,680	)
Deficit
Balance beginning of period		$	(2,399,335	)		$	(2,572,845	)		$	(2,488,420	)		$	(2,593,050	)
Net earnings (loss) attributable to shareholders of the Company			94,971				(7,998	)			184,056				12,207
Balance end of period		$	(2,304,364	)		$	(2,580,843	)		$	(2,304,364	)		$	(2,580,843	)
Total equity attributable to shareholders of the Company		$	3,772,033			$	3,411,238			$	3,772,033			$	3,411,238
Non-controlling interests
Balance beginning of period		$	(6,078	)		$	(4,427	)		$	(6,182	)		$	(3,200	)
(Loss) earnings attributable to non-controlling interests			(3,706	)			131				(3,775	)			(1,361	)
Contributions from non-controlling interests			—				—				173				265
Balance end of period		$	(9,784	)		$	(4,296	)		$	(9,784	)		$	(4,296	)
Total equity		$	3,762,249			$	3,406,942			$	3,762,249			$	3,406,942

_________________________________
¹ These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section ‘Non-IFRS and Other Financial Measures and Ratios’ in the Company’s September 30, 2024 MD&A.

² These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section ‘Non-IFRS and Other Financial Measures and Ratios’ in the Company’s September 30, 2024 MD&A.

³ These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section ‘Non-IFRS and Other Financial Measures and Ratios’ in the Company’s September 30, 2024 MD&A.

⁴ These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section ‘Non-IFRS and Other Financial Measures and Ratios’ in the Company’s September 30, 2024 MD&A.