Q4 2023 Eldorado Gold Corp Earnings Call

Okay.

Operator: Tanya Jakusconek, John Bridges, Tanya Jakusconek, Peter Lekich, John Bridges, Peter Lekich, Tanya Jakusconek, John Bridges, Peter Lekich, John Bridges, Peter Lekich, Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold 2023 Q4 and full year results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then one on your telephone keypad.

[music].

Operator: Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations. Please go ahead, Ms. Cole.

Lynette Gould: Thank you, operator, and good morning everyone. I'd like to welcome you to our fourth quarter and year-end 2023 results conference call. Before we begin, I would like to remind you that we will be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary statements included in the presentation and the disclosure on non-IFRS measures and risk factors in our management discussion and analysis.

Thank you for standing by this is the conference operator, welcome to the Eldorado Gold's 2023, Q4, and full year results Conference call. As a reminder, all participants are in listen only mode and the conference is being recorded.

After the presentation, there will be an opportunity to ask question.

Joining the question queue you May Press Star then one on your telephone keypad.

Should you need assistance during the conference call you may signal, an operator, but they think star M D L.

I would now like to turn the conference over to Lynette Gould Vice President Investor Relations.

Lynette Gould: Joining me on the call today are George Burns, President and Chief Executive Officer, Paul Birneyhough, Executive Vice President and Chief Financial Officer, Joe Dick, Executive Vice President and Chief Operating Officer, and Simon Hilley, Executive Vice President, Technical Services and Operations. Our release yesterday details our fourth quarter and year-end 2023 financial and operating results. This should be read in conjunction with our year-end 2023 financial statements and management discussion and analysis, both of which are available on our website. They have also been filed on CDAR Plus and EDGAR.

Please go ahead Nicole.

Thank you operator, and good morning, everyone I'd like to welcome you to our fourth quarter and year end 2023 results conference call before we begin I would like to remind you that we will be making forward looking statements and referring to non IRS measures during the call.

Please refer to the cautionary statements included in the presentation and the disclosure on non I FRS measures and risk factors in our management's discussion and analysis.

Joining me on the call today, we have George Burns, President and Chief Executive Officer, Bernie How executive Vice President and Chief Financial Officer, Joe <expletive> Executive Vice President and Chief Operating Officer, and Simon Hally Executive Vice President Technical services and operations.

Lynette Gould: All dollar figures discussed today are U.S. dollars unless otherwise stated. We will be speaking from the slides that accompany this webcast, and you can download a copy of these slides from our website. After their prepared remarks, we will open the call for Q&A. At this time, we will invite... I will now turn the call over to George. Thanks, Lynette, and good morning, everyone.

Our release yesterday details, our fourth quarter and year end 2023 financial and operating results. This should be read in conjunction with our year end 2023 financial statements and management's discussion and analysis both of which are available on our website. They are also both been filed on SEDAR plus.

And Edgar all.

All dollar figures discussed today are U S dollars unless otherwise stated.

We will be speaking to the slides that accompany this webcast and you can download a copy of these slides from our website.

George R. Burns: First, we'd like to pass on our condolences to everyone affected by the SSR tragedy in Turkey. Our in-country team provided services to the response efforts, and we await key findings from the investigation. We are pleased to have Paul Furnio, our recently appointed Executive Vice President and Chief Financial Officer, step into the role following Phil Yee's retirement. Paul joined us in 2021 as part of our CFO succession plan and was key in negotiating the project financing on the SCURIES project and worked closely with Phil and the finance team since joining Eldorado. The transition has gone smoothly, and for those who have not yet met Paul, I'm sure over the coming months you will have the opportunity to do so.

After their prepared remarks, we will open the call for Q&A at this time, we will have.

Okay.

I will now turn the call over to George.

Thanks, Paul and good morning, everyone.

First we'd like to pass on our condolences to everyone affected by the SSR tragedy in Turkey.

Our in country team provided services to the response efforts and we wait key findings from the investigation.

We were pleased to help portfolio, our recently appointed executive Vice President and Chief Financial Officer step into the role following <unk> retirement.

Paul joined US in 2021 as part of our succession plan and was key in negotiating the project financing on the <unk> project.

Mostly with Phil and the finance team since joining El Dorado.

George R. Burns: I would also like to take this opportunity to acknowledge Joe Dick because this will be his last formal conference call with us. At the end of March, he will retire his role as COO and move into a consultant role to support us in delivering the SCURIES project. Joe, I would like to thank you for everything you've contributed to the organization. And, on behalf of everyone at Eldorado, we wish you all the best in your semi-retirement. As Joe moves into this new role, we have welcomed Lo Smith as the Executive Vice President, Development Greece.

The transition has gone smoothly and for those who have not yet met Paul I'm sure over the coming months, you will have the opportunity to do so.

I would also like to take this opportunity to acknowledge Joe <expletive>.

This will be his last formal conference call with us.

At the end of March your entire his role as COO and move into a consultant role to support us in delivering start discourage project.

Joe I would like to thank you for everything you've contributed to the organization and on behalf of everyone at El Dorado, We wish you all the best in your semi retirement.

But Joe moves into this new role we are welcome Paul Smith Executive Vice President development race.

George R. Burns: Lo is responsible for our Greek assets, including Scurries and Olympias. You will join us on our first border call for 2024 in April to review the Greek assets. What brings to the role over 30 years of international experience in the industry?

What was responsible for our Greek assets, including scurried at Olympias.

He will join us on our first quarter call for 2024 and April to review the Greek assets.

Well, Brian has done a roll over 30 years of international experience in the industry.

George R. Burns: We are pleased to have him join Eldorado. Here is the outline for today's call. I'll provide a brief overview of Q4 and 2023 results and highlights, updated 2024 production and cost guidance, and our four-year production outlook. I will then pass the call over to Paul to go through our financials, and then Joe and Simon to review our operational performance. Then we'll open the call to questions from our analysts.

Pleased to have him joined Eldorado.

Here's the outline for today's call.

Ill provide a brief overview of Q4 and 2023 results and highlights.

Updated 2020 for production and cost guidance and our four year production outlook.

I will then pass the call over to Paul to go through the financials and then Joe Lynn Simon to review our operational performance.

Then we'll open the call to questions from our analysts.

George R. Burns: Turning the slide forward, 2023 was a successful year at Eldorado, marked by many accomplishments. We delivered increasing production while lowering our cost profile over 2022, resulting in a very strong financial year. This accomplishment demonstrates our team's dedication and hard work.

Turning to slide for 2023 was a successful year of Eldorado March with many accomplishments.

We delivered increasing production, while lowering our cost profile over 2022, resulting in a very strong financial year.

This accomplishment demonstrates our team's dedication and hard work.

George R. Burns: Q4 was the strongest quarter of the year with safe production of 143,166 ounces. We finished the year with coal production of 485,139 ounces, in line with our guidance range and a 7% increase over 2022. Production benefited from Olympia's infrastructure and productivity improvements and a kiss-it-all from our upgraded materials handling systems and the commissioning of the North Heap Leach Pad. On the cost side, our cast costs and our all-in sustaining costs decreased by 6% and 4%, respectively, compared to 2022 in an environment where the industry cost base is rising. We saw slightly lower unit costs for heat consumables, including energy and fuel, and lower sustaining capital expenditures. Also, in Turkey A, we benefited from the depreciating Lyra that more than offset inflation.

The fourth quarter was the strongest quarter of the year was safe production of 143166 ounces.

We finished the year with pulp production of 485139 ounces in line with our guidance range and a 7% increase over 2022.

Production benefited from Olympias infrastructure and productivity improvements from our upgraded materials handling systems and the commissioning of the north heap Leach pad.

On the cost side, our cash cost and our all in sustaining costs decreased by 6% and 4%, respectively compared to 2022, and an environment, where the industry cost base is rising.

We saw slightly lower unit cost per key consumable, including energy and fuel and lower sustaining capital expenditures.

Also in Turkey, we benefited from the depreciating euro that more than offset inflation.

George R. Burns: In addition, our continuous improvement initiatives across the sites also contributed to declining costs. For full year 2023 cast costs and all unsustaining costs, we're in line with our guidance ranges we issued in October. Paul will touch on the cost in more detail later in the call. Turning to slide five, in the fourth quarter, we recorded one lost time injury with a frequency rate of 0.42, which was consistent with the LTIFR in Q4 2020.

In addition, our continuous improvement initiatives across the sites also contributed to declining costs.

Our full year 2023 cash cost and all in sustaining costs were.

In line with our guidance ranges, we issued in October.

I'll touch on the cost in more detail later in the call.

Turning to slide five in the fourth quarter. We recorded one lost time injury with a frequency rate of 0.42, which was consistent with the LTE Ifr in Q4 2022.

George R. Burns: In 2023, the LTIFR was 0.65, a 45% improvement over 1.19 in 2022. While we are proud of our safety performance and our employees' commitment to safe operations, we know there's a lot more to be done. Our safety and health journey will continue in 2024 with a focus on preventing high-potential incidents and further empowerment of our employees to promote a positive health and safety culture. On sustainability, we take pride in our consistently strong performance and are pleased to have been recently recognized for our continued efforts. We were ranked first in the materials sector and 27th overall in the Globe and Mail's 2023 board games, which rate Canadian corporate boards on the S&P and PSX In addition, at the Resourcing Tomorrow Conference in London, we took home the Project Financing of the Year Award for Sturris Project Finance. We also received an honorable mention for ESG Producer of the Year. Moving to slide six.

In 2023 E. L. T. Ifr was <unk> six five is 45% improvement over $1, one nine and 2022.

While we are proud of our safety performance and our employees commitment to safe operations. We know there's a lot more to be done.

Safety and health journey will continue in 2024 with a focus on preventing high potential incidents and further empowerment of our employees to promote a positive health and safety culture.

On sustainability, we take pride in our consistently strong performance.

Pleased to have been recently recognized for our continued efforts.

We were ranked first in the materials sector and 27th overall and the Goldman Males 2023 Board games, which ranked Canadian corporate bonds on the S&P <unk> composite index.

The quality of their governance practice and disclosure.

In addition at the Resourcing Tomorrow Conference in London, We took home the project financing of the year Award for the <unk> project financing.

We also received honorable mention for ESG producer of the year.

Moving to slide six in conjunction with our financial release yesterday, we published our 2020 for guidance and for your production outlook.

George R. Burns: In conjunction with our financial release yesterday, we published our 2024 guidance and four-year production outlook. Looking forward to 2024, we expect a 9% increase in gold production over 2023, with gold production expected to be between 505 and 555,000 ounces. The increase in gold production over 2023 will be primarily driven by higher expected production at Kisadat and Olympias, following the productivity improvements that were implemented last year. As in previous years, production is expected to be second-half way to. However, production in Q1 and Q2 of this year is expected to be lower than Q4 2023 as a result of winter conditions at Kisadah and planned ore grade variability at Kisad Total cast costs are expected to be between $840 and $940 per ounce sold.

Looking forward towards 2024, we expect a 9% increase in gold production over 2023 with coal production expected to be between 505 and 555000 ounces.

The increase in gold production over 2023 will be primarily driven by higher expected production.

In olympias following the productive productivity improvements that were implemented last year.

As in previous years production is expected to be second half weighted.

Production in Q1, and Q2 of this year is expected to be lower than Q4 2023, as a result of winter conditions at <unk> and planned or grade variability and peso hallmark and there's some chew group.

Total cash costs are expected to be between 840 at $943 per ounce sold.

George R. Burns: All-in sustaining costs are expected to be between $1,190 and $1,290 per ounce sold. Both total cast costs and all-in sustaining costs are expected to be in line compared to 2023. Obtaining capital in our operations is expected to be between $135 and $160 million. The increase over 2023 is primarily the result of an increase at Lamarck for underground development and tailings storage facility upgrades and at Olympia for underground development and infrastructure. Rural capital or operating mines is expected to be between $122 and $144 million, which is an increase over 2023. Primarily the result of an increase at Lamarck for the planned or mock bolt sample development and at Olympias as we take a phased approach to increasing throughput to 650,000 tons per annum, which is expected in 2026. World capital at Scurries is expected to be $375 to $425 million.

All in sustaining costs are expected to be between 1190 and $1290 per ounce sold.

Both total cash costs and all in sustaining costs are expected to be in line compared to 2023.

Sustaining capital at our operations is expected to be between $135 $160 million.

The increase over 2023 is primarily the result of an increase of hallmark for underground development and tailing storage facility upgrades and olympias for underground development and infrastructure.

Growth capital or operating mines is expected to be between $120 million to $144 million, which has increased over 2023, primarily the result of an increase at Walmart for the planned sample development and at the Lumpiness as we take a phased approach to increasing throughput to 600.

50000 tonnes per annum, which is expected in 2026.

Growth capital at <unk> is expected to be 375 to 425 million.

George R. Burns: History's capital has significantly increased over 2023 as we are in the peak of construction. However, due to delays in finalizing key contracts, and some of the 2023 spend was moved into 2024, as we previously indicated. Her four-year outlook is a compelling story of near-term, high-quality production growth. The primary growth engine is SCORES, which is expected to be commissioning in the third quarter of next year. Our gold production is expected to increase 45% from 2023 through 2027. In addition to the gold production, copper will become a significant component of Eldorado's overall production and revenue profile.

<unk> capital has significantly increased over 2023 as we are in the peak of the construction.

Due to delays in finalizing key contracts and some of the 'twenty two 'twenty three spend was moved into 2024 and as we previously indicated.

For for your outlook is a compelling story of near term high quality production growth.

The primary growth engine is stories, which is expected to be commissioning in the third quarter of next year.

Our gold production is expected to increase 45% from 2023 through 2027.

In addition to the gold production copper becomes a significant component of Eldorado's overall production and revenue profile.

George R. Burns: Within our guidance this year, we have included copper production at Scurries starting in 2025. Moving to slide 7, we announced in yesterday's release a 9% or $75 million increase in the capital estimate at SCURI. The higher capital estimate was a result of increased labor costs.

Within our guidance. This year, we have included the copper production that studies starting in 2025.

Moving to slide seven we announced in yesterday's release, our 9% or $75 million increase in the capital estimate at stories.

The higher capital estimate was a result of increased labor cost.

George R. Burns: During 2023, negotiated contracts finalized were consistent with the feasibility study. The recent bids in 2024 that are being finalized, or will be finalized in the first half of 2024, are associated with the mill facility, and the tailings filtration plant, which are coming in above the feasibility study estimates. The largest factor is higher labor rates for trade workers, and to a lesser degree, slightly lower productivity assumed, and to an even lesser degree, an increase in quantity of work being recognized from detailed engineering versus feasibility study engineering.

During 2023 negotiated contracts finalized work consistent with the feasibility study.

The recent bids in 2024 that are being finalized or will be finalized in the first half of 2020 or are associated with the mill facility.

And the tailings filtration plant.

We're coming in above the feasibility study estimate.

The largest factor is higher labor rates for trade workers and to a lesser degree slightly lower productivity assumed into uneven lesser degree an increase in quantity of work being recognized from detailed engineering versus the feasibility study engineering.

George R. Burns: These new market and engineering realities are being included in the remaining contracts still being finalized. As a result, we believe the updated cost estimate is largely derisked in terms of labor cost, procurement risk, and engineering risk. We also believe this modest 9% increase in the capital cost estimate in light of the global inflationary pressure since the December 2021 feasibility study is a positive outcome. Our focus as we finalize these remaining contracts turns to mobilization of contractors and safe execution of the work to deliver the start of commissioning in Q3 2025 and operational readiness to deliver commercial production by the end of 2025. With solid project financing and a robust balance sheet, we remain fully funded to complete the construction scurry.

These new market and engineering realities are being included in the remaining contracts still being finalized.

As a result, we believe the updated cost estimate is largely de risked in terms of labor cost procurement risk and engineering risk. We also believe this modest 9% increase in capital cost estimate in light of the global inflationary pressure since the December 2021 feasibility study.

As a positive outcome.

Our focus as we finalize these remaining contracts turns to mobilization of contractors and safe execution of the work to deliver startup commissioning in Q3, 2025 and operational readiness to deliver commercial production by the end of 2025.

The solid project financing and a robust balance sheet, we remain fully funded to complete the construction series.

Paul: The time we invested in diligently negotiating these key contracts has increased our execution confidence with a modest effect on the production schedule. First production of the high-quality copper gold concentrate is now expected in Q3 of 2025 from prior guidance of mid-2025, and we are on track for commercial production at the end of 2025. The backend weighted operations ramp-up curve, we have lowered the SCURI's 2025 gold production range to between 50 and 60,000 ounces, pre-production houses, from the prior guidance of 80,000 to 90,000 ounces. In 2025, we also have guided on copper production and expect to produce between 15 and 20 million pounds that year. For the subsequent years, 2026 and 2027, we are maintaining the previous gold production guidance ranges and have provided copper production. We are assessing our plans with the goal of increasing our 2026 production profile at SCURI. I'll stop there and turn the call over to Paul for a review of our financial results. Thank you, George, and good morning, everyone.

Timely invested and diligently and negotiating these key contracts has increased our execution confidence with a modest effect on the production schedule.

First production of the high quality copper gold concentrate is now expected in Q3 of 2025 from prior guidance of mid 2025, and we remain on track for commercial.

At the end of 2025.

With the backend weighted operations ramp up curve, we have lowered the series 2025 gold production range to between 15% and 60000 ounces of preproduction ounces from.

From the prior guidance of $80 to 90000 ounces.

In 2025, we also have guided on copper production and expect to produce between 15 and 28 million pounds.

At year.

For the subsequent years 2026, and 2027, we're maintaining the previous pulp production guidance ranges and have provided copper production.

We're assessing our plans with the goal of increasing our 2026 production profile at <unk>.

I'll stop there and turn the call over to Paul for a review of our financial financial results.

Thank you George and good morning, everyone.

Paul: Slide 8 provides a summary of our fourth quarter and full year results. 2023 was a strong year for us. As George mentioned, we delivered in line with our production guidance and in line with our guidance range on operating costs. Increasing production and lowering costs compared to 2022 have resulted in strong financial results for the full year. Eldorado reported net earnings attributable to shareholders from continuing operations of $92 million, or $0.45 per share, in the fourth quarter, positively impacted by higher revenue and a higher income tax recovery over the comparative period in 2022.

Mid eight provides a summary of our fourth quarter and full year results.

2023 was a strong year for us as George mentioned, we delivered in line with our production guidance and in line with our guidance range on operating costs.

Increasing production and lowering costs compared to 2022 have resulted in strong financial results for the full year.

Eldorado reported net earnings attributable to shareholders from continuing operations of $92 million or <unk> 45 per share.

In the fourth quarter.

Positively impacted by higher revenue and a higher income tax recovery over the comparative period in 2022.

Paul: For the full year, net earnings attributable to shareholders from continuing operations were $106 million, or $0.55 per share, compared to a net loss of $49 million, or $0.27 loss per share, in 2022. Net earnings increased in 2023 primarily due to higher revenue and lower mine standby costs, lower write-downs of assets, and lower income taxes. After adjusting for one-time non-recurring items, adjusted net earnings were $49 million, or 24 cents per share for the quarter, and $111 million, or 57 cents per share for the year. Within Adjusted Net Income, we've reversed the one-off $59 million deferred income tax recovery due to a mandatory Turkey A hyperinflationary tax basis adjustment.

For the full year net earnings attributable to shareholders from continuing operations was $106 million, while 55 per share compared to a net loss of $49 million or <unk> 27 loss per share in 2022.

Net earnings increased in 2023, primarily due to higher revenue and lower mine standby costs lower write downs of assets and lower income taxes.

After adjusting for onetime nonrecurring items adjusted net earnings were $49 million or <unk> 24 per share for the quarter and $111 million or <unk> 57 per share for the year.

Within adjusted net income we've reversed one of $59 million deferred income tax recovery due to our mandatory Turkey, a hyper inflationary tax basis adjustment.

Paul: The Deferred Income Tax Recovery applied to all of our non-monetary Turkey A balance sheet items. Our free cash flow in the quarter was $29 million, or $82 million excluding capital investment in the Scurrius project. For the full year, free cash flow was negative $47 million, or $113 million positive, excluding the Scurrius project.

Income tax recovery applied to all of our non monetary Turkey, a balance sheet items.

Our free cash flow in the quarter was $29 million.

While $82 million, excluding capital investment in the Sirius project.

For the full year free cash flow was negative $47 million.

$113 million positive, excluding the Sky Ranch project.

Paul: A significant improvement over 2022, which was negative $69 million. Cash flow generated by operating activities before changes in working capital in the quarter was $138 million, and for 2023 was $411 million, compared to $240 million in 2021. Fourth quarter cash operating cost was $716 per ounce sold, and all-in sustaining costs were $1,207 per ounce sold. For the full year on a per ounce sold basis, cash operating costs were $743, total cash costs were $850, and all-in sustaining costs were $1,220 per ounce.

Significant improvement over 2022, which was negative $69 million.

Cash flow generated by operating activities before changes in working capital in the quarter was 175, sorry $138 million.

And for 2023 was $411 million.

Impaired to $240 million in 2022.

Fourth quarter cash operating cost was $716 per ounce sold and all in sustaining cost was $1207 per ounce sold.

For the full year on a per ounce sold basis cash operating costs were $743 total cash cost was $850 and all in sustaining cost was $1220 per ounce.

Paul: Our costs decreased compared to the prior year as a result of higher production and slightly lower unit costs for key consumables, including energy and fuel. Capital expenditures were $137 million in the fourth quarter, including investment in growth projects at Kisledag focused on the waste stripping, North Heat leach pad, and upgraded materials handling systems, and at SCURIES, where we continue to advance construction and procurement for the project. Overall, 2023 capital expenditures were $411 million. Current tax expense of $22 million for the fourth quarter increased from $10 million compared to the same period in 2020. Current tax expense totaled $86 million for the full year, an increase from $70 million in 2020. The increase in 2023 was primarily related to the operations in Turkey A; the increase reflects higher sales volumes combined with a tax rate increase in Turkey A from 20% to 25% that was enacted on July the 15th that was retroactive to the beginning of the year. This was partially offset by the Turkish Investment Tax Credit.

Costs decreased compared to the prior year as a result of higher production and slightly lower unit costs are key consumables, including energy and field.

Capital expenditures were $137 million in the fourth quarter, including investment in growth projects at Kessler, Doug focused on waste stripping north heap Leach pad graded materials handling systems.

And as Gary's, while we continue to advance construction and procurement for the project.

Overall 2023 capital expenditures were $411 million.

Current tax expense of $22 million for the fourth quarter increased from $10 million compared to the same period in 2022.

Current tax expense totaled $86 million for the full year, an increase from $70 million in 2022.

The increase in 2023 was primarily related to the operations in Turkey.

The increase reflects higher sales volumes combined with a tax rate increase in Turkey from 20% to 25% that was enacted on July the 15th that was retroactive to the beginning of the year.

This was partially offset by Turkish investment tax credits.

Paul: Third, income tax recoveries of $68 million in the fourth quarter and $28 million for the full year, compared to recoveries of $34 million and $8.5 million, respectively, in 2022. Turning to slide 9, our financial position remains robust as we move into 2024. We ended the year with total liquidity of $652 million, including $542 million of cash, cash equivalents, and term deposits and $110 million of available capacity at our revolving credit facility.

Third income tax recoveries of $68 million in the fourth quarter and $28 million for the full year compared to recoveries of $34 million and $8 $5 million respectively in 2022.

Turning to slide nine our financial position remains robust as we move into 2024.

We ended the year with total liquidity of $652 million and.

Including $542 million of cash cash equivalents and time deposits and $110 million of.

The available capacity.

<unk> credit facility.

Paul: We continue to focus on maintaining a solid financial position, which provides flexibility to respond to opportunities and fund our growth strategy to unlock value across our global operations. With that, I'll now turn the call over to Joe to go through the operational highlights. Thanks, Paul, and good morning, starting on slide 10 at Scorius. We have made significant progress since restarting construction, and activity has continued to ramp up on site with project progress at 38% at the end of December 2023. Overall project progress stands at 70%, including work completed before putting the project into care and maintenance in 2017. Since giving the last update, detailed engineering has progressed to 61% from 56%, and procurement is 82% complete, up from 73%. Mobilization of the Earthworks Contractor for the Embankment Facility within the Integrated Extractive Waste Management Facility. The IEWMF started in the second quarter along with critical underground power service updates.

We continue to focus on maintaining a solid financial position, which provides flexibility to respond to opportunities and fund our growth strategy to unlock value across our global business.

With that I'll now turn the call over to Joe to go through the operational highlights.

Thanks, Paul and good morning.

Starting on slide 10, it's Korea.

We have made significant progress since restarting construction.

Activity has continued to ramp up on site with project progress at 38% at the end of December 2023.

Overall project progress stands at 70%, including work completed before putting the project into care and maintenance in 2017.

So it's giving the last update detailed engineering has progressed to 61% from 56% and procurement is 82% complete up from 73%.

Mobilization of the earthworks contractor for embankment facility within the integrated extractive waste management facility.

The <unk> I.

<unk> started in the second quarter, along with critical underground power service updates Odisha.

Joe: Additionally, the construction team made positive headway on the Crusher Building, Mill and Flotation Building, and underground development. We have some more detailed photos to share in the coming slides. Moving to slide 11, as we continue to ramp up construction activities, our 2024 capital is expected to be between $375 and $425 million. The Capitol will be focused on continuing to advance construction of the major earthworks, including Hall Roads.

Additionally, the construction team made positive headway on the Crusher building mill and flotation building an underground development.

We have some more detailed photos to share in the coming slides.

Moving to slide 11, as we continue to ramp up construction activities. Our 2024 capital is expected to be between 375 and $425 million.

The capital will be focused on continuing to advance construction of a major earthworks, including haul roads I.

E W. MF construction low grade stockpile water management and process facilities, and the crusher and filter buildings.

In addition work with focus on underground development to support the test Stoping program scheduled for 2025.

Joe: IEWMF Construction, Low Grade Stockpile, Water Management and Process Facilities, and the Crusher and Filter Buildings. In addition, work will focus on underground development to support the test doping program scheduled for 2025. Mechanical, piping, and electrical installations will progress in process and infrastructure areas. On the critical path is the filter plant, which continues to advance with the piling work having commenced. We expect to award the filter building contract early in Q2. The contract will include the building structure, assembly of equipment within the building, including air compressors, conveyors, filter presses, and other ancillary equipment in addition to the piping and electrical work. The filter plates arrived on site in January, with the remaining components, assemblies, and fabricated frames expected to ship in the second quarter.

Mechanical piping and electrical installation school progressing.

And process and infrastructure areas.

On the critical path is the filter plant, which continues to advance with the piling work having commenced we expect to award the filter building contract early in Q2 with the.

The contract will include the building structure.

Assembly of equipment within the building, including Air compressors conveyors built.

Filter presses and other ancillary equipment in addition to the piping and electrical work.

The filter plates arrived on site in January with the remaining components assemblies and fabricated frames expected to ship in the second quarter.

Pre assembly is expected to start following delivery.

Worked for the mill.

<unk> building is in progress with commissioning on overhead cranes.

Installation of construction lighting and scaffolding and the commencement of structural steel work.

Mechanical piping and electrical work for the process plant are mobilizing with work commencing this quarter.

By the end of 2024, we expect to have completed the.

Joe: Pre-assembly is expected to start following delivery. Work for the mill flotation building is in progress with commissioning of overhead cranes, installation of construction lighting and scaffolding, and the commencement of structural steel work. Mechanical, piping, and electrical work for the process plant is mobilizing, with work commencing this quarter. By the end of 2024, we expect to have completed the IEWMF Cofferdam and significantly advanced the IEWMF Earthworks, Water Management Facilities, and the Process and Filter Plant. The next set of slides shows how much work is already underway on three critical areas. Since we hosted a contingent of analysts and investors on the site in October, you may be impressed by how fast things have advanced through the winter months, specifically on the Crusher Plant Foundation and preparation of the Filter Plant area.

<unk> copper dam and significantly advanced the <unk> earthworks water management facilities.

And the process and filter plants.

The next set of slides show how much work is already underway on three critical areas.

Since we hosted a contingent of analysts and investors on the site in October you may be impressed by how fast things have advanced through the winter months, specifically on the Crusher plant Foundation and preparation of the filter plant area.

On slide 12, the top photo gives you a good view of the amount of pre stripping that has already been completed in the pit.

In the bottom photo you can see the trucks on site that are employed on the open pit pre stripping to support construction of the haul roads and water management pond.

On Slide 13, you can see the area for the Crusher building the <unk>.

Joe: On slide 12, the top photo gives you a good view of the amount of pre-stripping that has already been completed in the pit. In the bottom photo, you can see the trucks on site that are employed on the open pit pre-stripping to support the construction of the haul roads and water management ponds. On slide 13, you can see the area for the Crusher Building.

Files have been driven and poured in the next stage of civil construction has begun.

Over at the filter plant on slide 14. This shows the significant amount of excavation work that has been done with the piling work underway.

Shown on slide 15, or the first four company owned 45 10.

Cat 745 trucks. These trucks will be used <unk> as an operation to build the lifts that we required on the dry stack and banquet.

During construction of the civil works. These trucks will be used as part of an integrated fleet with the earthworks Kahn with the earthworks contractor.

Joe: The piles have been driven and poured, and the next stage of civil construction has begun. Over at the filter plant, on slide 14, this shows the significant amount of excavation work that has been done with the piling work underway. Shown on slide 15 are the first four company-owned 45-ton CAT 745 trucks.

For construction of the <unk> facilities.

We expect to take delivery of 15 additional trucks through the end of Q2 2024.

The photo on the right shows the first phase of the underground development advancing the west decline and access to the test stopes.

Joe: These trucks will be used once Scorious is in operation to build the lifts that will be required on the dry stack and bank. During construction of the Civil Works, these trucks will be used as part of an integrated fleet with the Earthworks contractor for the construction of the IEWMF facilities. We expect to take delivery of 15 additional trucks through the end of Q2 2024. The photo on the right shows the first phase of the underground development, advancing the west decline and access to the test stopes. The second underground development contract proposals are in the final evaluation stage, and awarding of the contract is planned for the second quarter. This contract includes test-stoke work as well as additional development and services work to support the development phase one of the underground mine. We expect to complete about 2200 meters of underground development by the end of 2024. As a reminder, it is expected that Aquarius will be mined predominantly via open pit for the first nine years in conjunction with the ramp-up of the underground.

Second underground development contract proposals are in the final evaluation stage and awarding of the contract as planned for the second quarter.

This contract includes test type work as well as additional development and services work to support the development phase one of the underground mine.

We expect to complete about 'twenty 200 meters of underground development by the end of 2024.

As a reminder is it expected that Korea will be mined predominantly via open pit for the first nine years in conjunction with the ramp up of the underground.

We look forward to providing updates as progress continues.

I'll turn it over to Simon for a review of operations.

Thanks, Chad.

Starting on slide 16.

Fourth quarter production was 46291 answers with.

With cash operating cost of $623 per ounce sold with.

Which represented 24% decrease in production on a similar cash operating cost compared to the prior quarter.

Production during the quarter was driven by continued optimization of the materials handling systems.

And the commissioning of the North heap Leach pad, which is increase the ore tons placed an increased irrigation playwrights fiber.

Joe: We look forward to providing updates as progress continues. I'll turn it over to Simon for a review of operations. Thanks, Joe. Starting in Tech EA on slide 16.

Overall in 2023 production what's below guide.

Guidance is due to slower than expected inventory drawdown in the SaaS heap Leach pad.

Simon: Kishida's fourth quarter of production was 46,291 amperes, with cash operating costs of $623 per ounce sold, which represents a 24% increase in production on a similar cash operating cost compared to the prior quarter. Production during the quarter was driven by continued optimization of the materials handling system and the commissioning of the Northeast Bleach Pad, which has increased the ore tons placed and increased the irrigation flow rate. Overall, in 2020, production was below guidance due to slower than expected inventory drawdown of the Southeast Bleach Pad. However, cash operating costs were significantly lower than guidance as a result of the lower prices of fuel and electricity.

Cash operating costs were significantly lower than guidance as a result of below prices of fuel and electricity.

Looking ahead to 2020 for kitchen <unk> production guidance is between 100, and 195000 ounces of gold to a chain desk issue. There is expected to mine in place on Leach pad approximately $13 to $13 7 million tons of coal.

At an average gold grade of between seven and eight grams per tonne.

The production range has been revised guidance issued in 2023, and this is primarily due to inventory buildup within the ore stacked.

In the Leach facility following the residual impacts of the high precipitation events in 2023.

We continue to optimize our unbound, Oklahoma rising prices.

Stacking processes to improve quality and consistency of the stack door.

Along with focused activities to enhance inventory drawdown.

On slide 17, Edison Chu Cree fourth quarter Gold production was 22374 ounces at a cash operating cost of $816.

Simon: Looking ahead to 2024, Kishida's production guidance is between 180 and 195,000 ounces of gold. To achieve this, Kishida is expected to mine and place, on the leach pad, approximately 13.2 to 13.7 million tonnes of ore at an average gold grade of between 0.7 and 0.8 grams per tonne. The production range has been revised from the guidance issued in 2023, and this is primarily due to inventory build-up within the ore stack in the leach facility following the residual impacts of the high precipitation event in 2023. We continue to optimize our un-belt agglomeration process and stacking processes to improve quality and consistency of the stacked ore, along with focused activities to enhance inventory drawdown. On slide 17, at FM2Crew, fourth-quarter gold production was 22,374 oz at a cash operating cost of $816 per oz sold.

Solid.

Gold production throughput and average gold grade of different J crew right in line with plan for the quarter.

Overall, 2023 production and cash costs were in line with guidance.

For the year ahead, they can't take rates production is between 75085 and answers of gout undecideds expected to prices of approximately 530 to 550000 tonnes of ore at an average gold grade of between five and five five grams a tonne.

Production is expected to be relatively consistent quarter over quarter.

The first quarter expected to be the lowest.

And now moving to the La Mac complex on slide 18.

Atlanta, La Mac complex delivered record gold production in the fourth quarter and for the year.

Oil production was 56619 ounces.

29% increase over the prior quarter driven by productivity improvements in the triangle mined and higher grade.

Which allowed the notable format capacity.

Cash operating costs were $580 per ounce sold.

Simon: Gold production, throughput, and average gold grade at FM2Crew were in line with plan for the quarter. Overall, 2023 production and cash costs were in line with expectations. For the year ahead, FN2 cruise production is between 75,000 and 85,000 ounces of gold, and the site is expected to process approximately 530,000 to 550,000 tonnes of ore at an average gold grade of between 5 and 5.5 grams per tonne. Production is expected to be relatively consistent quarter over quarter. The first quarter is expected to be the lowest. Now, moving to the LOMAC complex on slide 18. The Lab Lomac Complex delivered record gold production both in the fourth quarter and for the year.

Additionally in 2023.

We announced the conversion of a portion of the inferred resources into indicated resources at the <unk> deposit.

During 2024, we will continue to advance infill drilling program targeting the other two thirds of the all make deposits and we remain on track to take the bulk sample.

The pre feasibility study and then Nancy <unk> inaugural reserves by the end of 2024.

For the year <unk> production guidance is between 175000 and 190 cats it.

ZIP code and is expected to decide is expected to mine and process approximately 870000 to 910000 tonnes of ore at an average gold grade between six three and six nine grams per tonne.

The production range has been widened slightly compared to the guidance issued in 2023 to reflect an updated mine plan that supports mine sequencing optionality and optimization SG&A lowering the deposit.

Simon: Fourth quarter gold production was 56,619 ounces. A 29% increase over the prior quarter driven by productivity improvements in the triangle mine and higher grade, which allowed the multiple format capacity. That shop opening cost was $580 per ounce sold, additionally in 2023. We announce the conversion of a portion of the inferred resources into indicated resources at the OMAC deposit. During 2024, we will continue to advance in field drilling program, targeting the upper two-thirds of the ORMAC deposits, and we remain on track to take the full sample, lead a pre-feasibility study and announce the OMAC inaugural reserves by the end of 2024, for the EIA Lamex production guide, between $175,000 and $190,000, ounces of gold and this is expected to the site is expected to mine and process approximately 870 000, to 910,000 tonnes of ore at an average gold grade between 6.3 and 6.8 grams per tonne.

I'll hand, the call back to Joe to review the fourth quarter results for Olympias.

Thanks Simon.

Moving to Olympias on slide 19.

The mine delivered record annual production in the mail delivered record throughput by leveraging operating initiatives implemented during the year.

Fourth quarter Gold production was 17882 ounces and cash operating costs were $1224 per ounce sold.

Overall 2023 production was in line with guidance.

Costs were higher than expected because of a delay in the completion of the bulk emotion and ventilation projects scheduled for early Q1 2023 completion.

And and were commissioned midyear.

That affected mine plan sequence and delayed lower mine development, both of which contributed to the byproduct.

And grade variances, which in turn affected unit costs.

At Olympias in 2024, we expect to see continued improvement as we advance the underground development and increased metal production from the plateau production as.

As expected to be relatively steady through the year delivering between 75080 5000 ounces of gold.

Simon: The production range has been widened slightly compared to the guidance issued in 2023 to reflect an updated mine plan that supports mine sequencing optionality and optimisation as we move lower in the deposit. I'll hand the call back to Joe to review the fourth-quarter results for Olympia. Thanks, Simon. Moving to Olympias on slide 19. The mine delivered record annual production, and the mill delivered record throughput by leveraging operating initiatives implemented during the year. Fourth quarter gold production was 17,882 ounces, and cash operating costs were $1,224 per ounce sold.

Total cash costs are expected to benefit from the increased byproduct metal production within the flat zone, which is expected to result in higher byproduct credits driving down the operating costs.

Total cash costs are expected to be between 980.

And 1080 <unk>.

<unk> per ounce sold and all in sustaining costs are expected to be between.

1200, 80, and <unk> hundred $80 per ounce sold.

Timing of byproducts shipments in subsequent recognition of sales per.

Quarter May result in quarter over quarter total cask cost variability over the course of the year.

I'll stop there and turn it back to George for closing remarks.

Yeah.

Thanks team.

In summary, 2023 was a fantastic year operationally and financially and I would like to acknowledge the dedication and hard work of our teams across the sites.

Joe: Overall, 2023 production was in line with guidance, but costs were higher than expected because of a delay in the completion of the bulk emulsion and ventilation projects scheduled for early Q1 2023 completion and were commissioned mid-year. That affected the mine plan sequence and delayed lower mine development, both of which contributed to byproduct and grade variances, which in turn affected unit costs.

We were able to deliver increasing production getting annual production records at both <unk> and Olympias Paul.

During our cost profile over 2022, a testament to the strength and commitment across the organization.

We are in solid shape with a lot of momentum going forward.

We're fully funded to execute on securities and bring into production next year.

Additionally, each of our sites have ongoing continuous improvement initiatives with the asset is expected to provide growing safe production year over year and a disciplined management. In addition to stories, bringing on high quality copper gold production, we expect to generate significant free cash flow generation.

Joe: At Olympia in 2024, we expect to see continued improvement as we advance the underground development and increase metal production from the flat zone. Production is expected to be relatively steady through the year, delivering between 75,000 and 85,000 ounces of gold. Total cash costs are expected to benefit from the increased by-product metal production within the flat zone, which is expected to result in higher by-product credits, driving down operating costs. Total cash costs are expected to be between $900,000 and $80,000 and $1,080 per ounce sold, and all in sustaining costs are expected to be between. $1,280 and $1,380 per ounce sold.

It's an amazing time to be at El Dorado.

You for your time I will now turn it over to the operator for questions from our analysts.

Thank you Joanne.

He joined the question queue. You May Press Star then one on your telephone keypad you been here John acknowledging your request.

You're using a speakerphone please pick up your handset before pressing any key.

Your question. Please press Star then two.

The first question comes from Cosmos <unk> with CIBC. Please go ahead.

Thanks, George and Simon Congrats Paul and all the best Joe.

Maybe my first question is on Scarious, the Capex increase.

As you mentioned a lot of it is due to labor cost.

A part of it is due to productivity.

Productivity was appointed discussion where we're on site back in October.

George R. Burns: Timing of byproduct shipments and subsequent recognition of sales per quarter may result in quarter over quarter total cash cost variability over the course of the year. I'll stop there and turn it back to George for closing remarks. Thanks, team. In summary, 2023 was a fantastic year operationally and financially, and I would like to acknowledge the dedication and hard work of our teams across the site. We were able to deliver increasing production, hitting annual production records at both Lamarck and Olympias, while lowering our cost profile over 2022, a testament to the strength and commitment across the organization. We are in solid shape with a lot of momentum going forward.

But can you give us a bit more color in terms of productivity what kind of assumption did you make previously.

What kind of assumptions are you, making today in terms of productivity, maybe as it relative to say, Turkey on Canada or other parts of the world as well.

Yeah.

Thanks for the question Cosmos, maybe I'll take them.

The overview and pass it on to Joe.

Hum.

I mean, the way I would describe it overall when you look at last year's work.

Well, even given the year before we put up.

The frame around the mill and the <unk>.

Pebble Crusher building.

Installed the cranes the cladding on the building and all that work came in consistent with our productivity assumptions and overall that where it came in line with the feasibility study.

We've been doing additional mark last year and getting the primary crusher moving some preliminary work.

George R. Burns: We're fully funded to execute on SCURIs and bring it into production next year. Additionally, each of our sites has ongoing continuous improvement initiatives, with the assets expected to provide growing, safe production year-over-year and a disciplined management. In addition, in addition to SCURIs bringing on high-quality copper and gold production, we expect to generate significant free cash flow. It's an amazing time to be at Eldorado.

Around the filter building for the tailings and some preliminary work inside the mill building and again all of that work was consistent with our estimates.

And then we moved into the civil work such as roads open pit mining and beginning to put the infrastructure in four of the tailings embankment.

Operator: Thank you for your time. I will now turn it over to the operator for questions from our analysts. Thank you. To join the question queue, you may press star and then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys.

And again those beds and that work has come in consistent with CFS. So as we moved into this year, we're really talking about trade work is our electronic shows pipe fitters sort of higher end labor and.

What we found in the beds that were just finalizing and are projected under the remaining beds for that type of work as the rates have gone up and I guess, not a big surprise relative to what's happening globally.

Cosmos Chiu: To withdraw your question, please press star, then two. The first question comes from Cosmos Chiu with CIDC. Please go ahead. Thanks, George and Simon. Congratulations, Paul, and all the best, Joe. Maybe my first question is about Scurrius, the CAPEX increase. As you mentioned, a lot of it is due to labor costs. A part of it is due to productivity, and, you know, certainly productivity was a point of discussion when we were on site back in October. But can you give us a bit more color in terms of productivity? What kind of assumptions did you make previously? What kinds of assumptions are you making today in terms of productivity? Maybe as compared to, say, Turkey or Canada or other parts of the world?

Higher than the other type of work that we've been conducting so far so I would tell you. We're feeling confident now that we've got the right estimates for labor as we move forward to finish this project and I think that largely derisked.

And I'll pass it over to Joe to maybe give you a little color on the various components that led to this $75 million increase all labor related.

Thanks, George first Cosmos, maybe I'll give you a little.

A reminder, on the on the <unk>.

We use the Gulf Gulf Coast factor labor rate for productivity.

Five and as George said that Hill.

Consistently through 2022 2023, as we've gotten into the trades.

George R. Burns: Thanks for the question, Cosmos. Maybe I'll do a high-level review of it and pass it on to Joe. I mean, the way I would describe it overall, when you look at last year's work, you know, we, well, even the year before, we put up the frame around the mill and the pebble crusher building, installed the cranes, put the cladding on the building, and all that work came in consistent with our productivity assumptions, and overall, that work came in line with the feasibility study. We did additional work last year in getting the primary crusher moving, And then we moved into the civil works, which is, you know, roads, open pit, mining, and beginning to put the infrastructure in for the tailings and banks.

Yeah.

In the proposals and contracts that we have entered into.

That's closer to one five.

Slightly under $1 five is where the productivity factor would calculate.

So it's up.

Up a bit.

We also had a modest increase in.

Quantities moving from feasibility.

Level of engineering to detail engineering.

That's a smaller factor then.

Then productivity.

But as George said, we're feeling pretty comfortable.

Yeah.

Through diligent work through these.

Contracts with these proposals and working to contract with.

Yeah.

Contractors, we are.

Doing diligent review of their work plans.

Making certain theres solid understanding and that we have.

Understand where they've gotten to their productivity.

How they've gotten to their labor how they expect to deliver so we're quite confident that the time taken in doing that leads us to.

George R. Burns: But, and again, those bids and that work have come in consistent with the EFS. So, as we moved into this year, we're really talking about trade work. These are electricians, pipe fitters, sort of higher-end labor.

Executable and executable plan so.

I'll, just echo what George said, where our confidence level is up for execution moving forward.

Yeah.

Higher labor rate.

Great. Thanks, Joe.

George R. Burns: And what we found in the bids that we're just now finalizing and have projected into the remaining bids for that type of work is that rates have gone up. And I guess that's not a big surprise relative to what's happening globally, but higher than the other types of work that we've been conducting so far. So I tell you, we're feeling confident now that we've got the right estimates for labor as we move forward to finish this project. And I think that largely de-risks us.

Maybe if you can help me with the numbers here I just want to make sure. My numbers are correct. As you said, our Capex has increased to a total of $920 million.

I know you said you spent $153 $8 million in 2023.

The additional $375 million to $125 million in 'twenty 'twenty, four and I'm just trying to figure out how much has been spent so far and just curious and how much of the 920 is going to be spent in 2024 and how much of that is going to be spent in 2025.

Yes Cosmos.

The new totaled 920.

Through the end of last year, we spent 184 and.

George R. Burns: And I'll pass it over to Joe to maybe give you a little color on the various components that led to this $75 million increase, all labor related. Thanks, George. First, Cosmos, maybe I'll give you a little reminder on the FAA site. We use the Gulf Coast Factor Labor Rate or productivity rate of 1.35.

And we have 735 left to spend against that by in 'twenty and then we've given you a guidance range for this year.

Understood great.

I mean, what maybe one last question George you know to start off the presentation. Today, you mentioned Fortunately event that happened to SSR mining.

The heap Leach split.

Your operations are a separate part of the country. So fully understand that but I'm. Just wondering if you've seen any kind of indirect impact to your operations I know at least there's an indirect impact in your share price, but other than that.

Joe: And as George said, that held consistently through 2022-2023. As we've gotten into the trades, in the proposals and contracts that we have entered into, that's closer to 1.5, slightly under 1.5 is where the productivity factor would calculate, so it's up a bit. We also had, you know, a modest increase in quantities, moving from feasibility level engineering to detail engineering. And that's a smaller factor than productivity.

The indirect impact and have you seen any kind of changes in the overall sort of regulatory filings.

Okay.

Thanks for that question.

Yes.

As you would expect on the tragedy of this sort occurs the regulators are going to be paying attention. So we get regular inspections at both of our operations throughout the year and there's been a step up in those reviews.

Joe: But, as George said, we're feeling pretty comfortable that through diligent work through these contracts or these proposals and working to contract with contractors, we are doing diligent reviews of their work plans, making certain there's solid understanding and that we understand where they've gotten to with their productivity, how they've gotten to with their labor, how they expect to deliver, so we're quite confident that the time taken in doing that leads us to an executable plan. You know, I just echo what George said about our confidence level for execution moving forward, albeit at a higher labor rate. Great Thanks, Joe. And maybe if you can help me with the numbers here, I just want to make sure my numbers are correct.

Since the tragedy, we've had no impacts from our operations.

I would tell you I take great comfort in price and the oversight.

And the way, we operate and maintain our facilities.

Regarding the heap Leach itself, we've been operating for 15 years.

Our operators and maintenance employees do routine inspections throughout the day as we operate and maintain the facility.

We do routine inspections throughout the year.

Our engineering firms that provided us with designs do reviews, each year and we.

We've got a very capable technical services group here at head office.

And so we do our own reviews overall, though the technical.

Cosmos Chiu: As you said, CapEx has increased to a total of $920 million. I know you said you spent $153.8 million in 2023 and an additional $375 million to $425 million in 2024. I'm just trying to figure out how much has been spent so far on Scurious and how much of the $920 is going to be spent in 2024 and how much of that is going to be spent in 2021.

And operating risks that you face in our mining business like ours, and so and I would say one other thing that we do we have an independent technical group and these R&D engineers that design and kind of look over our operating our operations, but an independent group that comes through periodically and.

Does an independent review and so we have a lot of layers of protection to manage the critical risk.

Any mining operation face in and so I feel like we're in good shape here, we stand ready to understand any key learnings that will come out of this strategy and deploy the appropriate reactions. If there are any pertinent to our business. So no impact on our business to date regulators as inspector taken.

Paul: Yeah, Cosmos, so the new total is $920,000. Through the end of last year, we've spent $184,000, and we have $735,000 left to spend against that $920,000, and then we've given you a guidance range for this year, under. George, you know, to start off the presentation today, you mentioned the unfortunate event that happened at FSRM-9, at Heaton H, the Slip. Your operations are in a separate part of the country, so I fully understand that. I'm just wondering if you've seen any kind of indirect impact on your operations. I know at least there's an indirect impact on your share price, but other than that, any other indirect impacts?

Look at all the mines, and we don't expect any impact to our business.

Great. Thanks, George that perfectly answers my questions and.

Have a good weekend, that's all I have.

Thanks Cosmos.

Once again, if you have a question. Please press Star then one.

The next question comes from Tanya Drkoop connect with Scotiabank. Please go ahead.

Great. Good morning, everyone. Thank you so much for taking my question.

Maybe just someone can help me on the progression of the year first I think.

Simon Davies from details on that.

And then Georgia yourself did on the first half is going to be weaker in.

Q1 is going to be weaker.

I understand I think Olympics is even so can we just get an idea on landmass and carefully.

George R. Burns: And have you seen any kind of changes in the overall regulatory environment? Thanks for that question. Yeah, I mean, as you would expect, when a tragedy of this sort occurs, the regulators are going to be paying attention. So, we get regular inspections at both of our facilities throughout the year, and there's been a step up in those reviews since the tragedy. We've had no impacts from our operations. I would tell you I take great comfort and pride in the oversight and the way we operate and maintain our facilities. Regarding e-bleach itself, we've been operating for 15 years.

Overall in mind looking at that 48% in the first half 52 in the second half I know, it's not a science.

Yeah.

Yeah. Thanks for that question Tanya.

I mean at a high level.

Were softer in the first half with Kiss a lot just due to winter weather issues that impact the heap leach.

As you would expect and then the bulk of the rest of the variability has to do with order rates.

George R. Burns: Our operators and maintenance employees do routine inspections throughout the day as we operate and maintain the facility. We do routine inspections throughout the year. Additionally, our engineering firms that provide us with designs do reviews each year.

And I'll see if Simon can provide you some details on.

Okay.

Thanks, Thanks, George and the yes, so we typically have.

Conditions slightly sluggish in at.

George R. Burns: And we've got a very capable technical services group here at head office, and so we do our own reviews of all the, you know, the technical and operating risks that you face in a mining business like ours. And so, and I say, one of the things that we do, we have an independent technical group, and these aren't the engineers that design and kind of look over our operations, but an independent group that comes through periodically. And does an independent review, and so we have a lot of layers of protection to manage the critical risk that any mining operation faces. And so I feel like we're in good shape here. You know, we stand ready to understand any key learnings that will come out of this strategy and deploy the appropriate responses if there are any pertinent to our business. So, there will be no impact on our business today. Regulators, as you would expect, are taking a look at all the mines, and we don't expect any impact on our business. Great Thanks, George. That perfectly answers my questions, and have a good weekend. Thanks, Cosmos.

You should add to sort of.

In the first quarter.

We said that.

Two crew generally fairly steady through the year.

The first quarter, it's our lowest add back halfway of intensive.

Great.

I mean to Oh, what Mac, we set up at.

Fourth quarter being at the higher end of that range.

We said in Minnesota.

Six and a half to seven range, where the first part of it is in the six six and a half range.

Got it.

That helps.

Yes. It does help I guess, Mr thinking from an overall perspective, you know without having done all of these numbers.

We're looking at that 48, 50, K O R or might.

Not getting there yet.

But probably more like a it's probably out 45 in the first half to.

To 55% in the second half a turn yet.

Well, we'd probably saying on a portfolio basis if that.

That helps.

<unk>.

Yeah.

Thank you for that plan is just trying to get it right because as you know them you know if I have my floor isn't.

Cosmos Chiu: Once again, if you have a question, please press star then 1. The next question comes from Tanya Jakusconek with Scotiabank. Please go ahead. Good morning, everyone.

These mines are aren't going through the year because of grade variability and weather and out there. That's very helpful. Thank you.

Tanya Jakusconek: Thank you so much for taking my question. Maybe just someone can help me with the progression of the year first. I think Simon gave us some details on the..., and George, as yourself, did on the first half. Q1 is going to be weaker at FM Chukuru. I understand. I think Olympias is even. So can we just get an idea on LMAC and KISLADAG and then just overall, am I looking at 48 percent in the first half, and 52 in the second half? I know it's an art, not a science.

My second question is maybe to George I, just wanted to understand you've got to do with Cory.

You mentioned that you know we've got these contracts to outstanding that are going to be finalized.

Finalizing Q2. So my question is you.

How comfortable are you updating the capital in Q1.

When you haven't really finalized these contracts until Q2.

George R. Burns: Yeah, thanks for that question, Tanya. Yeah, I mean, at a high level, we're softer in the first half with Kisselite just due to winter issues that impact the heat bleach, as you would expect, and then the bulk of the rest of the variability has to do with the work rate. And I'll see if Simon can provide details on that. Thanks George, so we typically have with winter conditions slightly slower conditions in the first quarter. As we said, FM2 crew, generally fairly steady through the year, although the first quarter will be its lowest. We are back halfway there in terms of... grades are coming into LMAC with sort of a for being at the higher end of our range. That's what we said in Missouri, at a 6.5 to 7 range where the first part of the year is in the 6 to 6.5 range. So, does that help? Hi, yes, it does help.

Just wondering why you did it now and not wait until these contracts like that.

I'd, just say, we have really good confidence and estimating the contracts that that aren't finalized, but we have all the beds and we've been having questions with us.

Various contractors and and we do understand through all of the bid submitted so far is that these trades associated work is at a higher cost than we assumed in the first.

No I think part of that May be driven on there was an uptick in work happening in Greece period end and so the availability of people and contractors are having to pay a bit higher rates than we assumed three years ago. When we put this estimate together for that type of work so.

Our confidence is basically.

We're through negotiations on a few of the contracts and.

Simon: I just was just thinking from an overall perspective, you know, without having done all of these numbers, are we looking at that 48, 52, or my own? Yeah, we're probably more like a... probably about 45 in the first half to 55 in the second half, but Tanya, that's what we're probably seeing on a portfolio basis, if that helps to balance it all. Yeah, no, it's just, thank you for It's just trying to get this right, because as you know, divide by four isn't how most of these mines are going through this year because of great variability and weather and other things. So that's very helpful. My second question is maybe to George.

And the remaining contracts, we've got good visibility from the bids and we still have to finalize.

Which contractor in.

Dot the i's crossed the tea, but we got good visibility of where we're going to land.

Okay.

And those are the two major contractors and you have 80% cap.

Alright.

80% of that.

Right.

Yeah, we have and then maybe just a little bit clearer. So the bids that we have that we're basing. This estimate are firm bids we haven't signed the contracts and necessarily awarded it but that's why we're feeling confident these are firm bids.

Okay.

And maybe just to come back to Joe then thank you for you know coming up the productivity.

You know numbers in for Niemann, you know like myself, I guess I'm trying to understand that 1.35 million or close to 1.5 and 11%.

Simon: I just wanted to understand what you've got to do with SCORI. You mentioned that, you know, we've got these contracts too, outstanding, that are going to be finalized, too. So my question is... You know, how comfortable are you updating the capital in Q1? You haven't really finalized these contracts. I just wondered why you did it now and not waited until these contracts were done.

Increase how should I be thinking that your productivity has declined by you've assumed a 10% decline in productivity.

<unk> gone from like I'm, just trying to understand how to use that information you provided me.

The 10% is it is not unreasonable.

Thank you.

As George stated for the overall project, it's less than that because of the earthworks and early awards were more in line with Ah.

George R. Burns: I'd just say we have really good confidence in estimating the contracts that aren't finalized, but we have all the bids in. We've been having questions with the various contractors. And we do understand from all of the bids submitted so far that these trades associated work is at a higher cost than we assumed in the FS. And I don't know, I think part of that may be driven by there being an uptick in work happening in Greece, period.

Feasibility assumptions, but the later work in the <unk>.

<unk>.

A bit.

A bit lower productivity that we saw but I think.

Generally we're comfortable with that execution within those productivity is quite reasonable land.

We're working as well around.

Performance management through.

George R. Burns: And so the availability of people and contractors is having to pay higher rates than we assumed three years ago when we put this estimate together for that type of work. So our confidence is basically that we're through negotiations on a few of the contracts, and for the remaining contracts, we've got good visibility from the bids, and we still have to finalize which contractor and, you know, dot the I, cross the T, but we have good visibility of where we're going to land. Okay, and those are the two major contractors. You've already secured 80% of that spend. Yeah, we have, and maybe to be just a little bit clearer, the bids that we have that we're basing this estimate on are firm bids. We haven't signed the contracts and necessarily awarded them, but that's why we're feeling confident these are firm bids. And maybe just to come back to Joe, thank you for, you know.

Target prices and.

Productivity incentives. So I think there are we're quite comfortable that we'll come in and.

Also with just mentioned that.

We do have.

Oh good.

Price protection and the contracts that we have and will have in the those to be awarded as well.

So there's no escalation of labor of any kind in the <unk>.

For the duration of the project.

Okay. So if we work with.

Would we be assuming correctly.

Okay.

You're comfortable and these you know them contracted.

You know final big.

Price protected him on.

On the two larger ones and then the assumptions on the connectivity is something less declined.

Could you clarify something just slightly under 10%.

Correct.

Joe: Thank you for joining us. Thank you. Thank you, um, you know numbers and for a layman like myself, I just want to understand that 1.35 going to close to 1.5, that's an 11 percent increase. So should I be thinking that your productivity has declined by, you've assumed a 10% decline in productivity in the numbers going forward? I'm just trying to understand how to do that with the information you provided. That 10% is not unreasonable, Tanya.

That'd be reasonably reasonably accurate.

Okay.

Can I ask just one final question before I, let someone else now.

I'm interested in how youre progressing on you've got an increase that employment on site from now until they go into production can I just ask how that is going and I know I asked that on site.

Theyre in October, but I'm, just trying to see you know I'm sure that is going and how you know labor costs and looking on that front as well.

Yeah go ahead Joe.

Tanya Jakusconek: As George stated, for the overall project, it's less than that because of the earthworks, and early awards were more in line with feasibility assumptions, but the later work and the crafts are a bit... a bit lower productivity than we saw, but I think, generally, we're comfortable that execution within those productivity levels is quite reasonable, and we're working as well around performance management through, you know, target prices and productivity incentives. So I think there are, we're quite comfortable that it will come in. And I also would just mention that, you know, we do have good price protection in the contracts that we have and will have in those to be awarded as well. So there's no escalation of labor of any kind in the for the duration of the project.

Thanks, Thanks, Tanya, so where we stand today.

We have mobilized the leadership team for <unk> operations.

Have.

40 people.

On boarded.

To date.

And we will continue with that that progress, we basically broke it into.

Four phases, the first phase to be completed by the end of 'twenty three was to get the leadership team onboard we've completed that.

Through Q2, we will be bringing in the second level of management and let's call. It.

Key technical people and were advancing on that front as well and that's in the range of another.

33.

<unk> 30, 35 people phase III starts us into.

Supervision and.

Tanya Jakusconek: Okay, so if we were to, would we be assuming correctly if I said, okay, so that, you know, you're comfortable with these, you know, contracts, because these are sort of, you know, final bids, price protected on these two larger ones, and then the assumptions on the productivity are something less, you know, you've declined it by or reduced it by something just slightly under 10%?

That's about another 50, and then we will.

I'll begin the direct hire process in phase four and.

We have about right now.

Five 500 applicants on file and.

Working through those.

Yeah.

Each and every day, so we're feeling reasonably good about that.

We have also completed.

Hey, good operational readiness review and.

Joe: Would that be correct? That would be reasonably accurate. Okay. And can I ask just one final question before I let someone else ask? I'm interested in how you're progressing on. You've got to increase the employment on site from now until you go into production. Can I just ask how that is going? And I know I asked that on a previous interview.

We're looking to kind of turnover assets sequentially sequentially is available so the.

Open pit and underground works.

We anticipate those.

Operationalized in 2020 for taking a bit of pressure off and.

Tanya Jakusconek: Thank you. I'm just trying to see how that is going and how labor costs are looking on that front as well. Go ahead, Joe.

As far as.

Labor and.

Labor available for open pit is good we'll be contracting the underground.

Joe: Thanks. Thanks, Tanya. So where we stand today, Tanya, we have mobilized the leadership team for SCRIUS operations. We have about 40 people on board to date, and we'll continue with that progress. We basically broke it into four phases, and the first phase to be completed by the end of 23 was to get the leadership team on board.

And then.

As we move into 2025, we'll be hiring.

Remaining staff for process facilities filter a plan for the rest of it.

That is.

About the range of 200.

So.

Feeling pretty good about all of it as far as costs.

Joe: We've completed that. Through Q2, we will be bringing in the second level of management and, let's call it, key technical people, and we're advancing on that front as well, and that's in the range of another 30 to 35 people. Phase three starts us into supervision, and That's about another 50. And then we'll begin the direct hire process in phase four. And we have about 500 applicants on file right now, and we're working through those, you know, each and every day. So I'm feeling reasonably good about that.

We don't anticipate it to be.

Any materially different in any way from what.

Our current labor rates for operations are in Greece.

Okay, and so there's about maybe 100 people.

Now until you have to hire the additional.

200 people that starting in 2025 or maybe another 100 people or so in 2024.

Yes.

That's reasonable.

Okay great.

Great. Thank you so much for explaining that to me I appreciate it.

Yeah.

Thanks Tanya.

Once again, if you have a question please press star one.

Joe: We have also completed a good operational readiness review. And, you know, we're looking to kind of turn over assets sequentially as available. So the Open Pit and Underground Works. We anticipate those opening in 2024, taking a bit of pressure off and, you know, as far as labor and the labor available for the open pit is good. We'll be contracting the underground. And then, as we move into 2025, we'll be hiring remaining staff for process facilities, filter plants, the rest of it. And that is, about, in the range of 200. So, you know, feeling pretty good about all of it as far as cost. We don't anticipate it to be materially different in any way from what our current labor rates for operations are in Greece. Okay, and so Joe says about maybe 100 people from now until you have to hire the additional ones. There are about 100 people starting in 2025, so maybe another 100 people or so in 2024.

Yeah.

Okay, no more questions in the queue at like the.

The call to the presenters.

For closing remarks.

Yes, thanks, everybody for joining the call look forward to give you an update at the end of Q1 have a great weekend.

This concludes today's conference call you may disconnect. Your lines. Thank you for participating and have a pleasant day.

Okay.

[music].

Joe: Yeah, that's reasonable. Great, thank you so much for explaining it to me. I appreciate it. Thanks, Tanya. Once again, if you have a question, please press star and 1, there. If there are no more questions in the queue, I'd like to send the calls to the presenters for Closing Remarks. Yeah, thanks everybody for joining the call. I look forward to giving you an update at the end of Q1. Have a great weekend. This concludes today's conference call. You may disconnect your lines.

Okay.

Okay.

[music].

Operator: Thank you for participating and have a pleasant day. ?? ?? ?? ?? ?? ?? ?? ?? ?? ??.. , www.larryweaver.com, ?? ?? ?? ??