For 2022, Eldorado is now expecting gold production of 460,000-490,000 ounces, with the mid-point having increased 7% from the previous guidance provided a year ago. In 2021, the company produced 475,912oz.
"In 2021 we were pleased to deliver on numerous key catalysts, particularly in Quebec and at Kisladag, that positioned the company to increase five-year production guidance year-over-year," Eldorado's president and CEO George Burns said.
"In Greece, the robust results of the recently completed feasibility study at Skouries, coupled with the amended investment agreement with the Greek state, put Eldorado in an excellent position to potentially exceed the five-year plan," he added.
The miner's guidance - which excludes the northern Greece Skouries project - was lifted by roughly 4% and 7% for 2023 and 2024 to 500,000-530,000oz and 535,000-565,000oz, respectively.
There was no change made to the outlook for 2025 at 510,000-540,000oz, while guidance was added for 2026 was at 510,000-540,000oz.
The Skouries project was expected to have an average annual production of 140,000oz gold and 67 million pounds of copper over a 20-year mine life, according to the feasibility study released on December 15.
"We expect this development asset to propel Eldorado to a 700,000ozpa gold producer in 2025, representing an industry-leading 10% [compound annual growth rate]," BMO Capital Markets analyst Brian Quast said.
He noted that Eldorado's 2022 475,000oz mid-point production guidance compares with BMO's forecast of 471,000oz and the consensus of 466,000oz.