This is an automatically generated transcript. Denver Gold Group cannot accept responsibility for mistakes, errors, omissions, or any action taken in reliance thereon. Use of this transcript is governed by Denver Gold Group’s Terms of Use.

This is Friday and today and it's a super exciting time to be at El Dorado where we're executing a high quality growth story. This is our normal cautionary forward looking statement in our non ir measures included in the presentation and this is a map of our portfolio. We're a diversified gold company with a portfolio of long life assets and high quality growth. We've got two operating lines in Turkey. A we've been operating there for more than 15 years and got a long runway ahead of us in Turkey. A our newest mine is in Quebec, our Lamo operation. It's been a fantastic story for us. We just celebrated the fifth year of commercial production at the end of Q one and produced more ounces in the first five years than we had in the original eight year mine life and we still have a long runway ahead of us in our growth stories in Greece, we're developing a high quality gold copper project, the scur project that is going to be a key driver of 45% production growth over the next four years and it's not average production. This is high quality production as a result of having a strong copper by product that will drive cash flow generation and low costs. There's a strong rationale to be an Eldorado investor and there's four pillars that we look at first is our pipeline of strategic growth opportunities. And the highlight again is Curry's, it's in full construction. It's fully financed. It's a 20 year mine life. It will produce 140,000 ounces of gold annually and it will produce an equivalent amount of copper. Copper itself will, will essentially pay the operating and sustaining capital costs. So gold generally is free cash flow from this asset. Then we have our Kislyak operation in Greece. It's been operating for 15 years. It's got a 14 year mine life in front of it. And as I said, our Lamo operation, our newest asset, some exciting news. This year we've been drilling on a new deposit called our mock that we discovered after acquisition and we're expecting to announce a maiden reserve on our mo at the end of the year that will give us two underground mines to extend mine life and continue to add value. We have a strong focus on ESG the globe and Mail's top 30 road to net zero. In 2023 we were on that list, big focus on diversity and inclusion. We were first in the material sector in the globe and Mail's 2023 board games. we're a heavy user of dry stack tailings technology. We deploy that at FM Chu or underground mine in Turkey or the Olympias underground mine. Both these mines, we, we use cemented backfill in the underground and then we filter the water out of the remaining tailings and stack those online facilities. And we redesigned Scurry a few years ago to go to dry stack. So we're building a large filter plant at Scurry's where we'll essentially remove and recycle the water and deposit the tailings via conveyor. So our our tailings risks are very low in our portfolio. We have an attractive valuation. So with Scurry, about 76% constructed and will be in commercial production by the end of next year. There's an awesome opportunity for our shareholders to see a rerate in this high quality asset. Our focus is on delivering scurries and as I say, that will deliver about 45% production growth from last year to 2027. It will help generate a significant additional cash flow over what we're currently generating and put us in a in a fantastic position to return value to our shareholders. Our financial position is is fantastic. End of mid year, we were 595 million cash equivalents on the balance sheet. We just upsized our revolver in the last quarter from 250 to 350 million. It's untapped, it does back up our equity injection remaining in scurries, but essentially we haven't tapped into that and don't intend to. And we've got the leverage of bringing copper into our portfolio, the strategic, a strategic mineral for the eu and an important part of our 20 year mine life on current reserves. This shows our production guidance over the next four years and you can see that strong production growth on the far right. You can see copper coming into the portfolio beginning the second half of next year when we move into commissioning. this year, our guidance is midrange is 530,000 ounces compared to 485 last year. So we've got production growth in the existing four assets and obviously dramatic production increases. Seur comes online. Second half of next year, our all and sustaining costs are 1240 ounce midpoint of guidance for this year and those numbers will be coming down dramatically as we bring scurries online a little bit about scurries. again, 100 and 40,000 ounces of production from gold and depending on your gold price assumption and 312,000 in total production. And you can see at a 385 copper price, we have a negative $6 per ounce all in sustaining costs. So that price, the copper is paying all the operating and sustaining. We use a little bit higher gold price there at 1800 a little more conservative copper at 380 you can see the a 665 bucks an ounce. So copper is going to be a dominant player in cash flow and reducing cost. At $1800 gold N PV at 5% is 1.6 billion and the irr is 22%. And obviously we're sitting on a much higher gold price today. Recent achievements, We're 76% complete on construction at mid year. Detail engineering is at 72%. It'll be at 100% at the end of the year. We're substantially complete on procurement. So all the major equipments on site, most of it's installed. The critical path on the construction is our dry stack tailings facility. It sits in a valley below the plant and above where we'll convey the tailings. And so we've been doing a lot of piling concrete structure that will go underneath the building and the facilities that work is just completed for the building itself. We'll be pouring concrete soon on the foundation and putting up the building and then begin to install the equipment to filter the tailings. The filters are manufactured, they're on site. They're currently being as being assembled. So we have zero risk on major equipment. Everything's on site. Currently, we have about 930 people going through the gate on construction. We will peak at about 1300 around the end of the year. So if you ask me, what's the risk remaining on our construction? It's not materials we have what we need. It's really executing the delivery of the tradespeople to ramp up to that 1300 people between now and roughly the end of the year and then that workforce executing the productivity, the construction consistent with our, our estimates. And so far, we're on track to delivering that in Q three and next year on budget and on schedule. And we're taking a, a fairly hands on approach to how we monitor progress on the construction. So we have third party partners that are helping us basically monitor productivity of each of the work fronts. And we're putting up grafts daily in front of the construction workers and partnering with the contractors to ensure we continue to be on track and on schedule with the construction and maybe just a little bit about the, the various components of the project. So it's both open pit and underground. We have a Greek contractor mining the pit and essentially we're pretrial construction materials for the starter dam and then ultimately the rock dam that will encase the, the the dry stack tailings. There's a lot of water management structures that are being constructed and that contractors executing per the plan on the underground side for the first decade of mining underground is going to be about a third of the production feed to the plant and here we're, we're going to be mining large sts. These sts are in cross section 15 by 30 m and they're 60 m tall. So we've hired a Scandinavian finish contractor that's going to be executing the underground development. There's about 2000 m of underground development to set up the first test os that will be mined in the first half of next year. We're bringing in basically expats from Europe to do the underground mining in this initial development. And then they will begin to train Greek miners to that, that high international standard. So we think we've really derisk the underground portion of the project with, with our contractor on the plant side. We have a number of contractors that are constructing and again the dry stacks on the critical path, the main gear in the mill is in place. And so we're in a good position to be able to start up in Q three. capital cost for this is 920 million us. We're gonna produce 15 to 20 million pounds of copper in the second half of next year and 50 to 60,000 ounces in the commissioning phase. You can see here a lot of checkmarks that we've been advancing since 2021 to get this fantastic asset into production a few more to check off for this year. completing the engineering by year end, awarding the filter plant construction. So we just awarded the contract for the building itself and we'll soon be awarding the contract to install the equipment in that facility. The coffer dam construction has just begun. We'll have that completed by year end and then we'll be building the rock dam that will encase the tailings and about 2200 m of underground developed to set up those test stops for next year. Moving to La Mo again, Lamo was a great acquisition by El Dorado. First five years, we, we produced more gold than in the eight year mine plan we had at the beginning and we still have a four year mine life on triangle. Exciting news this year is to get oro in the reserves and we'll have two mining two underground mines that then feed the mill. Oro is very well positioned. It sits halfway up our decline that connects the underground mine to the mill and just off to the side. So we have a contractor right now that's driving development off the decline into one of the mineral veins. So these are flat line veins on our mock. We've already hit first ore in that development. And we'll have enough ore mined in in December to be able to do a batch test through the through the mill to confirm the metallurgical recoveries and geotechnical and mining assumptions we have for this horizontal mining method. So a good catalyst for us at the end of the year and a long runway ahead of us at LA Mock. This year's guidance between 100 and 75 and 100 and 90,000, 100 and 90,000 ounces were well in position to deliver that in the second half, moving to kiss a dog. It's our open pit heap leach facility in Turkey been operating for 15 years. We have 100 and 75,000 tons of 0.67 g per ton or eight or 3.7 million ounces of gold in front of us. There's not really any exploration upside here, but there is an opportunity to add another push back if gold prices remain, we use a pretty conservative gold price in our reserve assumption. So down the road, there would be an opportunity to increase the reserve price and extend my life another three years. recent achievements, we've we completed a new North Lee Pad construction last year. This year we're putting in some further processing facilities to replace the the 15 year old infrastructure that's on the South Leach Pad. So we'll have a dis plan up and running by the end of the year in a refinery to support the remaining mine life. We have an FM Cher, our second mine in Turkey. A it's an underground mine here. We produce a gold pyrite concentrate. It's been operating for a decade. Our focus here is on mine life extension. We have a couple of areas of resource conversion that we're focused on and expect we have another couple of years of mine life to extend here at this operation this year. Their productions midpoint of guidance is 80,000 ounces. And so it's not our largest producer, but it's a very steady producer. Olympias is our current operating mine in Greece. It's an underground mine. Here. We produce three concentrates a lead con, a zinc con and a gold pyrite con and we have lead zinc, silver and gold here. Our focus has been on improving productivity out of the underground. We've made a lot of good progress over the last couple of years. Its position is now to focus on an expansion of the plant. So the the plant is now the bottleneck for this operation. Our plan is to expand capacity in the floatation circuit to move from a half a million tons of ore throughput to 650,000 tons. We'll be doing that expansion over the next two years and put that into production in 2027. This mine has been a fairly high cost producer looking back the last couple of years, but we've been driving down the cost as we get one productivity is improved and two get deeper into the ore body where we have stronger byproduct's that improve cash flow generation. So this is a long life asset. A decade and a half right now, but it's got massive exploration upside both to depth and laterally adjacent to the existing reserve base. So a long runway here and again, we're now focused on expanding the plant capacity highlights this year. It's going to produce about 80,000 ounces. But you can imagine with that expansion, the production profile will be ramping up beginning in 2027. Again, strong financial position 595 million cash on the balance sheet at mid year. And we have 250 million of available liquidity on the revolver. It's untapped at 350 but that difference is backing up our equity injection remaining on the scurry construction. So at these record goal prices, we're generating cash flow drawing down on our project financing and at these prices expect to see that cash balance increase. We have a a half a billion dollar debt maturing in 2029. So that can be a focus for pay down in 2029. So our our focus right now is head down deliver scurries and then begin to assess next moves to support the cash we're going to be generating. So putting a dividend in place in 2027 is definitely a focus for us potentially share buybacks as our cash position continues to grow and still maintaining the the agility to be able to, to move on opportunities to grow our business. So what are the value drivers? It's that 45% high quality growth that will be delivered over the next couple of years, we're focused on consistent and improving our operations at Kisa. So, working on some new studies that would look at potential throughput increases in recovery, recovery improvements by installing additional agglomeration capacity, extending mine life at FMQ crew is a focus for us bringing our mock into reserves in Q four to extend mine life and give us 22 mining fronts And then in Greece, delivering that expansion of Olympias and even looking beyond that positioning our Perma Hill project in northern Greece to be permitted by 2027 to give us the next high quality growth project. So I'd say we're a high quality growth story with that 45% production increase coming. We've got a robust ba balance sheet, we're fully funded for the scurry construction. You're going to see our production increase and our costs come down as we deliver this high quality growth and we'll be one of the largest producers of copper in the eu, the strategic mineral. That's of heavy focus now in the eu so well positioned as a high quality growth story. OK. Thank you, George. We have time for a question or two. If there are any questions out in the audience looking around, if not George, thank you very much for the presentation. And as mentioned that ends the presentation