Eldorado Gold (NYSE: EGO, TSX: ELD) reported Friday a significant increase in free cash flow, with $63.4 million in Q2 2020, up 780% from $7.2 million in Q1 2020, as a result of higher sales volume and a higher gold price.
The company’s net earnings were $45.6 million, or $0.27 per share, up compared to net earnings of $12.2 million, or $0.08 per share reported in the second quarter of 2019.
Adjusted net earnings came in at $43.8 million, or $0.26 per share, up from an adjusted net loss of $3.5 million, or $0.02 loss per share reported last year.
Eldorado reported gold production of 137,782 ounces in Q2 2020, an increase of 50% from Q2 2019, and a 19% increase over Q1 2020.
The company is maintaining its 2020 annual guidance of 520,000-550,000 ounces of gold at an all-in sustaining cost of $850-$950 per ounce sold.
“Even while managing covid-19, we achieved strong quarterly production while seeing lower all-in sustaining costs,” said George Burns, President and CEO in the media release.
“We see several positive catalysts on the horizon, including further success in Turkey and continued growth in Greece and Quebec.”
Midday Friday, Eldorado’s stock was up 5.2% on the NYSE. The company has a $2.1 billion market capitalization.