Eldorado Gold (NYSE: EGO) reported Q1 EPS of $0.01, $0.01 better than the analyst estimate of $0.00. Revenue for the quarter came in at $131.9 million versus the consensus estimate of $95.56 million.

Highlights from the Quarter and Subsequent Period1

• Hellas Gold S.A., Eldorado's Greek subsidiary, received a positive ruling in the arbitration proceedings with the Greek Government, and will continue to seek a collaborative dialogue with the Greek government.
• Completed and filed technical reports for the Lamaque, Kisladag and Skouries projects. These technical reports were prepared pursuant to Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI-43-101").
• Installation of the additional filter press and paste plant completed at Olympias Phase II bringing the plant up to its run rate production of 1,250 tonnes per day.
• The Company held $459.7 million in cash, cash equivalents and term deposits, and $250.0 million in undrawn lines of credit at the end of the quarter.
• Profit attributable to shareholders of $8.7 million ($0.01 per share), compared to profit attributable to shareholders of $6.8 million ($0.01 per share) in the first quarter 2017.
• Gold production of 89,374 ounces, (including 2,740 ounces from Lamaque pre-commercial production) (first quarter 2017: 75,172 ounces).
• Gold revenues of $115.4 million (first quarter 2017: $90.5 million) on sales of 86,587 ounces at an average realized gold price of $1,333 per ounce (first quarter 2017: 74,068 ounces at $1,222 per ounce).
• All-in sustaining cash costs averaged $878 per ounce (first quarter 2017: $791 per ounce).
• Cash operating costs averaged $571 per ounce (first quarter 2017: $466 per ounce).
• Cash generated from operating activities before changes in non-cash working capital was $37.9 million (first quarter 2017: $28.2 million).

"We had a very successful first quarter maintaining operational momentum and laying a clear path forward for long-term growth," said George Burns, Eldorado's President and Chief Executive Officer. "The filing of the technical reports was a crucial first step towards delivering on our prioritized development projects, Lamaque and the Kisladag mill. Given our current liquidity and anticipated capital deployment for 2018 and 2019, we have time to evaluate and implement an appropriate long-term financing plan to deliver these investments."

"Operationally, production was in-line with plans. We removed the tailings bottleneck at Olympias with the installation of a second tailings filter press. We also made good progress at our Lamaque project, including advancing refurbishment of the Sigma mill and continuing underground development at the Triangle deposit. At Kisladag, we are transitioning to right size the workforce to support leaching of the pad inventory and mine pre-stripping as we advance permitting and complete a feasibility study to position this asset for the next phase of growth."

"We are now in the delivery phase of our new business plan. By focusing on the disciplined build of Lamaque and the Kisladag Mill while maintaining a strong base of operations at Efemcukuru and Olympias Phase II, I am confident we will re-establish annual low cost production of 600,000 ounces by 2021. Skouries remains a compelling project, providing additional long-term growth, but requires collaborative government dialogue and a clear line of sight to cash flow in order for us to allocate further capital for development. We remain focused on driving forward our industry-leading growth projects under a disciplined capital allocation framework to create long-term value for all stakeholders."

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