Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Corporation Second Quarter 2019 Results Conference Call. [Operator Instructions]. I would now like to turn the conference over to Peter Lekich, Manager Investor Relations. Please go ahead, Mr. Lekich.

Thank you, Operator. And thank you, ladies and gentlemen, for taking the time to dial into our conference call today. With me in Vancouver, this morning, are George Burns, President and CEO; Phil Yee, Executive Vice President and CFO; Paul Skayman, Executive Vice President and COO; and Jason Cho, Executive Vice President and Chief Strategy Officer. Our release yesterday details our 2019 second quarter financial and operating results. This should be read in conjunction with our second quarter financial statements and management's discussion and analysis, both of which are available on our website. They have also been filed on SEDAR and EDGAR. All dollar figures discussed today are in U.S. dollars unless otherwise stated. We will be speaking to the slides that accompany this webcast. You can download a copy of these slides from our website. Before we begin, I would like to remind you that any projections included in our discussion today are likely to involve risks, which are outlined and detailed in our 2018 AIF and in the cautionary note on Slide 1. I will now turn the call over to George.

Thanks, Peter, and good morning, everyone. Here's the format for today's call. I'll give an overview of the quarter's highlights along with comments, then I'll pass it over to Phil, to go through the financials. Paul will follow by reviewing operations and then we'll open it up for questions. Over to 2Q highlights on the next slide. It was a steady quarter operationally with consolidated production and cost on plan. Lamaque completed its first quarter of commercial production and we caught up on concentrate sales at Efemçukuru and Olympias as indicated in our preliminary Q2 results, released earlier this month, the results in higher sales volumes and revenue during the quarter and results from concentrate inventory to normal -- and we've returned concentrate inventory to normal levels. Financially, we ended the quarter with net earnings of $12.2 million at -- or $0.08 per share. However, onetime asset sales are now included in our adjusted net earnings, and we ended the quarter with an adjusted net loss of $1.2 million or $0.01 per share. I'd like to point out that we had $7.6 million in net proceeds from precommercial sales at Lamaque during the quarter. If this had been attributed to our earnings, it would have increased our adjusted earnings per share by approximately $0.05. A milestone was reached during the quarter with completion of refinancing and resulted in reducing our growth step by $100 million and pushing out near-term debt maturities. We believe that completion of refinancing, together with the recent gold price appreciation, Lamaque progressing into commercial production and the outcome of Greek elections has contributed to positive momentum in both our equity and credit. We're expecting a stronger second half of the year with increased production at Kisladag and Olympias positively impacting cash flows. This will give us…

Thanks, George. Good morning, everyone. On Slide 5, we have an overview of our financial results for Q2 2019. During the quarter, Eldorado generated $173.7 million in total metal sales revenue, which include $150.1 million in gold revenues. Revenues were higher than the comparative period in 2018 due to a 20.7% increase in gold sales volumes in the Q2 of 2019, and a higher averaged realized gold price in Q2 2019 over Q2 2018. The increase in gold sales volumes were a result of the delayed timing in the sale of previous quarter inventory at both Efemçukuru and Olympias. Total metal sales revenues do not include the 11,705 ounces of precommercial production from Lamaque that were sold in the quarter. In compliance with IFRS accounting requirements, the $15 million in proceeds from the sale of these precommercial ounces are offset against the Lamaque project capital costs. Cash operating costs averaged $631 per ounce sold in Q2 2019, an increase from $587 per ounce sold in Q2 2018. This reflects -- sorry, this increase reflects the impact of lower production levels at Olympias and higher treatment and selling costs of Efemçukuru concentrate. All-in sustaining costs averaged $917 per ounce sold in Q2 2019, lower than the $934 per ounce sold in Q2 2018. The comparative decrease in all-in sustaining cost per ounce sold was a result of higher sales volumes, partially offset by higher sustaining capital expenditures compared to the prior year quarter. I would reiterate that management expects cost to be in line with the 2019 consolidated guidance, as production is forecasted to increase at both Kisladag and Olympias in the second half of the year. Sustaining capital expenditures totaled $15.6 million or $137 per ounce sold in Q2 2019. This is versus $13.8 million or $146 per ounce sold…

Thanks, Phil. Good morning, everyone. Starting with Lamaque on Slide 6. Lamaque had an exceptional first quarter of commercial operations. Production in the quarter totaled 33,140 ounces. Total sales were 36,035 ounces, which included 11,705 ounces of precommercial production. As Phil mentioned, the proceeds from the precommercial sales were not included in the revenue and net earnings for the quarter. Cash operating costs of $517 per ounce sold were well below guidance, reflecting steady production costs and strong throughput. Underground development continued throughout the quarter and is expected to increase in the second half of the year. With the greater focus on underground development and our planned shift to lower grade stopes, production is expected to be lower in the second half of 2019. Approval of the final permits for the Tailings Management Facility were received as expected and construction of the second phase of the facility commenced. Exploration during the quarter focused on resource expansion below the C5 zone, lower in the Triangle deposit and testing early-stage nearby targets. New intercepts from the program included significant positive results from new stepout intercepts on the C7, C9 and C10 zones, and additional intercepts of peripheral stockwork vein zones. Resource expansion drilling in the lower part of the nearby Plug 4 deposit has confirmed that the mineralized sheer and stockwork vein systems continue well below the current resource. Lamaque has significant upside potential based on the excess capacity we have in the mill as well as the positive exploration results we've realized over the past year. Our current focus is to increase production rates and to extent mine life of the Triangle deposit. Over to Kisladag, on Slide 7. Mining, crushing and stacking resumed on April 1 this year. Production during the quarter totaled 26,072 ounces of gold, mostly from historic…

Thanks, Paul. With an overall good first half of 2019, the momentum of Lamaque reaching commercial production, completion of refinancing and ramp-up at Kisladag, we're well positioned for a strong second half to the year. We remain committed to collaborating with the Greek government to enable our high-quality projects in the country to move forward for the benefit of all stakeholders. Thank you, everyone. I'll now turn it over to the operator for questions.

[Operator Instructions]. Our first question comes from Mike Parkin with National Bank Financial.

First one on Olympias. Could you give us a bit of a sense of what we should kind of look for, for Q3 relative to Q4? It sounds like with Q3, we might still be seeing a bit of a stope filling and new contractor kind of catching up on development. So my read is slightly softer Q3 still and then potentially kind of coming back strong to finish the year. Could you just give a bit of color on that?

It's Paul. I think that's a fair assessment. The contractor's working underground now and getting up to speed. So Q3 will be an improvement on Q2 and Q4 will obviously be a fair bit stronger, both good rate.

Okay. Perfect. That's good. And then on Kisladag. Is there any chance to give us a little color in terms of how you're seeing kind of production come in as the fresh ore on the pad for the month of July? Or is it still a little early to kind of comment on that just yet?

It's little early to comment. We are seeing an uptick in solution grades coming off the pad. Yes, so it's kind of three months in, and we're placing material reasonably high on the pad. So I think it's running to expectations at the moment.

[Operator Instructions]. Our next question comes from Tanya Jakusconek with Scotiabank.

Just a couple of questions here. Just wanted to follow up on Olympias. Paul, just on the underground, we have a new contractor and, I mean, not to get into the nitty-gritty, but is it because you were not pleased with the performance of the other contractor?

We were actually tackling that ourselves, Tanya, and decided that having more focus from a contractor was going to be more efficient.

Okay. So you brought someone in. And this development that you're talking about is going to allow you to have access to higher grade ore also in the second half of the year?

The plan is for slightly higher grade ore, yes. But the casing obviously is throughput tonnage.

Okay. So it's a combination of that. And then your recoveries, there's nothing wrong on that front?

No. That's correct, yes.

Okay. And just on Kisladag, I think that guidance shows for higher cost in the second half of the year, even though, we have better production. And then maybe just a little bit on what's happening there? And whether the accounting aspect of it is having an impact on the costs?

I guess I would say that the production obviously going to be stronger second half. I am not really sure of that your question on the accounting. Can you elaborate that?

I was just going to say I think in the second half with the higher ounces, higher production, I mean we're expecting to be in line with our guidance on capital expense, most of it is on the sustaining capital side. So we expect that our cost should come down on a per ounce basis.

Okay. And then just maybe lastly on Lamaque. When -- Paul, you talked about the grade coming off in the second half of the year, are we looking for Q3 and Q4 to have similar grades?

I'd actually need to have a look at grades for the second half there, Tanya. They're a little bit lower in terms of the throughput as well. We've had a pretty strong sort of first half. Yes, a little bit lower grade as well in the second half on average.

Okay. And then maybe just turning to George, if I can, just on -- congratulations on getting moving forward with the Greek government. You said you've formed a joint committee. Maybe you can talk about this joint committee. How is it going to operate? Who is on it from both sides and sort of some of the critics going forward? Do we have additional meeting set up? Just maybe a bit of clarity on what you're doing there?

Yes. Tanya, we're really excited about the improved environment. We're now in a collaborative setting where both sides are interested in getting these projects moving forward. In terms of the committee, it's -- on Eldorado side, we have our Greek team in country and support from the executive team here in Vancouver. And on the government side, the approvals for mining projects sit in the Ministry of Energy and Environment. So they have their team of experts along with ours. And again, I really don't want to get into any detailed discussions on what we're saying and what the timelines look like, but just we're extremely encouraged by the change in sentiment and we'll be working hard to move in the direction that we can inform the market as to timing and path forward.

Okay. And maybe just one last question. Just -- I think I heard on the call that sustaining CapEx for the year, I think Phil mentioned, is going to be -- you are maintaining that sustaining CapEx guidance, even though, you've been running quite low on the first half of the year.

That's correct, Tanya. We expect our sustaining CapEx will be in line with our guidance for 2019.

Congratulations, George, on getting the Greek government back to sitting at the table.

Yes. Thank, Tanya.

Our next question is from Carey MacRury with Canaccord Genuity.

And just another question on Lamaque. You mentioned you have strong mills throughput there in the quarter. Just wondering what the mining rate there is? And how much of that mill throughput came from stockpile versus the mine?

There was a little bit of a stockpile at the beginning -- well, beginning of the quarter, I guess. But we were able to extract material at the permitted rate of around 1,800 tonnes per day from the Triangle underground.

That's all what was coming on Q2 preferably. And we can expect that's going to continue for the balance of the year?

Yes.

This concludes the question-and-answer session. I would like to turn the conference back over to Mr. George Burns for any closing remarks.

Thanks, everybody, for joining the call today. Again, we're really excited about the second half and moving forward with the Greek government to get our important long-life assets in Greece moving forward. So look forward to circling back next quarter with some updated news. Thank you.

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