News about Eldorado Gold

Eldorado Gold reported Q3 2026 gold production of 106,351 ounces and revenue of $511.9 million, with adjusted net earnings of $127.0 million, or $0.49 per share, and adjusted EBITDA of $275.2 million. Total cash costs were $1,415 per ounce sold and all-in sustaining costs $2,050 per ounce. Free cash flow was negative $191.1 million, reflecting heavy investment at Skouries and McIlvenna Bay as both advance toward commercial production; excluding them, free cash flow was $98.3 million. The company lowered its 2026 gold production outlook to 410,000–430,000 ounces for operating assets excluding Skouries and McIlvenna Bay (from 430,000–490,000), and to 425,000–475,000 ounces including them (from 495,000–600,000). Lower expected output at Kisladag and Olympias and a slower-than-expected Skouries ramp-up were partly offset by strong performance at Lamaque, supported by high-grade Ormaque ore.

Eldorado Gold shares returned 22.3% over the past year including dividends, even though late-2025 views were split: bulls pointed to the Skouries and Olympias projects, while bears flagged ESG pressure and geopolitical risk. At the start of the period the shares cost CA$36.72, with a bullish Fair Value of CA$41.05 and a bearish one of CA$28.97, the latter reflecting higher all-in sustaining costs of around $1,520 per ounce. Q2 2026 results showed revenue of US$487.456 million, net income of US$172.817 million and a net margin of 35.5% versus 30.8% a year earlier, favoring the optimistic case, though capex and project risk at Skouries and McIlvenna Bay kept caution alive. The shares now trade at CA$44.32, above the starting level, and the selected Narrative's Fair Value remains higher still. The article argues the story has shifted from gold output to a mix of copper growth projects and cash returns, so a smooth ramp-up at Skouries and McIlvenna Bay is key to the cash flow outlook.

Eldorado Gold (EGO) is moving from heavy investment to profitable production, as its Skouries project in Greece produced first concentrate on September 8 and targets commercial production this quarter. The McIlvenna Bay copper-zinc mine in Saskatchewan and the C$3.8 billion Foran Mining acquisition (closed in April) diversify its output, while fiscal 2025 revenue rose 40% and operating margin reached 41%, though free cash flow was negative at $195 million. Skouries had a $155 million capital overrun, and the article flags risks from high capital needs, project ramp-up timelines and gold and copper price swings. Hidden Gems gives the company a Superscore of 80/100 ('Strong'), and the article also cites 81, which places it in the top ~9%; the stock trades at $31.67, up 26% over one year as of October 23, 2026, with a trailing price-to-sales ratio of 2.94. In mid-October the European Commission granted Skouries strategic-project status.