ELDORADO GOLD CORP /FI (EGO) Company Report

Analyst Coverage

Research analysts who have asked questions during ELDORADO GOLD CORP /FI earnings calls.

Tanya Jakusconek

Scotiabank

6 questions for EGO

Also covers: AEM, AU, BVN +11 more

Cosmos Chiu

CIBC World Markets

4 questions for EGO

Also covers: AGI, FNV, HL +6 more

Don DeMarco

National Bank Financial

2 questions for EGO

Also covers: AAUCF, AGI, ARMN +9 more

Lawson Winder

Bank of America

2 questions for EGO

Also covers: AA, AEM, CCJ +22 more

Michael Parkin

National Bank Financial

1 question for EGO

Also covers: AEM, AGI, CDE +6 more

Latest news

Recent press releases and 8-K filings for EGO.

Eldorado Gold Projects Significant Production Growth and New Assets Post-Combination

EGO

M&A

New Projects/Investments

Share Buyback

Eldorado Gold projects significant gold equivalent production growth from approximately 500,000 ounces to 900,000 ounces by 2027 following its strategic combination.
Key new assets, Mack Bay and Skouries, are anticipated to begin production in weeks and this year, respectively, driving immediate growth.
The combined company maintains a strong financial position with $1.3 billion in cash and equivalents, $225 million in net debt, and an estimated $2.1 billion EBITDA for next year.
Eldorado Gold plans to return capital to shareholders through continued share buybacks and will issue its first dividend this quarter.
The company's portfolio is strategically rebalanced to approximately 40% Canada, 40% Greece, and 20% Turkey, with a revenue mix primarily from gold (77%) and copper (15%).

5 days ago

Transcript

Eldorado Gold Reports Strong 2025 Results, Delays Skouries Production, and Initiates Dividend

EGO

Earnings

Guidance Update

New Projects/Investments

Eldorado Gold achieved full-year 2025 gold production of 488,268 oz, at the upper end of its guidance, with $1.8 billion in revenue and $316 million in free cash flow (excluding Skouries investment). The company also repurchased approximately $204 million of shares during 2025 and initiated a quarterly dividend program commencing in Q1 2026.
The Skouries project saw its first concentrate production modestly delayed to early Q3 2026, with commercial production anticipated in Q4 2026, and this timing adjustment is expected to increase construction capital by approximately $50 million. Overall construction reached 90% by the end of 2025.
The company announced the acquisition of Foran Mining, which is expected to strengthen its long-term growth pipeline and enhance portfolio diversification.
For 2026, Eldorado Gold expects total gold production between 490,000 and 590,000 oz and copper production between 20 and 40 million pounds, with consolidated all-in sustaining costs (AISC) between $1,670 and $1,870 per ounce of gold sold.

8 days ago

Transcript

Eldorado Gold Reports Q4 and Full Year 2025 Results, Updates Skouries Project Timeline, and Provides 2026 Guidance

EGO

Earnings

Guidance Update

New Projects/Investments

Eldorado Gold achieved 488,268 ounces of gold production in 2025, reaching the upper end of its guidance, and reported $1.8 billion in revenue, $520 million in net earnings, and $316 million in free cash flow (excluding Skouries investment) for the full year.
The Skouries project's first concentrate production is now expected early in Q3 2026, with commercial production anticipated in Q4 2026, leading to an estimated $50 million increase in construction capital.
For 2026, the company forecasts total gold production between 490,000 and 590,000 ounces and copper production between 20 and 40 million pounds, with consolidated all-in sustaining costs projected to be between $1,670 and $1,870 per ounce of gold sold.
Eldorado Gold repurchased approximately $204 million of shares during 2025 and announced the initiation of a quarterly dividend program commencing in Q1 2026.

8 days ago

Transcript

Eldorado Gold Reports Strong Q4 and Full-Year 2025 Results, Updates Skouries Timeline, and Provides 2026 Guidance

EGO

Earnings

Guidance Update

M&A

Eldorado Gold achieved the high end of its 2025 production guidance with 488,268 ounces of gold, driving $1.8 billion in revenue and $316 million in free cash flow (excluding Skouries investment) for the full year.
The company announced the initiation of a quarterly dividend program in Q1 2026 and repurchased approximately $204 million of shares during 2025.
First concentrate production at the Skouries project has been modestly delayed to early Q3 2026, with commercial production anticipated in Q4 2026, increasing construction capital by approximately $50 million.
For 2026, Eldorado Gold expects total gold production between 490,000 and 590,000 ounces and consolidated all-in sustaining costs between $1,670 and $1,870 per ounce of gold sold.
The company announced the acquisition of Foran Mining, which is expected to strengthen its long-term growth pipeline and enhance portfolio diversification.

8 days ago

Transcript

Eldorado Gold Provides 2026 Guidance and Three-Year Outlook, Skouries Production Delayed

EGO

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Eldorado Gold provided 2026 guidance for total gold production between 490,000 and 590,000 ounces, representing an 11% increase from 2025 at the mid-point, with total cash costs of $1,220 to $1,420 per ounce sold and all-in sustaining costs (AISC) of $1,670 to $1,870 per ounce sold.
The company's three-year outlook projects gold production growth of approximately 40% by 2027 compared to 2025, with anticipated gold production of 620,000 to 720,000 ounces in 2027 and 640,000 to 740,000 ounces in 2028.
First concentrate production at the Skouries Project has been delayed to early Q3 2026, with commercial production expected in Q4 2026, which will add approximately $50 million to construction capital.
The Skouries Project is also expected to contribute 20 to 40 million pounds of copper production in 2026, increasing to 50 to 70 million pounds in 2027 and 50 to 80 million pounds in 2028.

8 days ago

6-K

Eldorado Gold Reports Strong Full-Year 2025 Financial and Operational Results

EGO

Earnings

Guidance Update

New Projects/Investments

Eldorado Gold Corporation (EGO) reported strong full-year 2025 financial results, with revenue of $1,818.9 million and net cash generated from operating activities of $742.5 million.
The company achieved full-year 2025 gold production of 488,268 ounces, reaching the higher-end of its production guidance.
Adjusted net earnings from continuing operations for 2025 were $354.9 million ($1.75 per share), and free cash flow excluding Skouries was $315.6 million.
The Skouries Project was 78% complete for phase 2 of construction as of December 31, 2025, with first production of copper-gold concentrate expected in early Q3 2026.

Feb 19, 2026, 10:10 PM

6-K

Eldorado Gold Provides 2026 Guidance and Three-Year Production Outlook

EGO

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Eldorado Gold Corporation announced 2026 production guidance of 490,000 to 590,000 ounces of gold, representing an 11% increase from 2025, and a three-year outlook targeting 40% gold production growth by 2027 compared to 2025.
The Skouries project has experienced a delay, with first concentrate production now expected in early Q3 2026 and commercial production in Q4 2026, impacting construction capital by an estimated $50 million.
Consolidated 2026 cost guidance for operations includes total cash costs of $1,220 to $1,420 per ounce sold and All-in sustaining costs (AISC) of $1,670 to $1,870 per ounce sold.
The company plans significant capital expenditures in 2026, including $140 to $165 million for sustaining capital and $375 to $405 million for growth capital at operations, alongside substantial investments in the Skouries project.

Feb 19, 2026, 10:01 PM

Press Release

Eldorado Gold to Acquire Foran Mining

EGO

M&A

Takeover Bid

Eldorado Gold Corporation and Foran Mining Corporation entered into a definitive agreement on February 1, 2026, for Eldorado to acquire all issued and outstanding Foran Shares.
Foran shareholders will receive 0.1128 of an Eldorado Share and $0.01 in cash for each Foran Share held.
Upon completion of the transaction, existing Eldorado shareholders are expected to own approximately 76% and Foran shareholders approximately 24% of Eldorado.
The transaction requires approval from both Foran securityholders and Eldorado shareholders, with special meetings expected to be held on or before April 14, 2026.

Feb 17, 2026, 3:40 PM

6-K

Eldorado Gold to Acquire Foran Mining

EGO

M&A

New Projects/Investments

Board Change

Eldorado Gold Corporation has entered into a definitive agreement to acquire Foran Mining Corporation, aiming to create a sector-leading gold-copper mining company.
Foran shareholders will receive 0.1128 common shares of Eldorado and $0.01 in cash for each Foran Share, implying an equity value for Foran of approximately C$3.8 billion.
The combined company is projected to produce approximately 900k gold equivalent ounces, generate $2.1 billion of EBITDA, and $1.5 billion in free cash flow in 2027.
The transaction, which includes Dan Myerson joining Eldorado's Board of Directors, has been unanimously approved by both companies' boards and is expected to close in Q2 2026.

Feb 2, 2026, 3:55 PM

6-K

Eldorado Gold and Foran Mining Announce Combination

EGO

M&A

New Projects/Investments

Guidance Update

Eldorado Gold and Foran Mining announced a combination where Eldorado will acquire all outstanding Foran shares, implying an equity value of approximately CAD 3.8 billion.
Foran shareholders will receive 0.1128 Eldorado shares per Foran share, resulting in post-transaction ownership of approximately 76% by Eldorado shareholders and 24% by Foran shareholders.
The transaction is expected to close in Q2 2026, following shareholder meetings anticipated around April 14, 2026.
The combined company will be a diversified gold and copper producer, with two major projects, Skouries and McIlvenna Bay, scheduled to enter production in 2026. McIlvenna Bay was approximately 85% complete at year-end 2025 and is on schedule.
The combination is projected to increase production by 80% to over 900,000 gold equivalent ounces in 2027 and generate over $2 billion of EBITDA in 2027.