Eldorado Gold stock faces lower 2026 output outlook

Eldorado Gold lowered its 2026 production outlook in its third-quarter release on October 28, while keeping commercial production targets for Skouries and McIlvenna Bay in late Q4 2026. The company cited a slower-than-expected ramp-up at Skouries, lower expected production at Kisladag and timing at Olympias. The company release said the revised gold production outlook including the two development assets is 425,000 to 475,000 ounces, compared with original guidance of 495,000 to 600,000 ounces.

Skouries ramp-up remains decisive

Skouries gold production guidance for 2026 was reduced to 10,000 to 35,000 ounces from 60,000 to 100,000 ounces. Eldorado still expects commercial production in late Q4, but estimated total project capital has risen to approximately 1.425 billion US dollars. The company also expects accelerated operational capital of 390 million US dollars, with up to an additional 30 million US dollars possible depending on the timing of commercial production.

At McIlvenna Bay, first copper concentrate was produced in June and first zinc concentrate in July. The operation is moving through commissioning and throughput improvements, with commercial production also targeted for late Q4. At Lamaque, production rose to 52,748 ounces in the quarter, supported by higher throughput, grade and recoveries and increasing contributions from Ormaque ore.

Earnings rose as spending intensified

Eldorado reported third-quarter revenue of 511.9 million US dollars and net earnings attributable to shareholders of 118.0 million US dollars, or 0.45 US dollars per basic share. Gold production fell to 106,351 ounces from 115,190 ounces a year earlier, while the average realized gold price increased to 4,326 US dollars per ounce sold from 3,527 US dollars.

All-in sustaining costs rose to 2,050 US dollars per ounce sold from 1,679 US dollars. Consolidated free cash flow was negative 191.1 million US dollars as the company invested heavily in Skouries and McIlvenna Bay; free cash flow excluding those projects was positive 98.3 million US dollars.

Current trading level

Eldorado Gold stock traded at 30.19 euros on Lang & Schwarz at 23:00 CET on Wednesday, November 11, 2026.

About Eldorado Gold

Eldorado Gold is a gold, copper and base-metals producer with mining, development and exploration operations in Canada, Greece and Turkiye. Its portfolio includes producing assets and projects advancing toward commercial production. The company trades on the Toronto Stock Exchange under ELD and on the New York Stock Exchange under EGO.

Canada's broader equity market can be followed through the S&P/TSX Composite.

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