Eldorado Cuts 2026 Gold Guidance to 425-475 Koz; Skouries Capital Rises to $1.425B
EGO sits 36% above its 52-week low of $24.44.
Summary
Eldorado's Q3 earnings beat on higher gold prices, but 2026 production guidance was cut to 425,000-475,000 ounces and Skouries capital rose to about $1.425 billion, with AISC guidance lifted to $1,975-$2,125 per ounce.
Key Events · Earnings and Guidance · EGO
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Q3 Earnings Beat on Higher Gold Price
Revenue of $511.9 million and net earnings of $118.0 million ($0.45 per share) versus $434.7 million and $56.0 million a year earlier, driven by an average realized gold price of $4,326 per ounce.
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2026 Gold Guidance Cut Sharply
Full-year production guidance falls to 425,000-475,000 ounces from 495,000-600,000; operating assets excluding Skouries and McIlvenna Bay drop to 410,000-430,000 ounces from 430,000-490,000.
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Skouries Ramp-Up Slower and Costlier
Skouries 2026 gold guidance cut to 10,000-35,000 ounces from 60,000-100,000; total project capital now about $1.425 billion and accelerated operational capital $390 million, with up to $30 million more possible.
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AISC Guidance Raised to $1,975-$2,125/oz
Consolidated AISC guidance rises from $1,670-$1,870 per ounce and total cash costs to $1,400-$1,500 per ounce from $1,220-$1,420, on higher sustaining capital and lower production at Kisladag and Olympias.
Analysis · EGO · Energy & Transportation
Eldorado beat on the top and bottom line — revenue of $511.9 million and net earnings of $118.0 million ($0.45 per share) — but the quarter's real news is a broad guidance reset. Full-year gold production is now 425,000-475,000 ounces versus the original 495,000-600,000, with Skouries alone cut to 10,000-35,000 ounces from 60,000-100,000 on a slower ramp-up. Costs move the other way: AISC guidance rises to $1,975-$2,125 per ounce from $1,670-$1,870, and Skouries project capital climbs to roughly $1.425 billion with accelerated operational capital at $390 million. The company says the project remains fully funded, but consolidated free cash flow was negative $191.1 million in the quarter as spending at Skouries and McIlvenna Bay peaked. New CEO Christian Milau is inheriting a costlier, later ramp-up than shareholders were promised.
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At the time of this filing, EGO was trading at $33.25 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $9B. The 52-week trading range was $24.44 to $51.16. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.