Eldorado Gold Q2: $487.5M Revenue, Skouries Crushes First Ore, and CEO Transition Announced
EGO sits 57% above its 52-week low of $20.39.
Summary
Eldorado Gold posted Q2 2026 earnings of $172.8 million on $487.5 million in revenue, raised full-year production guidance, and marked key milestones at its Skouries and McIlvenna Bay growth projects. The company also disclosed a CEO transition and board changes, effective September 30.
Key Events · Earnings and Guidance · EGO
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Q2 2026 Financial Results
Revenue reached $487.5 million, with net earnings of $172.8 million ($0.69/share) and adjusted EBITDA of $281.1 million. The average realized gold price was $4,379/oz, against an AISC of $1,926/oz.
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Raised 2026 Production Guidance
Consolidated gold production guidance was raised to 495,000–600,000 ounces, incorporating initial output from McIlvenna Bay. Excluding growth projects, guidance was maintained at 430,000–490,000 ounces.
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Skouries First Ore Crushed
In July, the primary crusher processed first ore; first copper-gold concentrate is expected in Q3 2026, with commercial production following in Q4 2026. The project is 97% complete, with $1.27 billion invested.
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McIlvenna Bay Ramp-Up Progressing
First copper concentrate was produced on June 7, 2026, and first zinc concentrate followed in July. Commercial production is expected in Q3 2026. The 2026 output forecast stands at 5–10M lbs of copper and 5–10k oz of gold.
Analysis · EGO · Energy & Transportation
A strong second quarter saw Eldorado Gold generate $487.5 million in revenue and $172.8 million in net earnings, fueled by a realized gold price of $4,379/oz. The company lifted its 2026 production guidance to 495,000–600,000 ounces, now including initial output from the newly acquired McIlvenna Bay mine, which delivered first copper concentrate in June. At the flagship Skouries project, first ore was crushed in July, keeping it on track for first concentrate in Q3 and commercial production in Q4 — a major de-risking milestone for a project that has already absorbed over $1.27 billion in capital. Alongside these operational strides, a CEO transition was announced: George Burns will retire on September 30, with Christian Milau stepping in as President and CEO. The board also underwent a chair succession. Together with a declared dividend, these updates signal both execution momentum and a managed handover at the top.
At the time of this filing, EGO was trading at $32.01 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $8.5B. The 52-week trading range was $20.39 to $51.16. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.