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Eldorado Gold Reports Solid First Quarter 2026 Financial and Operational Results; Skouries Steadily Advancing Towards First Concentrate Production

Gold Price Surge Masks Skouries Cost Overruns as Eldorado Reports Strong Q1 Earnings

By The Northwire Desk — AI Analysis Apr 30, 2026 · 17:12 ELD · 41.97 Eldorado Gold Corporation

Executive Summary

Eldorado Gold reported First Quarter 2026 revenue of $532.4 million and net earnings of $136.4 million ($0.69 per share).
Average realized gold price was exceptionally high at $4,891 per ounce compared to $2,933 in Q1 2025.
Gold production decreased by 13% year-over-year to 100,358 ounces.
Skouries Project capital estimate revised upward by approximately $155 million to a new total of $1.315 billion due to labor and material costs.
First concentrate production at Skouries expected in Q3 2026; commercial production targeted for Q4 2026.
Acquisition of Foran Mining Corporation completed on April 14, 2026, adding the McIlvenna Bay project to the portfolio.
Cash and cash equivalents stood at $629.7 million as of March 31, 2026.

Material Impact

The financial results are materially positive driven by record gold prices rather than operational volume growth.
Revenue increased significantly ($532M vs $355M in Q1 2025) due to the realized price of $4,891/oz, which is well above previous guidance assumptions of $4,000/oz.
Operational performance shows a material negative trend with production down 13% and Skouries capital costs increasing by an additional ~$155 million from prior estimates (previously cited around $1.06B-$1.16B in Feb guidance).
The acquisition of Foran Mining is completed, adding copper exposure and McIlvenna Bay assets as previously announced; this was a known milestone rather than new information.
Cash position remains robust at nearly $630 million, mitigating immediate liquidity risks despite the capital cost increase on Skouries.
The market has already priced in much of the operational risk given the stock correction from $67 (Jan 2026) to current levels ($40), making this news a confirmation of existing trends rather than a shock event.

ELD · Price

Company Overview

Eldorado Gold is a gold and base metals producer with operations in Turkey (Kisladag, Efemcukuru), Canada (Lamaque Complex), and Greece (Skouries, Olympias).
Flagship Project: Skouries is the primary growth driver, a copper-gold mine expected to be fully commercial by Q4 2026.
Recent Acquisition: McIlvenna Bay project in Saskatchewan acquired from Foran Mining adds copper-zinc-gold-silver exposure and extends the company's Canadian footprint.
Production Profile: Diversified across multiple jurisdictions with a mix of underground (Lamaque, Olympias) and open-pit operations.

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