Northwire Canada EditionTuesday, November 3, 2026
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Gold 3,969.60 +1.8% Silver 50.89 +3.3% Copper 6.54 +0.9% Oil 96.46 −7.4% Palladium 962.50 −2.5% QRO 0.030 +0.0% PGC 0.030 +0.0% SASK 0.840 −2.3% GIGA 0.050 +0.0% WDO 26.12 +2.2% ERO 40.76 +0.2% BIRD 0.160 −13.5% ODV 3.20 −1.8% FVI 12.72 +3.1% SRI 0.015 + BTR 0.125 +4.2% NVO 0.065 +8.3% BTT 0.110 +4.8% MUX 19.55 +0.8% SCD 0.150 +0.0% PPX 0.220 +0.0% Gold 3,969.60 +1.8% Silver 50.89 +3.3% Copper 6.54 +0.9% Oil 96.46 −7.4% Palladium 962.50 −2.5% QRO 0.030 +0.0% PGC 0.030 +0.0% SASK 0.840 −2.3% GIGA 0.050 +0.0% WDO 26.12 +2.2% ERO 40.76 +0.2% BIRD 0.160 −13.5% ODV 3.20 −1.8% FVI 12.72 +3.1% SRI 0.015 + BTR 0.125 +4.2% NVO 0.065 +8.3% BTT 0.110 +4.8% MUX 19.55 +0.8% SCD 0.150 +0.0% PPX 0.220 +0.0%
Production / Operations Routine +

Eldorado Gold Announces First Concentrate Produced at McIlvenna Bay

Eldorado’s McIlvenna Bay commercial ramp achieved its milestone on schedule, though cost creep and Skouries capex overruns temper enthusiasm.

By The Northwire Desk — AI Analysis Jun 08, 2026 · 07:00 ELD · 41.24 Eldorado Gold Corporation
Executive Summary
  • First copper concentrate produced at the 100%-owned McIlvenna Bay (MBA) project on June 7, 2026.
  • Wet commissioning completed; hot commissioning initiated immediately.
  • Operating team focused on ramp-up to nameplate capacity of 4,900 tonnes per day.
  • Commercial production targeted for Q3 2026.
  • $17 million exploration budget approved for 2026 targeting MBA, Tesla Zone, and Bigstone deposit.
  • Transaction adds substantial copper and zinc exposure, diversifying the gold-heavy portfolio.
  • Adjacent Tesla Zone identified as a high-grade polymetallic discovery with expansion potential.
Material Impact
  • The milestone confirms operational progress at McIlvenna Bay but does not alter the fundamental investment thesis or valuation model.
  • The slight delay in first concentrate (May to June) is minor and does not impact the Q3 2026 commercial production target.
  • The market had already priced in the acquisition and commissioning timeline; the stock declined ~18% from its January peak to late April following the Q1 cost/capex miss, suggesting the negative sentiment around execution is already reflected.
  • This is a Routine - Positive update: expected, telegraphed, and operationally incremental. It does not re-rate the business on its own.
ELD · Price
Company Overview
  • Operating mines: Lamaque Complex (underground gold, Quebec, Canada), Kisladag (open-pit heap-leach, Turkey), Efemcukuru (underground gold, Turkey), Olympias (underground gold-silver-lead-zinc, Greece).
  • Development projects: Skouries (open-pit/underground gold-copper, Greece), McIlvenna Bay (underground copper-zinc-gold-silver, Canada), Perama Hill (epithermal gold-silver, Greece).
  • Jurisdictional footprint: Canada, Greece, Turkey. Provides geographic and commodity diversification.
  • Strategic focus: Transitioning from a pure-play gold producer to a diversified precious/base metals operator with high-margin, free cash flow generation potential.
Read the original news release →

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Eldorado’s Skouries ramp delay forces a 2026 guidance reset and cost blowout.

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Production / Operations Oct 09, 2026 · 14:33

Eldorado’s Skouries project received EU Critical Raw Materials designation, with Q4 commercial production serving as the near-term catalyst.

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Eldorado’s Skouries grid tie eliminates power risk, making ramp-up and cost management the primary focus for the project’s future performance.

Production / Operations Sep 08, 2026 · 17:00

Eldorado’s Skouries project produced its first concentrate on schedule, with grid construction and ramp-up now underway.

Production / Operations Jul 30, 2026 · 17:01

Eldorado Gold Provides Update on Executive Leadership Transition

Management