Eldorado Gold Reports Solid Q2 2026 Financial and Operational Results; Skouries On Track for Q3 2026
Eldorado advances two growth projects near first output while managing succession as the $8.8B gold-copper producer’s free cash flow remains deeply negative.
Eldorado Gold Corporation reported second-quarter 2026 results featuring gold production of 104,616 oz and sales of 102,691 oz at a realized price of $4,379/oz. The company generated revenue of $487.5M, with net earnings of $172.8M, or $0.69 basic EPS, and adjusted net earnings of $136.7M, or $0.54 adjusted EPS. Adjusted EBITDA came in at $281.1M, while total cash costs were $1,432/oz and all-in sustaining costs (AISC) stood at $1,926/oz.
Free cash flow was negative $334.1M due to heavy investment at the Skouries and McIlvenna Bay projects. Excluding those developments, free cash flow was positive $40.9M. The company held $554.6M in cash against total capital expenditures of $441.3M.
At Skouries, operations are 97% complete, with first ore crushed in July, first concentrate expected in Q3 2026, and commercial production targeted for Q4. At McIlvenna Bay, first copper concentrate was produced on June 7, followed by zinc in July, with commercial production scheduled for Q3. The site processed 5,405 tonnes in Q2. An expansion study to 7,000 tonnes per day and a silver-lead circuit are underway, with commissioning expected in 2028 and 2030.
Eldorado Gold raised its consolidated 2026 gold production guidance to 495,000–600,000 oz, which includes McIlvenna Bay. Excluding Skouries and McIlvenna Bay, guidance remains unchanged at 430,000–490,000 oz.
The company announced that CEO George Burns will retire on September 30, 2026, with Christian Milau succeeding him as President and CEO. In additional management changes, Frank Herbert moves to Senior Advisor, Tamiko Ohta is appointed SVP Legal, and Paul Ferneyhough’s CFO role is expanded to include Strategy. Louw Smith departs as the Greece development role is eliminated following the completion of Skouries. Eldorado declared a Q3 dividend of $0.075 per share, payable on September 15.
Eldorado Gold Corporation (ELD) released its second-quarter 2026 earnings, with financial results broadly in line with the trajectory established in the first quarter. Production was modestly higher quarter-on-quarter but remains back-half-weighted, consistent with management commentary. Guidance remains unchanged from the post-Foran acquisition update provided in Q1, and cost metrics are within the elevated band previously expected.
Key operational milestones, including the Skouries first-ore milestone and MacBay first-concentrate, were pre-announced in separate releases on July 20 and June 8, respectively. The CEO retirement timeline was also previously telegraphed in a March 11, 2026 announcement. The simultaneous leadership transition serves as a follow-through to prior communications rather than a surprise. The release contains no genuinely new market-moving information or deviations from established expectations, and the stock chart already reflects heavy discounting of growth-stage spending.
Eldorado Gold Corporation (ELD) is a mid-tier gold producer operating in Canada, Türkiye, and Greece, while transitioning toward a more diversified gold-copper-base metals profile. The company is listed on the TSX (ELD) and NYSE (EGO).
Key producing assets include the Lamaque Complex in Québec, Canada, an underground gold operation expected to produce approximately 187 koz in 2025. The Ormaque deposit is permitted, and the Sigma mill has expansion potential to 5,000 tpd. In Türkiye, the Kisladağ open-pit heap-leach gold mine is projected to yield 168.7 koz in 2025 during its declining phase, with pit expansion currently being studied. The Efemçukuru underground gold mine in Türkiye is expected to produce 72.5 koz in 2025. In Greece, the Olympias underground gold-silver-lead-zinc mine is forecast to produce 59.9 koz of gold in 2025, with a mill expansion to 650 ktpa currently in progress.
Development projects include the Skouries gold-copper porphyry mine in Greece, which is scheduled to produce its first concentrate in Q3 2026. In Saskatchewan, Canada, the McIlvenna Bay copper-zinc-gold-silver project was acquired in April 2026 and is expected to reach commercial production in Q3 2026. Exploration activities are underway at Tesla (Saskatchewan), Lamaque South, Perama Hill (Greece), and Stratoni Skarn.