Eldorado Gold Provides 2026 Guidance; Three-Year Outlook Targets 40% Gold Production Growth; Skouries Construction Update
Skouries Delay and Surging Costs Dampen Record Gold Rally as Eldorado Pivots to Copper Expansion
The most recent news (February 19, 2026) provides 2026 production and cost guidance and a three-year outlook. Eldorado expects gold production of 490,000 to 590,000 ounces in 2026, targeting 40% growth by 2028. However, the flagship Skouries project in Greece has suffered another delay: first concentrate is now expected in Q3 2026 (pushed from Q2 2026, which was already a push from the Q1 2026 target discussed in late 2025). This delay is attributed to damaged cyclone feed pump capacitors and power line issues, resulting in a $50 million increase in construction capital. Additionally, the company recently announced the $3.8 billion CAD acquisition of Foran Mining Corporation to diversify into copper via the McIlvenna Bay project.
The impact of the most recent news is Material - Negative due to the repeated timeline slippage and cost overruns at Skouries, which is the company's primary valuation driver. - Skouries Delays: The shift of commercial production to Q4 2026 deferral of significant cash flows. In January 2026, management was guiding for "end of Q1" concentrate; by February, this moved to "early Q3." - Cost Escalation: All-in Sustaining Costs (AISC) for existing operations are guided at $1,670-$1,870/oz for 2026, significantly higher than 2025 levels (~$1,559-$1,679/oz). While Skouries is expected to have very low AISC (-$100 to $200/oz due to copper credits), the delay in bringing this online leaves the company exposed to high-cost production at its aging assets. - M&A Risk: The Foran acquisition adds a second major development project (McIlvenna Bay) concurrently with Skouries ramp-up, increasing execution risk and requiring significant share issuance (24% dilution to existing shareholders).
Eldorado Gold is a mid-tier producer with operations in Canada (Lamaque), Turkiye (Kisladag, Efemcukuru), and Greece (Olympias). Its flagship project is Skouries in Greece, a high-grade gold-copper porphyry deposit. Once operational, Skouries is expected to produce 140,000 oz of gold and 67 million pounds of copper annually over a 20-year mine life.