Strong Q1 beat on gold price tailwind with maintained full-year guidance supports positive momentum. Key catalysts ahead: Skouries first concentrate in Q3 and commercial production in Q4, plus McIlvenna Bay ramp-up. Watch for Q2 production ramp and any further Skouries cost overruns. The CEO transition to Milau in Q3 adds execution risk during Skouries ramp-up.
Price Chart
Executive Summary
Eldorado Gold reported Q1 2026 results with revenue of $532.4 million (+50% YoY) driven by a 67% surge in the average realized gold price to $4,891/oz, despite a 13% decline in gold production to 100,358 oz. Net earnings attributable to shareholders rose to $136.4 million ($0.69/share) from $72.0 million ($0.35/share) a year ago, while adjusted net earnings hit $188.2 million ($0.95/share). The company maintained its 2026 gold production guidance of 490,000-590,000 oz and confirmed Skouries remains on track for first concentrate in Q3 and commercial production in Q4 2026. The post-period acquisition of Foran Mining adds the McIlvenna Bay copper-zinc project, expected to reach commercial production in Q3 2026.
Key Facts
- Q1 2026 revenue $532.4M vs $355.2M YoY (+50%)
- Average realized gold price $4,891/oz vs $2,933/oz YoY (+67%)
- Gold production 100,358 oz vs 115,893 oz YoY (-13%)
- Net earnings attributable to shareholders $136.4M ($0.69/share) vs $72.0M ($0.35/share) YoY
- Adjusted net earnings $188.2M ($0.95/share) vs $56.4M ($0.28/share) YoY
- Operating cash flow $141.4M vs $130.4M YoY
- Free cash flow negative $129.1M vs negative $29.4M YoY (driven by Skouries capex)
- Free cash flow excluding Skouries positive $62.9M
- 2026 gold production guidance maintained at 490,000-590,000 oz
- Skouries first concentrate expected Q3 2026, commercial production Q4 2026
- Skouries project capital estimate revised to ~$1.315B (+$155M from prior estimate)
- Acquired Foran Mining on April 14, 2026 for 0.1128 shares + $0.01 cash per Foran share
- McIlvenna Bay (Foran) expected commercial production Q3 2026
- CEO George Burns to retire Q3 2026; President Christian Milau to become CEO
- Initiated quarterly dividend of $0.075/share in Q1 2026
- Repurchased 2,419,992 shares at avg $34.67 for $83.9M in Q1 2026
- Cash and cash equivalents $629.7M, total debt $1,230.8M
Financial Impact
Revenue increased $177.2M YoY (+50%) driven by gold price; net earnings up $64.4M YoY; Skouries capex $135.6M in Q1 alone; total debt $1,230.8M
Risk Factors
- Skouries project capital estimate increased by $155M to ~$1.315B; further overruns possible
- Gold production declined 13% YoY; Kisladag output down 36% due to planned lower grades
- Total cash costs rose to $1,470/oz from $1,153/oz YoY (+27%) due to higher royalties and inflation
- Income tax expense surged to $111.0M from a $32.6M recovery YoY, compressing net earnings
- Free cash flow deeply negative at -$129.1M due to heavy Skouries investment
- CEO transition and integration of Foran Mining add execution complexity
- Turkish mining law changes increased royalty rate bands, pressuring costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000918608-26-000013 |
| Document: unauditedcondensedconsolid.htm | 0000918608-26-000013 |
| Document: ego6-k20260430fsmda.htm | 0000918608-26-000013 |
| Document: cfocertificationq12026-994.htm | 0000918608-26-000013 |
| Document: ceocertificationq12026-993.htm | 0000918608-26-000013 |
| Document: consentofjessythellandq120.htm | 0000918608-26-000013 |
| Document: consentofsimonhilleq12026-.htm | 0000918608-26-000013 |
| Document: 0000918608-26-000013-index-headers.html | 0000918608-26-000013 |
| Document: 0000918608-26-000013-index.html | 0000918608-26-000013 |
| Document: 0000918608-26-000013.txt | 0000918608-26-000013 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 4w ago | 6-K | $40.21 $36.65 | ▼ −8.85% | ▼ −11.83% | $35.35 (−12.09%) |
Jul 31, 2026 11w ago | 6-K | $30.19 $45.48 | ▲ +50.65% | ▲ +47.66% | $35.35 (+17.09%) |
Jul 31, 2026 11w ago | 6-K | $30.19 $45.48 | ▲ +50.65% | ▲ +47.66% | $35.35 (+17.09%) |
Jul 31, 2026 11w ago | 6-K | $30.19 $45.48 | ▲ +50.65% | ▲ +47.66% | $35.35 (+17.09%) |
Jul 30, 2026 11w ago | Press Release | $30.19 $45.48 | ▲ +50.65% | ▲ +47.66% | $35.35 (+17.09%) |
Jul 20, 2026 12w ago | Press Release | $30.46 $38.71 | ▲ +27.08% | ▲ +24.52% | $35.35 (+16.05%) |
Jul 7, 2026 14w ago | Press Release | $29.72 $36.00 | ▲ +21.13% | ▲ +17.86% | $35.35 (+18.94%) |
Jun 11, 2026 18w ago | 6-K | $29.97 $30.60 | ▲ +2.10% | ▲ +0.21% | $35.35 (+17.95%) |
Jun 8, 2026 18w ago | 6-K | $29.87 $33.41 | ▲ +11.85% | ▲ +10.22% | $35.35 (+18.35%) |
May 29, 2026 20w ago | 6-K | $33.83 $31.12 | ▼ −8.01% | ▼ −6.22% | $35.35 (+4.49%) |
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