The formal feasibility study confirms robust economics and construction is underway, partially de-risking. Monitor upcoming milestones: ongoing Tesla drill results (30,000m winter 2025 program) could add satellite feed, and the 110/138 kV transmission line energized in Q1 2026 should reduce power costs. The project's impact on Eldorado's consolidated production profile warrants re-rating against gold-miner peers as it diversifies into copper.
Price Chart
Executive Summary
Eldorado Gold filed a technical report (NI 43-101) for its McIlvenna Bay copper-zinc project in Saskatchewan, updated for the recently completed acquisition of Foran Mining. The feasibility study outlines a 4,900 tpd underground mine with a 20-year life, 29.7 Mt reserves grading 1.21% Cu and 2.17% Zn, and a post-tax NPV (7%) of $654.4M and 23% IRR on pre-production capex of $635M (to complete) plus $573M sustaining. The project is already under construction with significant infrastructure in place, de-risking delivery relative to a greenfield start.
Key Facts
- Mineral reserves: 29,729,878 tonnes at 1.21% Cu, 2.17% Zn, 0.44 g/t Au, 14.4 g/t Ag
- Indicated resources: 38.6 Mt; Inferred: 4.5 Mt (McIlvenna Bay deposit only)
- Post-tax NPV (7%): $654.4M; post-tax IRR: 23%; payback period: 3.8 years
- LOM undiscounted post-tax free cash flow: $1,540.8M
- Pre-production capital cost to complete (Jan 1, 2025 forward): $635.0M; plus $573.4M sustaining capital
- Total pre-production capex (incl. sunk costs): $987.4M
- Mine life ~20 years at 4,900 tonnes per day
- Average LOM operating cost: $95.08/t processed
- Gross revenue over LOM: $6,571.1M; EBITDA: $3,042.7M
- Tesla Zone exploration target: 28–45 Mt at 2.2–3.2% CuEq (conceptual, not a resource)
- Foran became a wholly owned subsidiary of Eldorado on April 14, 2026
Financial Impact
Post-tax NPV of $654.4M at 7% discount rate, with a 23% IRR and $1.54B undiscounted free cash flow. Total projected gross revenue of $6.57B over the mine life.
Risk Factors
- Capital cost overrun risk given 15% accuracy band on $635M remaining pre-production spend
- Execution risk on shaft sinking and ramp development schedule
- Commodity price exposure: copper accounts for ~75% of projected revenue; sensitivity analysis shows NPV most sensitive to copper price and FX
- Financing risk for residual capex and sustaining capital (BEV fleet financing in place, but total capital requirement remains large)
- Permitting: 16 conditions from July 2023 ministerial approval still being resolved; majority of construction permits received
- Operating cost inflation in Saskatchewan mining sector
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 17 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-9.htm | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-8.htm | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-10.htm | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-13.htm | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-11.htm | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-12.htm | 0001104659-26-072859 |
| Document: tm2613996d2_6k.htm | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-3.htm | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-4.htm | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-6.htm | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-7.htm | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-5.htm | 0001104659-26-072859 |
| Document: tm2613996d2_ex99-2.htm | 0001104659-26-072859 |
| Document: 0001104659-26-072859-index-headers.html | 0001104659-26-072859 |
| Document: 0001104659-26-072859-index.html | 0001104659-26-072859 |
| Document: 0001104659-26-072859.txt | 0001104659-26-072859 |
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%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access