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1. Company Snapshot

1.a. Company Description

Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, Greece, and Romania.The company primarily produces gold, as well as silver, lead, and zinc.It holds a 100% interest in the Kisladag and Efemcukuru gold mines located in western Turkey; 100% interest in Lamaque gold mines located in Canada; and Olympias, Stratoni, Skouries, Perama Hill, and Sapes gold mines located in Greece, as well as the 80.5% interest in Certej development projects located in Romania.


The company was formerly known as Eldorado Corporation Ltd.and changed its name to Eldorado Gold Corporation in April 1996.Eldorado Gold Corporation was incorporated in 1992 and is headquartered in Vancouver, Canada.

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1.b. Last Insights on ELD

Eldorado Gold's recent performance was negatively driven by potential underlying issues with its earnings quality. Although the company reported robust earnings, its stock price remained stagnant. A potential concern is the revised start-up and cost estimates at its Skouries project, which may impact its future growth. Additionally, the company's strong 2024 full-year and fourth-quarter financial and operational results, as reported on February 20, 2025, may have been overshadowed by these concerns.

1.c. Company Highlights

2. Eldorado Gold's Q3 2025 Earnings: A Strong Operational Performance

Eldorado Gold reported a robust financial performance in Q3 2025, with net earnings from continuing operations reaching $57 million, or $0.28 per share. Excluding non-recurring items, adjusted net earnings were $82 million, or $0.41 per share, beating analyst estimates of $0.46 was actually lower than the actual EPS of $0.574. The company's free cash flow, excluding securities investment, was $77 million, a significant improvement from the negative $87 million reported for the quarter. Revenue growth is expected to surge by 64.0% next year, driven by the ramp-up of the Skouries project.

Publication Date: Nov -15

📋 Highlights
  • Q3 Production & Cash Flow:: Generated 115,190 gold ounces and $77 million free cash flow (excluding securities investment)
  • 2025 Production Guidance:: Revised downward to 470,000–490,000 ounces due to challenges at Olympias and Kisladag
  • Cost Increases:: Total cash costs raised to $1,175–$1,250/oz; all-in sustaining costs to $1,600–$1,675/oz
  • Skouries Capital Investment:: Project capital spending revised up to $440–$470 million, with first concentrate expected Q1 2026
  • Free Cash Flow Impact:: Negative $87 million Q3, but underlying free cash flow (excluding Skouries investment) positive $77 million

Operational Highlights

The company's operational performance was strong, with gold production reaching 115,190 ounces. The Lamaque Complex delivered an impressive 46,823 ounces at total cash costs of $767 per ounce sold, driven by higher throughput. However, Kisladag experienced reduced equipment availability and mine plan resequencing, resulting in lower production. Efemçukuru maintained stable production, while Olympias faced challenges with stockpiled ore containing viscosity modifiers, impacting process water chemistry.

Cost Management and Guidance

Eldorado Gold revised its 2025 guidance for total cash costs to between $1,175 and $1,250 per ounce sold, and all-in sustaining costs to between $1,600 and $1,675 per ounce sold. The increase in costs is attributed to higher royalties, particularly in Turkiye, and lower volumes at Olympias. As George Burns noted, "the original budget was set with a gold price of $2,300, but the current average price is $4,000, resulting in higher royalties."

Skouries Project Update

The Skouries Copper Gold project is on track to achieve first copper gold concentrate production towards the end of the first quarter of 2026. The project has made significant progress, with approximately 2,000 personnel on site and a strong workforce enabling the derisking of several areas. The company is focused on delivering first concentrate by the end of the first quarter of 2026 and expects to reach commercial production in mid-2026.

Valuation and Outlook

With a P/E Ratio of 13.93 and an EV/EBITDA of 7.28, Eldorado Gold's valuation appears reasonable. The company's commitment to disciplined cost management and prioritization of capital allocation is expected to drive growth. As Christian Milau emphasized, the company is focused on advancing near-term priorities and ensuring it is positioned to deliver its long-term strategy. With a strong operational performance and a promising growth outlook, Eldorado Gold is well-positioned for future success.

3. NewsRoom

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These stocks have the greatest “leverage” to rising gold prices: BofA

Dec -01

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Has Eldorado Gold’s 94% Rally in 2025 Signaled a Real Opportunity for Investors?

Nov -29

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Eldorado Gold (TSX:ELD) Valuation: Assessing New Highs in Mineral Reserves and Exploration Success

Nov -29

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Varvara Development Group (formerly O Rei Resources) Announces Name Change, Director and Management Changes and AGM

Nov -28

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Eldorado Gold price target raised to C$53 from C$50 at BMO Capital

Nov -28

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This Gold Stock Shines With Several Spots To Buy Shares

Nov -26

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Stock Market Today: Dow Climbs; Cathie Wood Loads Up On This Buffett Tech Stock (Live Coverage)

Nov -26

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Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; Offsetting Depletion and Increasing Mineral Reserves at Key Operations

Nov -26

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.49%)

6. Segments

Gold - Dore

Expected Growth: 13%

Eldorado Gold Corporation's 13% growth in Gold - Dore is driven by increased production at its Kisladag mine in Turkey, improved gold prices, and successful exploration efforts at its Lamaque mine in Canada, leading to higher ore grades and recoveries.

Gold - Concentrate

Expected Growth: 12%

Eldorado Gold Corporation's 12% growth in gold concentrate is driven by increased production at its Kisladag mine in Turkey, improved ore grades, and higher gold prices. Additionally, the company's cost-saving initiatives and efficient operations have contributed to the growth. Furthermore, the ongoing expansion projects at its Olympias and Skouries mines in Greece are expected to further boost production and revenue.

Silver - Concentrate

Expected Growth: 11%

Eldorado Gold's 11% growth in silver concentrate is driven by increased ore production at its Kisladag mine in Turkey, coupled with higher silver grades and recoveries. Additionally, the company's cost-saving initiatives and favorable foreign exchange rates have contributed to the growth.

Lead Concentrate

Expected Growth: 10%

Eldorado Gold's Lead Concentrate segment growth is driven by increasing gold prices, rising production volumes from its flagship Kisladag mine, and improved operational efficiencies. Additionally, the company's focus on cost reduction and exploration activities in Turkey and Greece are expected to contribute to the segment's growth.

Zinc Concentrate

Expected Growth: 9%

Eldorado Gold's 9% growth in Zinc Concentrate is driven by increased ore production at its Kisladag mine, improved zinc grades, and higher milling rates. Additionally, the company's focus on operational efficiency, cost reduction initiatives, and favorable zinc prices contribute to this growth.

Silver - Dore

Expected Growth: 12%

Eldorado Gold Corporation's 12% growth in Silver - Dore is driven by increasing gold prices, improved ore grades, and enhanced operational efficiency at its mines, particularly in Turkey and Greece. Additionally, the company's focus on cost reduction and exploration activities has contributed to the growth.

Exceptional Items

Expected Growth: 8%

Eldorado Gold Corporation's exceptional items growth of 8% is driven by increased gold production at its Olympias and Skouries mines in Greece, coupled with higher realized gold prices. Additionally, the company's cost-saving initiatives and improved operational efficiencies have contributed to the growth.

7. Detailed Products

Gold

Eldorado Gold Corporation is a leading gold producer with operations in Turkey, Greece, and Brazil. The company's gold production is a significant contributor to its revenue.

Silver

As a by-product of gold mining, Eldorado Gold Corporation also produces silver, which is sold to various industries.

Copper

The company's mining operations also produce copper, which is sold to manufacturers of electrical wiring, circuits, and other copper-based products.

Zinc

Eldorado Gold Corporation's mining operations also produce zinc, which is sold to manufacturers of galvanized steel, batteries, and other zinc-based products.

Exploration Services

The company offers exploration services to identify and develop new mineral deposits, providing expertise in geology, drilling, and sampling.

Mining Services

Eldorado Gold Corporation provides mining services, including mine planning, construction, and operation, to help clients optimize their mining operations.

8. Eldorado Gold Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Eldorado Gold Corporation is medium due to the availability of alternative metals and mining companies. While gold is a unique asset, investors can choose to invest in other precious metals or mining companies, posing a moderate threat to Eldorado's market share.

Bargaining Power Of Customers

The bargaining power of customers for Eldorado Gold Corporation is low due to the company's diversified customer base and the lack of concentration in the gold mining industry. Customers have limited bargaining power, and Eldorado has a strong market position.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Eldorado Gold Corporation is medium due to the company's dependence on suppliers for equipment, materials, and services. While Eldorado has some bargaining power due to its size, suppliers can still exert some pressure on prices and delivery terms.

Threat Of New Entrants

The threat of new entrants for Eldorado Gold Corporation is low due to the high barriers to entry in the gold mining industry. New entrants would need significant capital and expertise to establish a competitive operation, making it difficult for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry for Eldorado Gold Corporation is high due to the competitive nature of the gold mining industry. Many established companies operate in the industry, and Eldorado faces intense competition for market share, resources, and talent.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 15.77%
Debt Cost 7.15%
Equity Weight 84.23%
Equity Cost 10.10%
WACC 9.63%
Leverage 18.73%

11. Quality Control: Eldorado Gold Corporation passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Lundin Gold

A-Score: 6.5/10

Value: 1.9

Growth: 9.1

Quality: 8.6

Yield: 6.0

Momentum: 10.0

Volatility: 3.7

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B2Gold

A-Score: 6.0/10

Value: 7.8

Growth: 3.9

Quality: 4.3

Yield: 6.0

Momentum: 9.5

Volatility: 4.7

1-Year Total Return ->

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Kinross Gold

A-Score: 6.0/10

Value: 4.3

Growth: 7.2

Quality: 8.0

Yield: 2.0

Momentum: 10.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Eldorado Gold

A-Score: 5.9/10

Value: 7.0

Growth: 6.7

Quality: 6.7

Yield: 0.0

Momentum: 10.0

Volatility: 5.0

1-Year Total Return ->

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Royal Gold

A-Score: 5.7/10

Value: 1.8

Growth: 6.1

Quality: 7.8

Yield: 2.0

Momentum: 9.0

Volatility: 7.3

1-Year Total Return ->

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Hecla Mining

A-Score: 3.9/10

Value: 1.5

Growth: 4.0

Quality: 5.9

Yield: 0.0

Momentum: 9.5

Volatility: 2.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

43.01$

Current Price

43.01$

Potential

-0.00%

Expected Cash-Flows