Eldorado Gold reported third quarter 2026 revenue of $511.9 million, significantly missing the $667.0 million consensus estimate, while adjusted EPS of $0.49 came in below the $0.61 expected by analysts. The disappointing performance was primarily attributed to lower production volumes and a slower-than-expected ramp-up at the Skouries project in Greece. Consequently, management slashed its full-year 2026 gold production guidance to 425,000–475,000 ounces from the original 495,000–600,000 range, representing an 18% reduction at the midpoint.
Key Highlights
- Guidance Revision: The 2026 gold production target was lowered due to ramp-up delays at Skouries and McIlvenna Bay, as well as lower grades at Kisladag and Olympias.
- Operational Performance: Gold production fell 8% year-over-year to 106,351 ounces, driven by lower ore grades stacked at Kisladag and mining sequence challenges.
- Escalating Costs: All-in sustaining costs (AISC) rose to $2,050 per ounce sold, up from $1,679 in the prior-year period, reflecting lower sales volumes and higher sustaining capital.
- Project Progress: Skouries produced its first concentrate in September, but the company increased the project's capital estimate to $1.425 billion due to higher construction and commissioning costs.