Eldorado Gold Corp (ELD.TO) Q1 2026 Earnings Call Transcript
Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, and Greece. The company primarily produces gold, as well as silver, lead, and zinc. It holds a 100% interest in the Kisladag and Efemçukuru mines located in Turkey; Lamaque complex located in Quebec, Canada; Olympias located in northern Greece; and Stratoni, Skouries, Perama Hill, and Sapes gold mines located in Greece. 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 1996 and is headquartered in Vancouver, Canada.
Eldorado delivered solid 2025 results, advancing Skouries with a delayed but substantial production ramp while expanding capital returns and pursuing Foran; 2026 guidance centers on a material production mix shift and higher cash costs, with exploration and growth capital planned.
⭐ Key Highlights
✔Positive Signals
- Strong 2025 production at the high end of guidance (488,268 oz) and solid revenue generation ($1.8B).
- Initiation of quarterly dividend and ongoing NCIB program reflects disciplined capital allocation.
- Strategic growth via Foran Mining acquisition to diversify and extend copper exposure.
- Skouries progress with 90% construction completion and a clear ramp-up plan for 2026.
- Improved safety metrics and ongoing cost discipline across operations.
✖Negative Signals
- Delay to first concentrate at Skouries with commercial production shifting to Q4 2026, increasing near-term capex by about $50M.
- 2026 Kisladag guidance outlook lowered due to higher waste stripping, lower grade, and longer leach cycles; impacts near-term production planning.
- Increased all-in sustaining costs (AISC) year-over-year, driven by higher royalties and inflation in Turkiye and other regions.
- Operational and regulatory delays around Greece power line and substation, adding execution risk to ramp-up.
- Higher growth capital required in 2026 to support expansion and development across portfolio.
📊Financial Results
- Full-year 2025 revenue of $1.8B, up on higher realized gold prices.
- 2025 net earnings $520M ($2.56 per share) vs prior year; adjusted net earnings $355M ($1.75 per share).
- Fourth-quarter 2025 cash costs $1,295/oz; full-year 2025 cash costs $1,176/oz; both at or near guidance ranges.
- Free cash flow for the year negative $233M, or positive $316M excluding Skouries capex; operating cash flow before working capital changes $752M for the year.
- Liquidity remained strong at year-end ~ $976M with cash balance of $869M after NCIB activity.
🔮Future Guidance
- 2026 consolidated gold production guidance of 490k–590k oz and copper 20–40M lb.
- All-in sustaining costs guidance of $1,670–$1,870 per oz gold sold.
- Growth capex expected to be $375–$405M; sustaining capex $140–$165M; exploration spend raised 60% to $75–$85M.
- Skouries: 2026 AISC guidance expected to be negative to slightly positive on a net by-product basis; first production expected in Q3 2026 with commercial in Q4 2026.
- Updated consolidated cost guidance to be issued after Skouries reaches commercial production.
💡Interesting Insights
- Management highlighted the potential for Skouries to transform Eldorado into one of the sector's highest free cash flow yielding companies from 2027 onwards, with some groups forecasting >20% free cash flow yields.
Detailed Analysis
AI-generated summary of Eldorado Gold Corp earnings call transcript.
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