Eldorado drops as Skouries setbacks cut gold outlook 18%
The miner slashed its 2026 gold forecast by 18% and raised spending due to delays at its Skouries copper-gold operation in Greece.
Eldorado Gold's shares dropped significantly after the company announced a substantial reduction in its production outlook and an increase in spending estimates due to delays at its Skouries copper-gold operation in Greece. The Vancouver-based miner revised its 2026 gold forecast downwards by 18%, from a midpoint of 495,000–600,000 oz. to 425,000–475,000 oz.
Additionally, Eldorado disclosed an extra $160 million (C$224.6 million) in Skouries costs, along with $80 million of previously planned spending now deemed necessary before commercial production. Despite Skouries remaining on track for commercial production by December 31, 2026, analysts have raised concerns about the execution risks heading into 2027.
Jefferies mining analyst Fahad Tariq commented that these setbacks delay Eldorado's transition from heavy construction spending to strong cash generation from Skouries and Saskatchewan's McIlvenna Bay. As a result, Eldorado's stock fell by 7.9% to C$44.44 in Toronto trading, valuing the company at approximately C$11.6 billion ($8.3 billion).
The shares have fluctuated between C$34.25 and C$69.46 over the past year. Analysts have highlighted that the execution concerns have reinforced into 2027, raising doubts about Eldorado's ability to generate strong cash flow from its operations.
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