Canada’s Eldorado Gold (TSX: ELD; NYSE: EGO) is moving closer to opening its Skouries copper-gold mine in northern Greece, with first output expected in early 2026 and commercial production by mid-year.
Canaccord Genuity upgraded the miner’s shares to Buy from Hold, citing reduced project risk as Skouries approaches completion. It also cited Eldorado’s solid balance sheet and attractive valuation.
The investment bank projects Eldorado’s annual production will climb from 483,000 oz. of gold in 2025 to 665,000 oz. by 2027. Free cash flow is expected to surge from $194 million to $1.3 billion over the same period. Shares currently trade at 0.52 times price-to-net asset value and 3.3 times estimated 2026 earnings before interest, taxes, depreciation and amortization, which is less than the intermediate peer averages of 0.81 and 4.4, respectively.
After years of setbacks and a four-year suspension between 2017 and 2021 due to permit delays and local opposition, Eldorado reached a new agreement with the Greek government in 2021 and restarted construction in late 2022.
Part of the Kassandra Mines Complex, Skouries hosts proven and probable reserves of 3.7 million oz. of gold and 1.7 billion lb. of copper. The mine is designed for a 20-year life, producing about 140,000 oz. of gold and 67 million lb. of copper annually through a combination of open-pit and underground mining.
Once operational, Skouries is expected to transform Eldorado’s production mix, adding a steady stream of copper revenue and lowering overall cash costs.
Eldorado shares were little changed at C$36.68 Thursday afternoon in Toronto. The company has a market value of about C$7.5 billion ($5.4 billion).
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