Eldorado Gold Q2 Earnings Call Highlights

Eldorado Gold produced 105,000 ounces of gold, while revenue rose to $487 million and adjusted earnings increased to $137 million, or $0.54 per share. The realized gold price of $4,379 per ounce offset lower sales volumes.

Skouries remains on track for first concentrate in Q3 2026 and commercial production in Q4, while McIlvenna Bay produced its first copper and zinc concentrates and is expected to reach commercial production later this quarter.

Free cash flow was negative $334 million due to $214 million invested in Skouries and $78 million in McIlvenna Bay, though the existing producing assets generated approximately $41 million.

CEO George Burns is expected to step down after the next earnings call, with President Christian Milau set to succeed him.

Eldorado Gold NYSE: EGO reported second-quarter 2026 gold production of 105,000 ounces and sales of 103,000 ounces, while advancing its Skouries project in Greece toward first concentrate production and ramping up the newly acquired McIlvenna Bay operation in Saskatchewan.

Revenue rose to $487 million from $452 million a year earlier, as a realized gold price of $4,379 per ounce offset lower sales volumes.

Net earnings attributable to shareholders from continuing operations were $173 million, or $0.68 per diluted share, compared with $139 million, or $0.67 per share, in the prior-year quarter.

Adjusted net earnings increased to $137 million, or $0.54 per share, from $90 million, or $0.44 per share, a year earlier.

CEO George Burns said the company’s production was in line with plan during the quarter.

He also said he expects the quarter to be his final earnings call as CEO, with President Christian Milau set to assume the role as Eldorado moves toward production ramp-ups at Skouries and McIlvenna Bay.

Burns will remain on the board.

At Skouries, Eldorado achieved first ore crushed in July, beginning commissioning of the crushing circuit.

Burns said the processing plant is substantially complete, wet commissioning is under way, and water circulation testing is progressing through the circuit to the tailings thickener and filter feed tanks.

Two tailings thickeners are ready for first-ore commissioning, while mechanical and electrical work has been completed on two of six filters at the filtered-tailings plant.

The company has also stockpiled about 4 million tonnes of ore, representing planned mill feed for the remainder of 2026 and into 2027.

Skouries remains on track to produce its first concentrate in the third quarter, according to Burns.

Commercial production is expected in the fourth quarter.

Final site energization is awaiting an inspection and final approvals from the Greek power authority.

Burns said the inspection was scheduled for mid-August and that the company expected connection to the grid by the end of August, although the process could slip into September.

To reduce the risk of delays to commissioning, Eldorado expanded its temporary generating capacity to 36 megawatts, compared with 50 megawatts expected from the grid connection.

The generators can support operation of the full plant at significant throughput, though not at nameplate capacity.

Burns said the temporary diesel generation arrangement was expected to cost about $5 million and that grid power would be materially cheaper.

Eldorado continued to forecast approximately $1.315 billion as the final project development cost for Skouries, though CFO Paul Ferneyhough said the precise total will depend partly o...