Core Viewpoint - Eldorado Gold Corporation reported strong preliminary gold production figures for the fourth quarter and full year of 2025, indicating operational stability and growth across its mining assets [2][3]. Production Summary - Fourth quarter 2025 gold production reached 123,418 ounces, contributing to a full year total of 488,268 ounces [2][3]. - The Lamaque Complex was a significant contributor, producing 49,307 ounces in Q4 and 187,208 ounces for the full year, benefiting from higher ore grades and mill throughput [3][5]. - Kisladag produced 41,141 ounces in Q4 and 168,701 ounces for the year, reflecting disciplined operational execution [3][6]. - Efemcukuru's Q4 production was 14,497 ounces, lower than Q3 due to planned mine sequencing, but it maintained its annual production guidance for the 11th consecutive year [3][7]. - Olympias saw a 36% increase in Q4 production to 18,473 ounces, driven by improved processing stability and operational adjustments [3][8]. Leadership Update - Dr. Sally Eyre was appointed to the Board of Directors effective January 1, 2026, bringing over 30 years of experience in global resource capital markets and mining operations [9][10][11]. Upcoming Events - The company plans to release its 2025 Year-End and Fourth Quarter Financial and Operational Results on February 19, 2026, followed by a conference call on February 20, 2026 [12][13].

Core Insights - Aris Mining Corporation (ARMN) and Eldorado Gold Corporation (EGO) are key players in the Zacks Mining - Gold industry, both based in Vancouver, Canada, focusing on gold extraction and operational growth through exploration and strategic partnerships [1][2]. Aris Mining (ARMN) - ARMN is enhancing its position in Latin America with increased production and mine expansions, achieving gold output of 73,236 ounces in Q3 2025, a 25% sequential increase and a 36.6% year-over-year rise, keeping it on track for a full-year guidance of 230,000-275,000 ounces [3][22]. - The Segovia mine is crucial for ARMN's growth, with a second mill boosting processing capacity, while the Marmato operation is expected to diversify production with first gold exploration anticipated in H2 2026 [4][22]. - ARMN holds a 51% interest in the Soto Norte Project in Colombia, recognized as a top undeveloped gold asset, and the Toroparu Project in Guyana, which has over 6.5 million ounces of gold resources [5][22]. - Financially, ARMN is strong with a cash balance of $417.9 million at the end of Q3, allowing for continued investment in expansion projects [6][22]. - However, ARMN faces cost pressures, with all-in-sustaining costs (AISC) rising 6.6% year-over-year to approximately $1,641 per ounce due to increased mill feed costs and higher royalties [7]. Eldorado Gold (EGO) - EGO is optimizing mine output while advancing development projects, operating four mines in Turkiye, Canada, and Greece, with a strong growth pipeline including the Skouries project [8][10]. - The Skouries project is expected to be a significant growth driver, with first production anticipated by mid-2026, projected to deliver 135,000-155,000 ounces of gold and 45-60 million pounds of copper in 2026 [9][10]. - EGO is enhancing productivity at its existing operations, including upgrades at Kisladag and the Lamaque Complex, and expanding Olympias from 500 ktpa to 650 ktpa [11][12]. - EGO's AISC rose sharply to $2,421 per ounce in Q3 2025, up from $1,513 per ounce year-over-year, prompting an upward revision of full-year AISC guidance to $1,600-$1,675 per ounce due to cost inflation [13]. Financial Performance and Valuation - The Zacks Consensus Estimate for ARMN's 2025 earnings per share (EPS) indicates a growth of 297.1%, with estimates trending upward over the past 60 days [14]. - In contrast, EGO's 2025 EPS implies a year-over-year growth of 8.3%, but estimates have declined over the past 60 days [15]. - Over the past six months, ARMN's shares surged 138.2%, while EGO's stock gained 75.3% [16]. - ARMN is trading at a forward price-to-earnings ratio of 7.37X, above its median of 4.54X, while EGO's forward earnings multiple is at 8.35X, lower than its median of 10.61X [17]. Conclusion - ARMN is well-positioned for long-term growth with a strong project pipeline and financial strength, while EGO faces near-term challenges with elevated costs impacting margins [22][23]. - Given current conditions, ARMN is viewed as a more favorable investment compared to EGO, with ARMN holding a Zacks Rank 1 (Strong Buy) and EGO a Zacks Rank 3 (Hold) [23].

Group 1: Company Overview - Eldorado Gold Corporation (NYSE:EGO) is recognized as one of the best gold mining companies to invest in currently [1] - The company focuses on gold and base metals production, with operations in Turkey, Canada, and Greece [6] Group 2: Price Target and Ratings - RBC Capital increased its price target on Eldorado Gold from $38 to $47 while maintaining a Buy rating [1] - BofA Securities raised its price target from $28 to $29 but reiterated an Underperform rating due to risks associated with the Skouries project [6] Group 3: Gold Price Outlook - BofA Securities expects gold prices to rise sharply, potentially reaching $5,000 per ounce by 2026, with a possibility of hitting $7,000 if the market mirrors the 2000s bull cycle [2][3] - The firm views gold as a top trade for 2026, anticipating a return of about 10% [3] Group 4: Reserve Update - Eldorado Gold increased its total proven and probable gold reserves by 5% year-over-year, reaching 12.5 million ounces, primarily driven by the Kisladag mine and the Lamaque Complex [5]

Core Viewpoint - Gold prices are experiencing significant increases in 2025, the largest since the 1979 oil crisis, driven by portfolio diversification, expectations of further gains, and macroeconomic factors such as a weaker dollar and efforts to reduce the US current account deficit [1][2]. Gold Price Forecasts - Morgan Stanley predicts gold could reach $4,500 per ounce by mid-2026, while JP Morgan forecasts average prices to exceed $4,600 in Q2 2026 and rise above $5,000 by Q4 2026 [3]. - Metals Focus also anticipates gold reaching $5,000 by the end of 2026, with Nicky Shiels from MKS PAMP expecting an average of $4,500 in 2026 [3]. - Macquarie economists, however, expect a slower pace of gains, forecasting an average of $4,225 in 2026 due to more stable global conditions and improving economic growth [3]. Investment Opportunities in Gold Mining Companies - A list of the 13 best gold mining companies to invest in has been compiled based on stock screeners, financial media reports, and hedge fund sentiment data [6]. - The methodology involved ranking companies based on the number of hedge funds holding stakes as of Q3 2025 [6]. Company Highlights - **Eldorado Gold Corporation (NYSE:EGO)**: - Ranked among the best gold mining companies, with a price target increase from $38 to $47 by RBC Capital [9]. - Increased total proven and probable gold reserves by 5% to 12.5 million ounces, driven by the Kisladag mine and Lamaque Complex [12]. - Despite a price target increase from $28 to $29, BofA maintains an Underperform rating due to risks associated with the Skouries project [13]. - **AngloGold Ashanti plc (NYSE:AU)**: - Also ranked among the best, with price target increases from various firms, including Roth MKM raising it from $84 to $92 [14]. - Citi increased its price target from $90 to $105, and RBC Capital raised it from $85 to $104, maintaining Buy ratings [16].

Core Viewpoint - Eldorado Gold has increased its ownership in Amex Exploration by acquiring a significant block of shares, indicating a strategic investment move in the junior mining sector [1][2][3]. Group 1: Transaction Details - Eldorado Gold purchased 14,868,200 shares of Amex at C$4 per share, totaling approximately C$59.5 million, raising its stake to 27.3% on a non-diluted basis [2][5]. - The transaction appears to be a matched private trade as Eric Sprott divested his shares, suggesting a strategic shift in ownership within the company [1][5]. - Amex's share price increased by 5% to C$4.04, contributing to a 274% rise over the past year, with a market capitalization of C$572.3 million [4]. Group 2: Company Relationship and Future Plans - Amex's CEO, Victor Cantore, emphasized the ongoing positive relationship with Eldorado, stating that the increased shareholding does not alter their collaboration [3][9]. - Amex is advancing its Perron and Perron West projects, with a resource estimate indicating 8.2 million tonnes of measured and indicated resources containing 1.6 million ounces of gold [7]. - Future plans for Amex include bulk sampling, ongoing exploration in Quebec and Ontario, and a feasibility study expected in the first half of next year [8].

Core Viewpoint - Eldorado Gold Corporation has acquired an additional 14,868,200 common shares of Amex Exploration Inc. for a total consideration of C$59,472,800, increasing its ownership stake significantly in Amex [1][2]. Group 1: Share Acquisition Details - The acquisition price per share was C$4.00, resulting in a total investment of C$59,472,800 [1]. - Prior to the acquisition, Eldorado owned 23,758,130 shares and 207,000 warrants, representing approximately 16.77% of Amex's outstanding shares on a non-diluted basis [2]. - After the acquisition, Eldorado's ownership increased to 38,626,330 shares and 207,000 warrants, representing approximately 27.27% of the outstanding shares on a non-diluted basis [2]. Group 2: Investment Intentions - The acquisition was made for investment purposes in response to an unsolicited opportunity to increase its stake in Amex [3]. - Eldorado has no current plans that would lead to significant changes in Amex's operations or management [3]. - The company may consider increasing or decreasing its ownership in Amex's securities in the future, depending on market conditions [3]. Group 3: Regulatory Compliance - Eldorado relied on the "private agreement exemption" under National Instrument 62-104 for the acquisition, as the purchase was made from less than five persons and was not offered to all shareholders [4]. - The consideration paid was not greater than 115% of the market price of the shares at the time of the private agreement [4]. - An early warning report will be filed in compliance with NI 62-104, providing additional information regarding the acquisition [5]. Group 4: Company Background - Eldorado Gold is a producer of gold and base metals with operations in Türkiye, Canada, and Greece, and is known for its high-quality assets and responsible operations [7].

Core Viewpoint - Eldorado Gold has increased its mineral reserve base, supporting a strong production outlook for the coming years, with shares experiencing a slight increase [1][4]. Group 1: Mineral Reserves - Total reserves as of the end of September are estimated at 371.7 million tonnes grading 1.05 grams per tonne gold, equating to approximately 12.5 million ounces of contained gold, which is a 5% increase from the same time last year [1]. - The reserve increase is primarily attributed to the Lamaque complex in Quebec, which saw a 25% increase in reserves estimates, the highest since its acquisition in 2017 [2]. - Reserves at the Kisladag mine in Türkiye rose by 11% due to a higher gold price assumption and mine optimization, while reserves at Olympias in Greece increased slightly beyond depletion, driven by updated resource modeling [3]. Group 2: Production Outlook - The updated reserve estimates strengthen the company's foundation and support a robust production outlook for the next decade, with an average mine life of 13 years [5]. - The updated reserves reflect a higher gold price assumption of $1,700 per ounce compared to last year's $1,450 per ounce, reinforcing the resilience of Eldorado's portfolio [5]. Group 3: Exploration and Growth Strategy - The company has achieved a near 21% increase in inferred mineral resources due to exploration success in Canada and Greece, reinforcing its strategy to extend mine life and advance near-mine opportunities [6]. - In 2026, the company plans to continue investing in organic growth through exploration, focusing on mine life extension at existing operations and pursuing new discoveries in Canada and Türkiye [7].

Core Insights - Eldorado Gold Corporation has reported an increase in its Mineral Reserves and Resources as of September 30, 2025, with a 5% rise in Mineral Reserves and a 21% increase in Inferred Mineral Resources, reflecting successful exploration efforts and resource conversion [2][6][12]. Mineral Reserves Summary - The total Proven and Probable gold Mineral Reserves reached 12.5 million ounces, up from 11.9 million ounces in the previous year, marking a 5% increase [6][9]. - The Lamaque Complex saw a significant 25% increase in Mineral Reserves, contributing to the overall growth [2][8]. - The average mine life across operations is projected to be 13 years, with specific mine life estimates as follows: Kisladag Mine (13 years), Olympias Mine (16 years), and Skouries Project (20 years) [5]. Mineral Resources Update - Measured and Indicated Mineral Resources totaled 17.4 million ounces, reflecting a 5% decrease from the previous year, primarily due to depletion at Kisladag and Perama Hill [11]. - Inferred Mineral Resources increased to 8.2 million ounces, a 21% rise, driven by new resources identified at Bonnefond and Perama Hill [12][14]. Exploration and Growth Strategy - The company plans to continue investing in organic growth through exploration, focusing on extending mine life at existing operations and pursuing new discoveries in Canada and Turkiye [5][17]. - Successful resource conversion at the Lamaque Complex, particularly in the Ormaque and Triangle zones, has positioned the complex for long-term growth [4][13]. Detailed Changes in Mineral Reserves - The following changes in Mineral Reserves were noted: - Lamaque Complex increased from 1.3 million ounces to 1.6 million ounces, a change of 314, with significant contributions from Ormaque and Triangle zones [9][13]. - Kisladag increased by 11% to 3.9 million ounces, while Olympias saw a slight increase to 1.8 million ounces [8][9]. Financial Assumptions - The updated Mineral Reserves reflect a conservative gold price assumption of $1,700 per ounce, up from $1,450 per ounce in the previous year, indicating a resilient portfolio [2][6].

Core Insights - Eldorado Gold reported mixed Q3 results, with production declining due to operational issues at Olympias and increased costs at its Turkish projects [1] Production and Operational Performance - Production fell in the last quarter, attributed to operational challenges at the Olympias site [1] - Increased costs were noted at projects in Turkey, impacting overall performance [1] Financial Health and Strategy - Despite the challenges, the company is focused on solidifying its strong financial position [1]

Core Insights - Eldorado Gold Corporation is a mid-tier gold and base-metals producer with diversified operations in Turkey, Canada, and Greece, appealing to a wide range of investors [2][3][43] - The company has shown renewed operational momentum in 2025, supported by revenue growth and a disciplined capital allocation strategy, including buybacks and project investments [2][10] - Eldorado's operational profile includes a mix of conventional gold operations and polymetallic production, which helps in managing costs and enhancing cash flow [6][17] Company Overview - Eldorado Gold Corporation is publicly traded on the Toronto Stock Exchange under the ticker TSX:ELD, with a market capitalization of approximately CAD 5.15 billion [3][9][34] - The company operates key mines such as Kışladağ, Efemçukuru, the Lamaque Complex, and Olympias, utilizing both open-pit and underground production methods [3][5] - The asset mix includes high-grade underground operations and bulk-tonnage open pits, providing a balance of cost and grade exposure [6][18] Financial Performance - Recent net sales are reported in the range of approximately US$1.7–1.8 billion, with net income between US$300–360 million for recent periods [9][11][12] - The company has a P/E ratio of 12.3x for 2025, with a forward P/E estimate near 6.7x for 2026 [11][12] - Eldorado has historically not positioned itself as a high-dividend payer, focusing instead on capital for development spending and share buybacks [11][40] Operational Strategy - The operational strategy emphasizes cost control, commodity diversification, and staged project execution, with by-product credits from polymetallic production helping to reduce effective gold cash costs [17][21] - Key operational features include a focus on production growth initiatives and capital allocation decisions, with regular comparisons to peers like Gold Fields and AngloGold Ashanti [7][10] - The company has a development pipeline that includes projects like Perama Hill and Skouries, which can extend mine life and improve production profiles if permitted and financed [6][22] Market Position - Eldorado's mid-cap scale garners attention from specialized resource funds and analysts tracking the metals sector, with its market position providing exposure to gold with operational diversification [29][33] - The company is often compared to larger gold producers like Barrick Gold and Newmont Corporation, with distinct advantages in its asset mix and production capabilities [31][39] - Index membership on the TSX influences passive fund ownership and visibility among institutional investors [29][30]