Eldorado Gold Provides 2026 Guidance; Three-Year Outlook Targets 40% Gold Production Growth; Skouries Construction Update

Core Viewpoint - Eldorado Gold Corporation has provided its production and cost guidance for 2026, highlighting a significant growth trajectory with the commencement of commercial production at the Skouries project expected in Q4 2026, which will enhance cash generation and production levels from 2027 onward [1][3][26]. 2026 Guidance Highlights - Total gold production for 2026 is projected to be between 490,000 and 590,000 ounces, reflecting an approximate 11% increase compared to 2025 [4][5]. - Total cash costs are expected to range from $1,220 to $1,420 per ounce sold, with all-in sustaining costs (AISC) projected between $1,670 and $1,870 per ounce sold [8][10]. - Growth capital expenditures are estimated at $375 to $405 million, while sustaining capital is expected to be between $140 and $165 million [5][10]. 3-Year Outlook Highlights - The three-year outlook anticipates a substantial increase in gold production, with a projected growth of approximately 40% in 2027 compared to 2025, driven by the Skouries project coming online [3][30]. - By 2028, gold production is expected to reach between 640,000 and 740,000 ounces, marking a 41% increase over 2025 [30]. Operational Insights - At the Lamaque Complex, production is expected to be between 185,000 and 200,000 ounces, with a focus on the development of the Ormaque deposit [11][12]. - Kisladag is projected to produce between 105,000 and 130,000 ounces, with plans for a larger secondary crusher to enhance throughput [15][16]. - Olympias is expected to produce 70,000 to 80,000 ounces, benefiting from the commissioning of a new plant [21][23]. - Efemcukuru's production guidance remains stable at 70,000 to 80,000 ounces, with anticipated increases in costs due to inflation [19][20]. Skouries Project Update - The first concentrate production at Skouries has been delayed to early Q3 2026, with commercial production now expected in Q4 2026, impacting construction capital by approximately $50 million [24][26]. - The project is anticipated to significantly contribute to cash flow and production levels once operational [24][26]. Financial Metrics - Exploration and evaluation expenditures for 2026 are expected to be between $75 and $85 million, with general and administrative expenses projected at $40 to $45 million [10][12]. - The company is focused on maintaining a disciplined approach to growth while enhancing cash flow generation through the development of long-life assets [26][30].