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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Eldorado Gold
Eldorado Gold (ELD) investor relations material
Eldorado Gold Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Skouries produced first copper-gold concentrate in September; McIlvenna Bay produced first copper and zinc concentrates. Commercial production at both is expected in late Q4 2026.
Slower-than-planned ramp-ups at Skouries and McIlvenna Bay increased costs and investment, weighing on consolidated free cash flow; free cash flow excluding the projects remained positive.
Management priorities include completing commissioning, disciplined execution and capital allocation, preserving balance-sheet flexibility, and converting growth investments into cash flow and per-share value.
Financial highlights
Q3 revenue was $511.9M versus $434.7M YoY; higher realized gold prices more than offset lower sales volumes.
Net earnings attributable to shareholders were $118.0M, or $0.45/share, versus $56.5M and $0.28/share; adjusted net earnings were $127.0M, or $0.49/share, versus $82.3M and $0.41/share.
Adjusted EBITDA was $275.2M versus $196.3M YoY; operating cash flow before working-capital changes was $248.8M versus $183.5M.
Operating cash flow was $134.8M; consolidated free cash flow was negative $191.1M versus negative $87.4M, while free cash flow excluding Skouries and McIlvenna Bay was $98.3M versus $76.9M.
Q3 capital expenditures were $452.3M, including $108.6M of Skouries project capital, $84.3M of Skouries accelerated operational capital and $87.5M of McIlvenna Bay project capital.
Outlook and guidance
2026 gold guidance is 410,000–430,000 oz for operating assets and 425,000–475,000 oz including Skouries and McIlvenna Bay; Skouries guidance is 10,000–35,000 oz gold and 5–15M lb copper, while McIlvenna Bay remains at 5,000–10,000 oz gold.
Operating-asset 2026 cash cost guidance is $1,400–$1,500/oz sold and AISC is $1,975–$2,125/oz; sustaining capital is $170–$190M and growth capital is $395–$430M.
Consolidated 2026 base-metal guidance is copper 10–25M lb, silver 1.2–1.5M oz, lead 11–14 kt and zinc 14–20 kt.
Commercial production at Skouries and McIlvenna Bay remains expected in late Q4 2026; management said 2027 production expectations remain intact, with both projects targeting nameplate capacity by mid-2027.
Higher-grade Kışladağ ore is expected to benefit production in late Q4 and 2027; whole-ore agglomeration ramp-up is expected in H1 2027. Olympias expansion tie-ins are planned for Q1 2027, with nameplate throughput targeted in H1.
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Latest events from Eldorado Gold
- New mines, expansions and exploration underpin a forecast ~40% gold-production increase by 2028.ELD
Investor presentation - Gold and copper output surge and cash flow inflection in 2027 will boost shareholder returns.ELDMining Forum Americas 2026
- Skouries and Mcllvenna Bay ramp-up drives gold and copper growth, backed by strong ESG and financials.ELDInvestor presentation
- ~40% gold growth by 2028, copper starts 2026, strong projects, robust ESG, and financial strength.ELDInvestor presentation
- Strong gold prices and project advances drove higher Q2 earnings and future growth outlook.ELDQ2 2026
- Production growth, new assets, and strong cash flow position the company for top sector performance.ELD35th BMO Global Metals, Mining & Critical Minerals Conference
- Merger forms a leading gold-copper producer with major assets entering production in 2026.ELDM&A announcement
- Skouries' first production delayed to Q1 2026, costs up 15.5% to $1.06B, 33% growth by 2027.ELDStatus Update
- Record gold output and strong cash generation as Skouries construction advances.ELDQ4 2024
Next Eldorado Gold earnings date
Q4 202619 Feb, 2027
Eldorado Gold
Next Eldorado Gold earnings date
Q4 202619 Feb, 2027
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Frequently asked questions
Eldorado Gold Corporation is a mining company involved in the exploration, development, and production of gold and other base metals. Its operations span several countries, where it manages underground and open-pit mines. The company also engages in mineral processing and resource expansion activities to support long-term production. It is headquartered in Vancouver, Canada, and its shares are listed on the TSX.