Eldorado Gold (ELD) Q3 2026 earnings summary

Executive summary

• Q3 gold production was 106,351 oz; Skouries produced first copper-gold concentrate and McIlvenna Bay produced first copper and zinc concentrates as both projects advanced toward commercial production in late Q4 2026.

• Slower, costlier ramp-ups at Skouries and McIlvenna Bay weighed on consolidated free cash flow, which was negative, while free cash flow excluding the projects remained positive.

• Management priorities include completing commissioning, improving execution consistency and capital discipline, preserving balance-sheet flexibility, and converting project investment 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 volumes sold.

• Net earnings attributable to shareholders were $118.0M, or $0.45/share, versus $56.5M and $0.28/share YoY; adjusted net earnings were $127.0M, or $0.49/share.

• Adjusted EBITDA was $275.2M versus $196.3M YoY; operating cash flow before working-capital changes was $248.8M versus $183.5M.

• Consolidated free cash flow was negative $191.1M; excluding Skouries and McIlvenna Bay, it was $98.3M versus $76.9M YoY.

• Capital expenditures were $452.3M, including $108.6M Skouries project capital, $84.3M Skouries accelerated operational capital and $87.5M McIlvenna Bay project capital.

Outlook and guidance

• FY2026 gold production guidance was revised to 410,000–430,000 oz at operating assets excluding the new projects, and 425,000–475,000 oz including them, down from original ranges.

• Skouries 2026 gold guidance fell to 10,000–35,000 oz from 60,000–100,000 oz; McIlvenna Bay remains at 5,000–10,000 oz. Commercial production at both is expected in late Q4 2026.

• 2026 base-metal guidance was revised to copper 10–25M lb, silver 1.2–1.5M oz, lead 11–14 kt and zinc 14–20 kt.

• Operating-asset cash cost guidance rose to $1,400–$1,500/oz sold and AISC to $1,975–$2,125/oz; sustaining capital guidance increased to $170–$190M and growth capital to $395–$430M.

• Skouries project capital is estimated at $1.425B and accelerated operational capital at $390M, with up to a further $30M possible; McIlvenna Bay project capital is estimated at $975M.