Eldorado Gold Surges on Skouries Project Momentum

Eldorado Gold saw a notable premarket increase of 3.17% after Jefferies issued a Buy rating and set a $50 price target. This positive outlook is largely driven by the progress at the Skouries copper-gold project in Greece.

The Skouries project has entered its commissioning phase and was 97% complete by the end of the most recent quarter, with the process plant substantially finished. First ore was crushed in July, and the project is expected to produce its first concentrate in the third quarter, with commercial production anticipated in the fourth quarter.

Jefferies views the Skouries project as largely de-risked, marking a significant shift for Eldorado Gold. The company is moving from a construction narrative towards production and anticipates substantial free cash flow growth beginning in 2027. The McIlvenna Bay project is also contributing to this de-risking, although investor focus remains on commissioning milestones rather than the underlying cash flow potential.

In the second quarter, Eldorado reported revenue of $487 million, a 7.7% increase, and adjusted earnings of $0.54 per share, based on a realized gold price of $4,379 an ounce.