Eldorado Gold Corporation
Eldorado Gold Corporation is a TSX/NYSE-listed (ticker EGO on NYSE) intermediate gold producer with a multi-country portfolio: Lamaque (Quebec, Canada -- the current largest producer by ounces), Kisladag and Efemcukuru (Turkey), and Olympias (Greece, undergoing a mill expansion to 650ktpa targeted for completion end of 2026). Its flagship growth project, Skouries (Greece, wholly-owned gold-copper), is in the final stages of construction: first ore was crushed on temporary power in Q2 2026, first concentrate is targeted for Q3 2026, and commercial production for Q4 2026, at a total capital cost of approximately $1.315 billion to commercial production. Q2 2026 group results: 104,616 oz gold produced, consolidated AISC of $1,926/oz, cash of $554.6M, and total debt of $1.75 billion -- peak leverage from Skouries/McIlvenna Bay project financing, not distress; debt servicing and repayment begin end of 2026 as Skouries ramps. Free cash flow was negative $334.1M in Q2 2026 (growth-capex driven) but positive $40.9M excluding growth-project spend. Confirmed not ASX-listed -- delisted 2012-08-31 (ticker EAU) due to low CDI trading volume relative to TSX/NYSE. George Burns is President & CEO, retiring effective 2026-09-30 with Christian Milau (currently a director) taking over the same date -- a planned succession timed to Skouries entering its operating phase.
Notable vs. Peers
- Financials score of 2.9/10 is weaker than the peer average of 6.5/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Jan 2022 · Source
- Jan 2022 · Source
- Jun 2022 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: tailings facility.
Not in place: tailings facility, grid power.
Combined view across 6 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 19%Skouries
- 23%McIlvenna Bay Mine, Saskatchewan
- 8 yrsLamaque Complex
- 13 yrsKışladağ
- 8 yrsEfemçukuru
- 16 yrsOlympias
- 20 yrsSkouries
- 19 yrsMcIlvenna Bay Mine, Saskatchewan
Shown as separate totals, not summed together: these projects' studies used different discount rates, so a single combined NPV would not be a real number.
Jurisdiction (40%)9/10
Quebec: Fraser PPI 2025 is 79.39 of 100 (rank 23 of 68), which maps to 9 on this site's scale. Eldorado's flagship is the Lamaque complex at Val-d'Or, Quebec. Kisladag and Efemcukuru (Türkiye) and Olympias and Skouries (Greece, where Skouries has a history of construction delays and local opposition) carry different risks, which this single flagship-based score does not capture.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Lamaque Complex.
Nearby producing mine (20%)10/10
Goldex (Agnico Eagle Mines Limited) is 10 km away -- within shared-mill trucking range.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not yet researched
Holder register not researched yet
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:9/10
Nearest producing mine: Goldex (Agnico Eagle Mines Limited), 10 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and Chief Executive Officer of Eldorado Gold Corporation since Apr 2017 (joined Feb 2017), retiring effective 30 Sep 2026 and remaining on the Board of Directors thereafter -- Christian Milau (currently a director) is set to succeed him as President and CEO. Began his career at Anaconda Company in 1978; held various roles at Asarco LLC (including VP of Mining) and numerous roles at Cyprus Minerals Corporation (no specific dates confirmed for these three early-career employers).
Joined Eldorado in May 2021 as SVP, Chief Growth and Integration Officer, then EVP, Chief Strategy & Commercial Officer, before his CFO appointment. Before Eldorado, spent nearly two decades with Talisman Energy Inc. and its successor Repsol SA (Repsol acquired Talisman in 2015), most recently as Executive Director leading Repsol's North American upstream oil and gas division. Chartered Accountant, Institute of Chartered Accountants of England and Wales.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Not scored. Smart-money tracking covers companies below about US$5B in market cap, where a single specialist fund or strategic investor taking a stake is a meaningful signal. This company was above that size when it was assessed.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Eldorado Gold operates Lamaque in Quebec, Kisladag and Efemcukuru in Turkey and Olympias in Greece, and is completing construction of the wholly owned Skouries gold-copper project in Greece. Skouries' December 2021 feasibility study showed an NPV (5%) of US$1.3B and a 19% IRR at US$1,500/oz gold and US$3.85/lb copper over a 20-year mine life; that is a single-project figure, not a company-wide one.