Eldorado Gold (TSX:ELD) Starts Skouries Concentrate Production On Fair Value Still In View
Eldorado Gold (TSX:ELD) has produced its first copper gold concentrate at the Skouries Project in northern Greece, marking a move from construction toward operations and future commercial production.
The Skouries milestone comes after a strong run in Eldorado Gold’s shares, with a 90-day share price return of 35.10% and a year-to-date share price gain of 24.02%. The 1-year total shareholder return of 54.00% and very large 5-year total shareholder return reflect momentum that long-term holders have already experienced.
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After a sharp move and with Eldorado Gold trading at a modest discount to both analyst targets and estimated fair value, is the market rightly cautious about Skouries execution risk, or is it too slow to update its view?
Most Popular Narrative: 3% Undervalued
Eldorado Gold last closed at CA$60.31 against a widely followed fair value estimate of about CA$62.00, which frames Skouries as a key swing factor in whether the recent share price strength has further room to run.
The approaching commissioning of the Skouries copper-gold project, slated for Q1 2026 and on schedule, is expected to be transformative by materially increasing production volumes, diversifying the revenue mix, and expanding EBITDA margins due to the asset's high grades and lower costs relative to existing operations. Sustained global macroeconomic trends, particularly heightened geopolitical uncertainty and persistent inflation, are supporting record-high and resilient gold prices, which directly feed into higher top-line revenues for Eldorado and are likely to persist given central bank buying and gold's role as a safe-haven asset.
See why 45 investors see Eldorado Gold as 3% undervalued.
Result: Fair Value of CA$62.00 (UNDERVALUED)
Still, elevated all in sustaining costs and the execution risk around Skouries and McIlvenna Bay leave Eldorado Gold exposed if timelines or budgets slip.
Find out about the key risks to this Eldorado Gold narrative.
Next Steps
If the mix of optimism around Skouries and concern about costs feels finely balanced, consider acting while the facts are fresh and build your own take using the 3 key rewards and 3 important warning signs.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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