Eldorado Gold Sees Skouries Catalyst Ahead Amid Elevated Gold Prices

Eldorado Gold's second quarter results highlighted a company in transition, with legacy operations showing softness amidst an elevated gold price environment. The Toronto-based miner reported Q2 2026 revenues of $487.5 million, up from $451.7 million a year earlier, driven by the higher realized gold price rather than increased volumes.

The company's net earnings were $172.8 million, or $0.69 per share, while adjusted net earnings came in at $136.7 million, or $0.54 per share. Despite these figures, quarterly gold production declined to 104,616 ounces from 133,769 ounces in the prior-year quarter.

The defining catalyst for Eldorado's growth story is the successful startup of Skouries, a long-delayed gold-copper project in northern Greece. With construction at Skouries 97% complete and first ore crushed on temporary power, commercial production is expected to begin in the fourth quarter of 2026.

The combination of elevated gold prices and the imminent startup of Skouries has Eldorado positioned for substantial growth over the next three years, with a target of roughly 40% gold production growth. However, investors remain cautious due to the company's history of delays and cost revisions at Skouries.