Eldorado Gold (EGON) Q3 2026 Earnings Report
MX:EGON Q3 2026 EPS Results
- Actual EPS
- MXN 9.26
- Consensus EPS
- MXN 10.19
- Beat/Miss
- Missed by -MXN 0.93
- One Year Ago EPS
- MXN 7.76
MX:EGON Q3 2026 Revenue Results
- Actual Revenue
- MXN 9.68B
- Expected Revenue
- MXN 11.97B
- Beat/Miss
- Missed by -MXN 2.28B
- YoY Revenue Growth
- +19.69%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- After Close
- Conference Call
- Wednesday, October 28, 2026
Eldorado Gold's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was mixed but cautiously constructive. The company reported substantially higher revenue and earnings, strong performance at Lamaque, major commissioning milestones at Skouries and McIlvenna Bay, solid liquidity, and confidence in the 2027 outlook. However, these positives were offset by slower-than-expected ramp-ups, higher project capital and operating capital, revised 2026 production guidance, negative consolidated free cash flow, elevated operating costs, and ongoing inflation, diesel, labor, and debt-related considerations.
For 2026, Eldorado expects operating assets excluding Skouries and McIlvenna Bay to produce 410,000 ounces-430,000 ounces of gold, Skouries to produce 10,000 ounces-35,000 ounces of gold and 5 million lbs-15 million lbs of copper, and both Skouries and McIlvenna Bay to achieve commercial production in late Q4; Skouries project capital is approximately $1.425 billion, accelerated operational capital is $390 million, and up to an additional $30 million contingency may be incurred, while McIlvenna Bay project capital to commercial production is expected to be $975 million, with approximately $15 million of 2026 growth capital post commercial production and $10 million of sustaining capital post commercial production. For 2027, previously guided ranges include 140,000 ounces-160,000 ounces for Kışladağ, 150,000 ounces-180,000 ounces and 50 million lbs-70 million lbs of copper for Skouries, and 75,000 ounces-90,000 ounces for Olympias, with Olympias probably at the lower end of that range right now; nameplate capacity at Skouries and McIlvenna Bay is guided by the middle of 2027, the whole ore agglomeration circuit is expected to commission and ramp up in the first half of 2027, McIlvenna Bay OpEx is expected to reach $90-$110 per tonne, initially around the upper end of that range, and exploration could receive $80 million-$100 million, with no major projects next year and 2028 the earliest for material construction spend.
- Quarterly Revenue and Net Earnings GrowthThird-quarter revenue increased 18% year over year to $512 million, supported by an average realized gold price of $4,326 per ounce versus $3,527 per ounce in Q3 2025. Net earnings attributable to shareholders from continuing operations rose to $118 million, or $0.45 per share, from $56 million, or $0.28 per share, while adjusted net earnings increased to $127 million, or $0.49 per share, from $82 million, or $0.41 per share.
- Strong Gold Production and SalesThe company produced 106,000 ounces of gold and sold 107,000 ounces during the quarter. Higher realized gold prices more than offset the impact of lower gold sales volumes.
- Skouries Achieved First Copper-Gold ConcentrateSkouries achieved first production of copper-gold concentrate on September 8. The process plant was described as substantially complete and operating as expected during ramp-up.
- Skouries Filter Press and Tailings System ProgressThe first two filter presses at Skouries are operating, with cycle times within the target of roughly four cycles per hour per filter and moisture content in the expected transportable and stackable range. The crushing, conveying, filtering, and tailings stacking systems are operating as an end-to-end process, enabling continuous plant operation. Two additional filter presses are expected to come online in November, likely within the next couple of weeks.
- Skouries Power and Mining Infrastructure MilestonesSkouries was successfully connected to grid power on September 28, allowing all temporary generators to be demobilized. Open-pit and underground mining continued to perform well, with a significant stockpile of ore available. Underground development advanced by 2,100 meters during the quarter, and the east ramp breakthrough was achieved.
- Skouries Stockpile Provides Feed FlexibilityThe Skouries stockpile exceeded 5 million tonnes, with nearly 50% described as predominantly sulfide material. The open pit has now reached primary sulfide ore, allowing the company to blend open-pit sulfide ore with stockpile material. The company plans to blend oxide material in the 20%-30% range toward the back end of 2026 and into 2027.
- Skouries Offtake Arrangements in PlaceThe company expects to transport its first batch of European-produced concentrate to a European smelter a few hours from Skouries. Offtake contracts cover essentially the bulk of the next two and a half years, with logistics in place and no penalties associated with the delayed ramp-up.
- McIlvenna Bay Process Plant OperationalThe full McIlvenna Bay process plant is operational, with average throughput in the 70% range. The company expects commercial production in late Q4 2026 and said it has a good line of sight on the causes of the ramp-up issues.
- McIlvenna Bay Exploration and Expansion PotentialThe company remains on track to include an inaugural inferred mineral resource for McIlvenna Bay in its fourth-quarter annual mineral reserve and resource update. It is evaluating a silver-lead circuit, a mill expansion to 7,000 tons per day, shaft location, material-handling options, resource-conversion drilling, and the Tesla deposit. More timing detail on the studies is expected with the beginning-of-year guidance, likely in Q1.
- McIlvenna Bay Sustainability Design and Recovery PerformanceThe pyrite concentrate at McIlvenna Bay is used to desulfurize tailings before the material is placed into underground backfill, leaving filtered and dry-stacked tailings non-sulfide and non-potentially acid generating. Copper and zinc front-end recoveries were described as performing well, with no recovery impact from the back-end liquid-separation issues.
- Positive 2027 Operating OutlookManagement remains comfortable with its overall 2027 outlook and does not expect the 2026 ramp-up delays at Skouries and McIlvenna Bay to impact 2027 production. Skouries and McIlvenna Bay are expected to advance through ramp-up, the Olympias expansion is expected to come online, and work at Kışladağ is expected to begin contributing.
- Lamaque Delivered Another Strong QuarterLamaque produced 52,748 ounces of gold, supported by strong mill performance, higher head grade and recoveries, and a positive contribution from Ormaque. Total cash costs were $897 per ounce sold and all-in sustaining costs were $1,436 per ounce sold.
- Efemçukuru Continued as a Consistent ContributorEfemçukuru produced 17,073 ounces of gold and continued to deliver strong throughput. Development work at the Kokarpinar deposit advanced to support the mine-life extension.
- Kışladağ Improvement Initiatives UnderwayAccelerated waste stripping at Kışladağ is expected to improve access and operating flexibility. The whole ore agglomeration circuit remains on track for commissioning and ramp-up in the first half of 2027, with the company expecting it to improve the leach cycle.
- Strong Operating Cash Generation Before Growth InvestmentCash flow from operating activities before changes in working capital was $249 million, compared with $184 million in the prior-year quarter. The established operating portfolio generated $98 million of free cash flow before investment in Skouries and McIlvenna Bay, up from $77 million in the prior-year period.
- Liquidity and Credit Facility StrengthenedThe revolving credit facility was increased from $450 million to $600 million, its maturity was extended to March 1, 2029, and pricing and covenant terms were improved. At quarter-end, cash and cash equivalents were approximately $397 million, credit-facility availability was $275 million, and total liquidity was $672 million, in addition to $72 million of restricted cash in the Skouries debt service reserve account.
- Project Funding Remains in PlaceBased on current cost and schedule assumptions, the Skouries project remains fully funded.
- Strengthened Project GovernanceThe company has enhanced its projects team and embedded it across the business. Management stated that it does not expect to undertake any significant capital project without the projects team involved from the outset.
- Expected Shift Toward Shareholder ReturnsManagement said 2027 is expected to focus on shareholder returns, balance-sheet management, and cash-flow generation rather than starting major new construction projects. Potential uses of capital include debt reduction, reinvestment, dividends, and share repurchases, with management stating that buying back shares could be one of the best capital allocations at current share prices.
- Exploration Allocation PlannedManagement expects to allocate approximately $80 million-$100 million to exploration, describing the exploration portfolio as highly prospective and the spending as a critical element with high returns.
MX:EGON Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 17.32- | 11.65 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 10.199.26 | 7.76 | 19.34% (+1.50) | |
| Jul 30, 2026 | 2026 (Q2) | 10.7010.24 | 8.2 | 24.88% (+2.04) | |
| Apr 30, 2026 | 2026 (Q1) | 12.4217.42 | 5.2 | 234.81% (+12.22) | |
| Feb 19, 2026 | 2025 (Q4) | 10.5311.65 | 11.9 | -2.16% (-0.26) | |
| Oct 30, 2025 | 2025 (Q3) | 8.547.76 | 6.58 | 17.86% (+1.18) | |
| Jul 31, 2025 | 2025 (Q2) | 8.778.20 | 6.18 | 32.82% (+2.03) | |
| May 01, 2025 | 2025 (Q1) | 6.085.20 | 4.99 | 4.34% (+0.22) | |
| Feb 20, 2025 | 2024 (Q4) | 10.8611.90 | 4.38 | 171.91% (+7.53) | |
| Oct 31, 2024 | 2024 (Q3) | 6.236.58 | 3.19 | 106.36% (+3.39) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.