Eldorado Gold's Skouries Project Nears Production Start
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 23 2026
0mins
Should l Buy EGO?
Source: Fool
Eldorado Gold Corp (EGO) shares surged 6.58% as the company reached a 52-week high, driven by positive developments in its Skouries project. The Skouries project is on track for its first concentrate production by the end of Q1 2026, with construction progress at 90%, which is expected to significantly enhance production and cash flow for the company. Additionally, the Olympias expansion plan is set for completion in Q3 2026, further increasing processing capacity and improving cash flow. These advancements reflect strong market confidence in Eldorado's future performance.
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Analyst Views on EGO
Wall Street analysts forecast EGO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for EGO is 37.08 USD with a low forecast of 29.00 USD and a high forecast of 47.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Analyst Rating
4 Buy
2 Hold
1 Sell
Moderate Buy
Current: 36.990
Low
29.00
Averages
37.08
High
47.00
Current: 36.990
Low
29.00
Averages
37.08
High
47.00
About EGO
Eldorado Gold Corporation is a Canada-based gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece. The Company operates four mines: Kisladag, Efemcukuru, Lamaque, and Olympias. The Kisladag, Efemcukuru and Lamaque mines are gold mines, while Olympias is a polymetallic operation producing three concentrates bearing gold, lead-silver and zinc. Kisladag is a low-grade, bulk-tonnage, open-pit operation that uses heap leaching for gold recovery. It is located in Usak Province in western Turkiye. Efemcukuru is a high-grade, underground operation located in Izmir Province in western Turkiye. The Lamaque Complex is located in Val-d'Or, Quebec. It includes the Triangle mine, the Ormaque mine, the Parallel deposit, the Plug #4 deposit, and the Sigma Mill. Olympias is a gold-silver-lead-zinc mine located in the Halkidiki Peninsula in northern Greece. It also operates the Bruell Gold Project 51 claim property in Vauquelin township, Quebec.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Trend Analysis: The recent downturn in silver prices indicates a potential shift in market dynamics.
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- Shareholder Structure Changes: Under the deal terms, Foran shareholders will receive 0.1128 common shares of Eldorado for each Foran share held, resulting in existing Eldorado shareholders owning about 76% of the combined company, while Foran shareholders will hold the remaining 24%.
- Future Production Expectations: The combined company is projected to produce around 900,000 gold equivalent ounces by 2027, primarily supported by two fully financed development projects—Skouries in Greece and McIlvenna Bay in Saskatchewan—expected to reach commercial production by mid-2026.
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- Combined Company Structure: Post-transaction, Eldorado shareholders will own about 76% of the combined entity, while Foran shareholders will hold the remaining 24%, with the merged company expected to have a balanced exposure of approximately 77% gold, 15% copper, and 8% other metals across Canada, Greece, and Türkiye.
- Project Development Outlook: The combined company will benefit from two fully financed development projects, Skouries and McIlvenna Bay, projected to commence commercial production by mid-2026, with an expected output of around 900,000 gold-equivalent ounces in 2027, capitalizing on strong metal prices and rising demand for critical minerals.
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- Financial Outlook: The combined entity is projected to generate approximately $2.1 billion in EBITDA and $1.5 billion in free cash flow in 2027, which will fund future growth initiatives, enhance shareholder returns, and maintain financial flexibility through commodity cycles.
- Diversified Asset Base: The merger will create a portfolio with approximately 77% gold, 15% copper, and 8% other metals across attractive mining jurisdictions in Canada, Greece, and Türkiye, providing jurisdictional and commodity diversification that strengthens risk resilience.
- Sustainability Commitment: Eldorado and Foran share strong alignment on sustainability principles, and the combined company will focus on transparent sustainability performance and GHG emissions mitigation, ensuring enhanced business resilience and social responsibility for decades to come.
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- Market Performance: Silver prices have experienced a decline, dropping 6% to $67 per ounce.
- Trend Analysis: The recent downturn in silver prices indicates a potential shift in market dynamics.
See More
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- Acquisition Overview: Eldorado Gold (EGO) has agreed to acquire Foran Mining (FMCXF) for approximately C$3.8 billion (US$2.8 billion), significantly increasing its investment in copper and enhancing its competitive position in the market.
- Shareholder Structure Changes: Under the deal terms, Foran shareholders will receive 0.1128 common shares of Eldorado for each Foran share held, resulting in existing Eldorado shareholders owning about 76% of the combined company, while Foran shareholders will hold the remaining 24%.
- Future Production Expectations: The combined company is projected to produce around 900,000 gold equivalent ounces by 2027, primarily supported by two fully financed development projects—Skouries in Greece and McIlvenna Bay in Saskatchewan—expected to reach commercial production by mid-2026.
- Financial Outlook: Eldorado anticipates generating approximately $2.1 billion in EBITDA and $1.5 billion in free cash flow by 2027, with CEO George Burns stating that this merger creates a stronger gold and copper growth company characterized by near-term cash flow generation and multiple catalysts.
See More
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- Acquisition Overview: Eldorado Gold Corporation has agreed to acquire Foran Mining Corporation in a deal valued at approximately CAD 3.8 billion (around USD 2.8 billion), with Foran shareholders receiving 0.1128 Eldorado common shares plus one cent in cash per share, representing an 8% premium to the 20-day volume-weighted average price.
- Combined Company Structure: Post-transaction, Eldorado shareholders will own about 76% of the combined entity, while Foran shareholders will hold the remaining 24%, with the merged company expected to have a balanced exposure of approximately 77% gold, 15% copper, and 8% other metals across Canada, Greece, and Türkiye.
- Project Development Outlook: The combined company will benefit from two fully financed development projects, Skouries and McIlvenna Bay, projected to commence commercial production by mid-2026, with an expected output of around 900,000 gold-equivalent ounces in 2027, capitalizing on strong metal prices and rising demand for critical minerals.
- Strategic Growth Plans: Eldorado aims to accelerate high-value organic growth by developing Foran’s high-grade polymetallic Tesla zone and unlocking exploration potential around existing assets, with CEO George Burns emphasizing that this merger creates a stronger gold and copper growth company defined by near-term cash flow generation and multiple catalysts.
See More
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- Financial Outlook: The combined entity is projected to generate approximately $2.1 billion in EBITDA and $1.5 billion in free cash flow in 2027, which will fund future growth initiatives, enhance shareholder returns, and maintain financial flexibility through commodity cycles.
- Diversified Asset Base: The merger will create a portfolio with approximately 77% gold, 15% copper, and 8% other metals across attractive mining jurisdictions in Canada, Greece, and Türkiye, providing jurisdictional and commodity diversification that strengthens risk resilience.
- Sustainability Commitment: Eldorado and Foran share strong alignment on sustainability principles, and the combined company will focus on transparent sustainability performance and GHG emissions mitigation, ensuring enhanced business resilience and social responsibility for decades to come.
See More
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Market Surge: Spot gold prices have surged above $5,300, setting new records in the market.
FOMC Meeting Anticipation: The increase in gold prices comes ahead of the upcoming Federal Open Market Committee (FOMC) meeting.
See More
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- Stock Surge: Eldorado Gold (EGO) rose 6.7% in Monday's trading, reaching an all-time high of $50.67, reflecting market optimism regarding its future performance.
- Gold Price Surge: With gold prices soaring past $5,100/oz, Scotiabank upgraded EGO from Sector Perform to Outperform, raising the price target from $33 to $59, indicating strong confidence in the company's outlook.
- Project Progress: Analyst Tanya Jakusconek noted that the Skouries project is expected to enter production in Q1 '26, which is anticipated to shift the company from negative to positive free cash flow, enhancing its overall value.
- Cash Flow Expectations: Scotiabank expects Eldorado Gold to be one of the top free cash flow generators in 2026, projecting an 18% free cash flow yield, showcasing its strong profitability amid rising metal prices.
See More
