Eldorado Gold Corp Dossier
Qualitative Analysis
Business overview
Eldorado Gold Corporation is a Vancouver-headquartered gold and base metals producer with operational mines, development projects, and exploration activities across Turkey (Kisladag and Efemcukuru), Canada (Lamaque Complex), and Greece (Olympias, Stratoni, and Skouries). The company is currently undergoing a major strategic transformation from a mid-tier gold-only producer into a diversified gold-copper miner. This transition is primarily driven by the development of the world-class Skouries project in Greece and the recently acquired McIlvenna Bay project in Canada, which introduce significant copper exposure to the portfolio. This diversification is expected to lower the company's overall All-In Sustaining Costs (AISC) through valuable by-product credits and potentially trigger a market re-rating.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Development of the high-grade gold-copper porphyry project in Greece, which is a key driver of Eldorado's near-term growth profile.
Expected impact: Expected to produce 60,000 to 100,000 ounces of gold and 20 to 40 million pounds of copper in 2026, transitioning to a higher steady-state production level from 2027 onward.
Integration of the newly acquired McIlvenna Bay project in Saskatchewan and execution of a focused exploration program.
Expected impact: 2026 post-acquisition production expected to be 5-10M lbs copper, 3,000-6,000 tonnes zinc, 5,000-10,000 oz gold, and 100,000-200,000 oz silver.
Advancing the Perama Hill epithermal gold-silver project in northeastern Greece through environmental permitting and feasibility updates.
Expected impact: Expected annual production of approximately 100,000 ounces of gold over an estimated initial eight-year mine life.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
To acquire the high-quality, long-life McIlvenna Bay copper-zinc-gold-silver project in Saskatchewan, Canada, enhancing Eldorado's portfolio with critical metals exposure and significant exploration upside.
Financial impact: Expected to significantly contribute to EBITDA and free cash flow starting in late 2026, supporting a combined company target of approximately $2.1 billion EBITDA and $1.5 billion free cash flow in 2027.
Strategic Partnerships
Establishes a preferred engineering and construction alliance to support project delivery, capital efficiency, and readiness across Eldorado's portfolio (including Perama Hill, Lamaque, Skouries, Olympias, and McIlvenna Bay).
Terms: G Mining will provide engineering and construction services under an integrated owners team approach.