Eldorado Gold

The business

Eldorado is an intermediate producer operating Kışladağ and Efemçukuru in Turkey, Lamaque in Quebec, and Olympias in Greece.

Its defining project is Skouries, a large low-cost copper-gold mine under construction in Greece, targeted for first production in 2026, which will add copper by-product and reshape the company's cost and cash-flow profile.

The portfolio is concentrated in Turkey and Greece, with Lamaque providing Canadian ballast.

The moat

Lamaque is a solid tier-1 Canadian asset, and Skouries — once built — would be a genuinely low-cost, long-life mine whose copper credits lower the effective gold cost.

But there is no moat while the flagship is still under construction; the story is entirely about execution and commissioning risk right now.

Financial snapshot

Most recent reported period : Q2 FY2026 (ended Jun 30, 2026). Figures reflect the review date — confirm current numbers before acting.

Free cash flow yield & sustainable growth

Free cash flow yield : ≈-6.7% (est.)TTM free cash flow ~−US$553M (Skouries construction) ÷ market cap ~US$8.29B ≈ −6.7%; pre-inflection, no positive FCF yield today.

Free cash flow is sharply negative — roughly US$470M of capital in Q2 alone and about −US$553M on a trailing basis — as Skouries is built.

The upside case is a strong positive swing once Skouries commissions and ramps, adding gold and copper cash flow; the downside is cost overruns or delays that extend the burn. This is a high-risk, high-reward inflection, not a cash-flow holding.

See the full free-cash-flow yield ranking →

Valuation & what to watch

At about US$31.82 a share the market cap is roughly US$8.3B at a P/E near 14 — the highest multiple in this group.

There is no meaningful free-cash-flow yield today: FCF is deeply negative because of Skouries construction, so the valuation prices a successful commissioning rather than current cash generation.

Dividend

About US$0.23 a year, a ~0.7% yield from a recently established payout; modest given the capital program underway.

Risks & the bear case

• Skouries execution — cost overruns, schedule slippage and commissioning risk on a major build.
• Turkey macro (lira weakness, inflation, the Kışladağ heap leach) and Greek permitting; negative free cash flow now; added copper-price exposure on top of gold.

Recent developments

Skouries construction advanced toward targeted first production, funded from cash and debt.

Steady output from the base mines while capital concentrated on the build.

Verdict

Eldorado is the highest-beta name here: a producer deliberately running deeply negative free cash flow to build a mine that, if delivered on budget, could transform its economics and add copper. That makes the current multiple the most demanding in the group and the outcome the most binary — commissioning success versus overrun. Suited only to those comfortable underwriting a major construction project through to ramp. Publisher, not adviser.