# EGO earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/EGO) · [Earnings tab](https://www.lopjlb.com/stock/EGO?tab=earnings) Updated: 2026-09-14T02:38:33 Quarters analyzed: 8 ## Cross-quarter narrative Across eight quarterly calls Eldorado’s narrative shifted from tightening guidance in late‑2024 amid rising royalties and labor costs to a more balanced outlook by mid‑2026 as cash generation improved and share repurchases accelerated. Early calls highlighted cost inflation and inventory‑related cash‑flow pressure, while later quarters emphasized Skouries construction delays, power‑connection risk and permitting uncertainty at Olympias. Despite these setbacks, the company repeatedly reported that Skouries remains on track for first concentrate in Q3 2026 and that new projects such as McIlvenna Bay are delivering copper and zinc concentrates. Labor‑skill shortages and Turkish royalty hikes persisted, but the gold price environment stayed supportive, underpinning revenue. Capital discipline tightened, with disciplined share buybacks, a dividend launch and a modest increase in Skouries capital. Overall, the firm moved from a defensive stance in 2024‑25 to a cautiously optimistic position in 2026, with operational risks still front‑and‑center but mitigated by stronger liquidity and project milestones advancing. ## Latest CallCard · Q2 Eldorado Gold Q2 2026 shows solid production, Skouries on track for first concentrate in Q3, McIlvenna Bay delivers first copper and zinc concentrate, cash strong, but power grid energisation and labour constraints pose near‑term risks. **Guidance:** maintained — Management said capital allocation priorities remain unchanged and gave no new production guidance. **Tone:** mgmt 0.6 · Q&A pressure 0.4 · divergence 0.2 Prepared remarks highlighted progress at Skouries and McIlvenna Bay, awards and strong cash position, conveying optimism. ### Demand visibility Moderate visibility on grades and power cost; limited on timing of expansions. Management expects second‑half grade at Lamaque 6‑6.5 g/t, will update on mill expansion and silver‑lead circuit in Q1 2027; power grid cheaper than diesel but energisation pending. ### Margins / costs Cash costs and AISC rose year‑over‑year. Total cash costs $1,432/oz and AISC $1,926/oz, driven by higher royalties, inflation‑linked labour and contractor costs, and higher diesel usage pending grid connection. ### Capital allocation Capital allocation priorities unchanged; strong liquidity. Invested $214 M at Skouries and $78 M at McIlvenna Bay; $555 M cash on hand, $300 M revolving credit; continued dividend and $84 M share repurchases. ### Milestones - **Skouries first ore crushed** [on_track]: Milestone achieved in July, commissioning of crushing circuit underway. - **Skouries first concentrate production** [on_track]: Targeted for Q3 as project moves into final execution stage. - **McIlvenna Bay first copper concentrate** [on_track]: Produced in June, marking start of commercial output. - **McIlvenna Bay first zinc concentrate** [on_track]: Produced in July, furthering ramp‑up. - **McIlvenna Bay integrated mill expansion study** [new]: Evaluating increase to ~7,000 tpd and silver‑lead circuit; decision pending permits. - **McIlvenna Bay silver‑lead circuit commissioning** [new]: Targeted for 2028. - **McIlvenna Bay expansion** [new]: Targeted for 2030 pending evaluation. - **Lamaque grade outlook H2** [on_track]: Expected 6‑6.5 g/t, top end of range. ### Fears / risks - **Power supply**: Delay in connecting to the Greek grid forces reliance on diesel gensets, increasing operating costs. - **Labour availability**: Saskatchewan labour shortages could impede McIlvenna Bay ramp‑up and increase contractor reliance. - **Cost inflation**: Higher royalty, labour and contractor costs lifted cash costs and AISC. - **Currency risk**: Euro‑USD movements affected foreign exchange gain/loss on debt and payables. - **Sustaining capital guidance**: Uncertainty around sustaining capital spend in Q3 as the company moves to commercial production. - **Kisladag grade decline**: Planned lower grade and tonnes at Kisladag reduce gold output in Q3‑Q4. - **Grid energisation risk**: Skouries full‑site energisation contingent on regulatory inspection could delay stable production ramp‑up. - **Expansion timing risk**: Future mill expansion and silver‑lead circuit depend on permits, stakeholder engagement and investment decision. ### Key quotes > “I will be transitioning out of the CEO role this quarter as we reach our key milestone of first concentrate production in Skouries.” > “Total cash costs averaged $1,432 per ounce sold, while AISC averaged $1,926 per ounce sold.” > “No, the power grid is significantly cheaper than diesel generating, particularly with the high diesel cost these days.” — George Burns > “the minimum that we would want at any point in time is around $250 million.” ## Quarter one-liners - **2026 Q2:** Eldorado Gold Q2 2026 shows solid production, Skouries on track for first concentrate in Q3, McIlvenna Bay delivers first copper and zinc concentrate, cash strong, but power grid energisation and labour constraints pose near‑term risks. - **2026 Q1:** Eldorado Gold Q1 2026 results in line with guidance; Skouries capital increased $155M to $1.315B due to workforce and materials; MacBay nearing first concentrate; CEO transition planned. - **2025 Q4:** Eldorado Gold posted production at the top of guidance, launched a dividend, repurchased $204 M of shares, but Skouries startup is modestly delayed to early Q3 2026 with $50 M extra capex. - **2025 Q3:** Eldorado Gold tightened 2025 gold production guidance, raised cost outlook due to higher royalties and Olympias issues, but says Skouries construction is on track and will keep share buybacks steady. - **2025 Q2:** Eldorado Gold delivered solid Q2 production and cash flow, but higher cash costs and royalty pressures; Skouries construction is 70% complete and on track, while the company maintains its 2025 gold output guidance and continues share repurchases under its NCIB program. - **2025 Q1:** Eldorado Gold posted solid Q1 production and cash flow despite higher costs, confirmed Skouries is 66% complete and on track, and expanded its NCIB buyback while noting labor and tariff risks. - **2024 Q4:** — - **2024 Q3:** Eldorado tightened Q3 guidance amid higher royalties and labor costs, but sees strong cash position, progress on Scurius (79% complete) and Olympias CBA, while dividend is deferred to 2026 and M&A remains opportunistic. ## Theme arcs - **Cost inflation (royalties and labor)** (deteriorating): Cash costs rose each quarter, pushing guidance to the high end of ranges - **Labor availability and wage pressure** (deteriorating): Recurring concerns about skilled‑trade shortages and wage escalators in Turkey and Europe - **Skouries schedule risk** (deteriorating): Delays in electrical, instrumentation and power‑line approvals surfaced in Q4 2025‑Q1 2026 - **Skouries schedule recovery** (improving): By Q2 2026 first ore crush and concentrate production were back on track - **Olympias operational challenges** (deteriorating): Production shortfalls and circuit stability issues repeatedly noted - **Olympias permitting risk** (new): Paste‑backfill plant permit flagged as at‑risk in Q3 2025 - **Power‑connection risk** (new): Grid energisation delays identified in Q1 2026 and still pending in Q2 2026 - **Safety performance** (deteriorating): Lost‑time injury rate rose in Q2 2025 - **Share repurchase/dividend policy** (stable): Consistent buybacks and a dividend launch in Q4 2025 ## Guidance path 2024 Q3:maintained → 2024 Q4:vague → 2025 Q1:maintained → 2025 Q2:maintained → 2025 Q3:raised → 2025 Q4:maintained → 2026 Q1:maintained → 2026 Q2:maintained --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/EGO`