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Eldorado Gold Corp

www: www.eldoradogold.com   email: info@eldoradogold.com
Category: Major
Rating:
Upside Downside Quality
2.5 3.0 B+
Risk: High View History

Rating History

Date Category Rating Risk
Upside Downside Quality
11/15/2025 Major 2.5 n/aB+High
Current Major 2.5 3.0B+High
Profile
Notes
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Price Data Price Data Split History Split History

Symbol Traded Checked Price
NYSE:EGO 10/09/2026 10/09/2026 USD 37.66
TSE:ELD 10/09/2026 10/09/2026 CAD 53.7200

Note: This history is likely to be incomplete; the data is maintained for companies in our database but does not get populated historically.

Date Split Type Magnitude
12/31/2018 Consolidation 5:1

Each share now represents 5. of those that existed when we started monitoring this company.

Performance

+/-
since 		1 Day Last Friday 4 Weeks
2.17% -1.21% -13.92%
3 Months 6 Months 1 Year
24.54% 3.29% 36.45%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
12 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 11/15/2025)

Eldorado Gold is a major with a lot of gold (29 million oz). They have been a growth-oriented company. They have 4 operating mines, plus 2 more (Skouries and Perama) are being developed. Production will rise from 480,000 oz to about 700,000 oz after these 2 mines are built. Skouries begins production in Q1 2026 and will increase production to around 600K/year at a $1500 AISC).

They will have high cash flow and are leveraged for higher gold prices. They have $1 billion in cash and $850 million in debt (after Skouries is built). I expect their balance sheet to improve from their high free cash flow. In fact, their current FCF runrate as a 600K/year producer is $1 billion. They could pay back their debt in one year if gold remains above $4K.

The best thing about this stock is their management team and large resources. They are excellent mine builders and operators. Plus, this is a growth story. It could end up being a good dividend-paying stock. One red flag is that two of their operating mines are in Turkey, which adds risk. Plus, two development stocks are in Greece (Skouries and Perama). But their Lamaque mine in Quebec produces 175,000 oz, which creates some diversification.

Skouries will initially have negative cash costs (from large copper offsets) and an AISC of around $100. This will lower their overall costs in 2026. Plus, Perana Hill also has low cash costs as a 3.2 gpt open pit. This project won't get built until around 2027, but it's coming. Plus, they could increase production at one of their other mines. They are going to have 6 operating mines in 2028.

The key to this stock is going to be the FCF multiple they receive. Will investors punish them for Turkey and Greece locations? Currently, they have a 5 forward FCF multiple, which seems low to me. Could it grow to a 15 multiple? Likely. If so, it could be a 4-bagger at $5K gold. Note that I am valuing them as a 700,000 oz producer. In 2028, they could reach 800,000 oz. Plus, I would expect them to grow via an acquisition.

They are also drilling aggressively in Canada on their Ontario properties. This could be another mine. The key to this stock is your concern with them having mines in Turkey and Greece, or if you are looking for more alpha. I like it as a shark that will likely grow via acquisitions.


DD

General Details

Financial 11/15/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $5,721.55M $9,979.90M 06/08/2026
MCap (OS): $5,609.91M $9,829.20M 06/08/2026
Total Assets: $5,000.00M $5,000.00M 11/15/2025
Total Liabilities: $1,300.00M $1,300.00M 11/15/2025
Current Assets: $1,043.00M $1,043.00M 11/15/2025
Current Liabilities: $441.00M $441.00M 11/15/2025
Total Debt: $850.00M $1,300.00M 06/08/2026
Cash: $1,043.00M $651.00M 06/08/2026
Debt (Net): $-193.00M $649.00M
Enterprise Value: $5,528.55M $10,628.90M
Cash Flow: $1,033.09M $945.51M never
Cash Flow Multiple: 5.54 10.56 never
Net Debt to
Cash Flow Ratio:		 n/a 0.69 never
Finance within 1 year: 11/15/2025
Misc 11/15/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 201,000,000 260,998,334 06/08/2026
Shares (FD): 205,000,000 265,000,000 06/08/2026
Insider Ownership: n/a n/a 11/15/2025
Dividend (Annual): n/a n/a 09/01/2026
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 11/15/2025
Production (Gold Eq Oz.): (guess) 
600,000		 (guess) 
550,000		 02/19/2026
Production (Silver Eq Oz.): (guess) 
49,275,756		 (guess) 
37,882,215		 02/19/2026
Development Phase: Producer (Single Mine) Producer (Multiple Mines) 11/15/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 11/15/2025
Cash Flow Multiple: 15 18 02/19/2026

Resource Data

GOLD 11/15/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 12.00M 12.00M 11/15/2025
Measured & Indicated: 22.00M 22.00M 11/15/2025
Inferred: 7.00M 7.00M 11/15/2025
Reserves & Resources: 29.00M 29.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 10.20M 10.20M 11/15/2025
Measured & Indicated: 17.00M 17.00M 11/15/2025
Inferred: 2.98M 2.98M 11/15/2025
Reserves & Resources: 19.98M 19.98M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
600,000oz.		 (guess) 
550,000oz.		 02/19/2026
Cash Cost: $1,550 $1,650 02/19/2026
Extra Operating Cost: $800 $800 11/15/2025
Total: $2,350 $2,450 02/19/2026
Margin (Free Cash Flow): $1,722 (42%) $1,719 (41%)
MCap / Production (AuEq): $9,535.92 $18,145.27
EV / Production (AuEq): $9,214.25 $19,325.27
G
R
A
D
E		 Underground (Avg): 4.00 g/t 4.00 g/t 11/15/2025
Open Pit (Avg): n/a 0.70 g/t 11/15/2025
Recovery Rate: (CG)  85.00% (CG)  85.00% 09/01/2026
F
U
T
U
R
E		 Proven & Probable: 22.00M 22.00M 11/15/2025
Annual Production: 700,000oz. 700,000oz. 11/15/2025
Cash Cost: $1,600 $1,750 02/19/2026
Extra Operating Cost: $800 $800 11/15/2025
SILVER 11/15/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 11/15/2025
Measured & Indicated: n/a n/a 11/15/2025
Inferred: n/a n/a 11/15/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 11/15/2025
Measured & Indicated: n/a n/a 11/15/2025
Inferred: n/a n/a 11/15/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 11/15/2025
Extra Operating Cost: n/a n/a 11/15/2025
Total: n/a n/a 11/15/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $116.11 $263.45
EV / Production (AgEq): $112.20 $280.58
G
R
A
D
E		 Underground (Avg): n/a n/a 11/15/2025
Open Pit (Avg): n/a n/a 11/15/2025
Recovery Rate: n/a n/a 11/15/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 11/15/2025
Annual Production: n/a n/a 11/15/2025
Cash Cost: n/a n/a 11/15/2025
Extra Operating Cost: n/a n/a 11/15/2025

Property

Last Analysis Data  (11/15/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Lamaque
100 show
3 million oz deposit at 7 gpt. Still early exploration. Could grow in size.

Great location in Quebec.

2023 Update: P&P 1M Oz M&I 1.8M Oz gold

Size: 1,500 ha
Exp Val d'Or
100 show
Early exploration.

Size: 20,000 ha
Prod Olympias
100 show
2023:

P&P 1.84M Oz M&I 3.33M Oz gold

P&P 35.1M Oz M&I 61.6M Oz silver

Mine life 19 years (based on P&P reserves)
Dev Perama Hill
100 show
1.4M oz
100K yr production
2027
Dev Skouries
100 show
2023: P&P 3.6M Oz M&I 5M Oz gold

Expected mine life 20 years (based on reserves)
Prod Efemcukuru
100 show
2023: P&P 542K Oz M&I 1.07M Oz gold

Expected mine life 6 years (based on reserves)
Prod Kisladag
100 show
2023: P&P 4.07M Oz M&I 6.6M Oz Gold

Expected mine life 18 years (based on reserves)
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Lamaque
100 show
3 million oz deposit at 7 gpt. Still early exploration. Could grow in size.

Great location in Quebec.

2023 Update: P&P 1M Oz M&I 1.8M Oz gold

Size: 1,500 ha
Dev MCILVENNA BAY
100 n/a
Exp Val d'Or
100 show
Early exploration.

Size: 20,000 ha
Prod Olympias
100 show
2023:

P&P 1.84M Oz M&I 3.33M Oz gold

P&P 35.1M Oz M&I 61.6M Oz silver

Mine life 19 years (based on P&P reserves)
Dev Perama Hill
100 show
1.4M oz
100K yr production
2027
Dev Skouries
100 show
2023: P&P 3.6M Oz M&I 5M Oz gold

Expected mine life 20 years (based on reserves)
Prod Efemcukuru
100 show
2023: P&P 542K Oz M&I 1.07M Oz gold

Expected mine life 6 years (based on reserves)
Prod Kisladag
100 show
2023: P&P 4.07M Oz M&I 6.6M Oz Gold

Expected mine life 18 years (based on reserves)

Profitability (by resource)

Proven &
Probable		 11/15/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 12.00M 12.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 10.20M 10.20M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $17,562.56M $17,534.92M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $17,562.56M $17,534.92M n/a
Max Profit / Current MCap: 3.070 1.757 n/a
Max Profit Per Share (Gold): $85.67 $66.17 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $85.67 $66.17 n/a
Total Free Profit Per Share: $57.76 $28.51 n/a
FD MCap / Gold Eq.: $560.94 $978.42 n/a
FD MCap / Silver Eq.: $6.83 $14.21 n/a
FD MCap / Per Metal
as % Spot Price:		 13.78% 23.47% n/a
EV / Gold Eq.: $542.01 $1,042.05 n/a
EV / Silver Eq.: $6.60 $15.13 n/a
EV / Per Metal
as % Spot Price:		 13.31% 24.99% n/a
Measured &
Indicated		 11/15/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 22.00M 22.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 17.00M 17.00M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $29,270.94M $29,224.87M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $29,270.94M $29,224.87M n/a
Max Profit / Current MCap: 5.116 2.928 n/a
Max Profit Per Share (Gold): $142.79 $110.28 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $142.79 $110.28 n/a
Total Free Profit Per Share: $114.88 $72.62 n/a
FD MCap / Gold Eq.: $336.56 $587.05 n/a
FD MCap / Silver Eq.: $4.10 $8.52 n/a
FD MCap / Per Metal
as % Spot Price:		 8.27% 14.08% n/a
EV / Gold Eq.: $325.21 $625.23 n/a
EV / Silver Eq.: $3.96 $9.08 n/a
EV / Per Metal
as % Spot Price:		 7.99% 15.00% n/a

Reserves &
Resources		 11/15/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 29.00M 29.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 19.98M 19.98M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $34,393.35M $34,339.22M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $34,393.35M $34,339.22M n/a
Max Profit / Current MCap: 6.011 3.441 n/a
Max Profit Per Share (Gold): $167.77 $129.58 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $167.77 $129.58 n/a
Total Free Profit Per Share: $139.86 $91.92 n/a
FD MCap / Gold Eq.: $286.44 $499.62 n/a
FD MCap / Silver Eq.: $3.49 $7.25 n/a
FD MCap / Per Metal
as % Spot Price:		 7.03% 11.98% n/a
EV / Gold Eq.: $276.77 $532.11 n/a
EV / Silver Eq.: $3.37 $7.73 n/a
EV / Per Metal
as % Spot Price:		 6.80% 12.76% n/a

Future Valuation (Cash Flow & Totals)

Totals 11/15/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
C
U
R
R
E
N
T		 R & R Valuation: $20,333.65M $20,819.49M n/a
FD MCap: $5,721.55M $9,979.90M n/a
Annual Gold Production: (guess) 
600,000oz.		 (guess) 
550,000oz.		 02/19/2026
Annual Silver Production: n/a n/a
F

U

T

U

R

E		 FD MCap (Resources): $27,500.00M $38,500.00M n/a
FD MCap Growth (Resources): 381% 286% n/a
FD MCap (Cash Flow): $27,300.00M $56,070M n/a
FD MCap Growth (Cash Flow): 377% 462% n/a
Estimated
Price		 USD: $133.17 $211.58 n/a
Ratio FD MCap (Resources : Cash Flow): 1.01 0.69 n/a
Annual
Production		 Gold: 700,000 oz. 700,000 oz. n/a
Silver: n/a n/a n/a
Current
FD MCap / 		Gold Eq. Reserves: 260.07 453.63 n/a
Silver Eq. Reserves: 5.20 12.96 n/a
Gold Eq. Production: 8,173.64 14,257.00 n/a
Silver Eq. Production: 163.47 407.34 n/a
P&P
Reserves
(oz.)		 Gold: 22.00M 22.00M 11/15/2025
Silver: n/a n/a 11/15/2025
Gold Eq.: 22.00M 22.00M 11/15/2025
Silver Eq.: 1,100.00M 770.00M 11/15/2025
P&P Reserves
per FD
Share (oz.)		 Gold: 0.107 0.083 n/a
Silver: n/a n/a n/a
Gold Eq.: 0.107 0.083 n/a
Silver Eq.: 5.366 2.906 n/a
Free Cash Flow 11/15/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Current: $1,033.09M $945.51M n/a
Current Multiple: 5.54 10.56 n/a
Current FCF/MCap Ratio: 18.06% 9.47% n/a
Current FCF/Share: $5.04 $3.57 n/a
F
U
T
U
R
E		 @ current pm prices: $1,170.27M $1,133.38M n/a
Multiple @ current pm prices: 4.89 8.81 n/a
Growth @ current pm prices: 13.28% 19.87% n/a
@ future prices: $1,820.00M $3,115.00M n/a
Multiple @ future prices: 3.14 3.20 n/a
Growth @ future prices: 229.45% 229.45% n/a

Defaults