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# Eldorado Gold Slashes Skouries 2026 Gold Guidance To 10,000-35,000 Ounces As Quarterly Earnings Roughly Double
- URL: https://www.bullished.co/eldorado-gold-slashes-skouries-2026-gold-guidance-to-10-000-35-000-ounces-as-quarterly-49d33359/
- Published: 2026-10-28T21:26:47.000Z
- Updated: 2026-10-28T21:26:47.000Z
- Description: The miner now sees Skouries project capital near $1.425 billion, and new CEO Christian Milau says the ramp-up cost more than expected.
- Author: Matteo Parrino
- Tags: Earnings, EGO, Industry: Materials

[Eldorado Gold](https://www.bullished.co/tag/ego/), a gold, copper and base metals producer with operations in Canada, Greece and Turkiye, cut its 2026 gold output outlook to [425,000 to 475,000 ounces](https://www.sec.gov/Archives/edgar/data/918608/000091860826000025/eldoradogoldreportsq32026f.htm?ref=bullished.co), from 495,000 to 600,000 ounces, in its third-quarter results released Wednesday. Net earnings attributable to shareholders still came in at $118.0 million, against $56.5 million from continuing operations a year earlier.

## Skouries takes the biggest cut

Skouries, a high-grade copper-gold mine in northern Greece, now has 2026 gold guidance of [10,000 to 35,000 ounces](https://www.sec.gov/Archives/edgar/data/918608/000091860826000025/eldoradogoldreportsq32026f.htm?ref=bullished.co), down from 60,000 to 100,000\. Copper output is projected at 5 to 15 million pounds. The company attributes the change to a slower-than-expected ramp-up and says its longer-term design capacity expectations are unchanged.

Total project capital for Skouries is now about $1.425 billion. That includes $65 million of project costs and $45 million that had been expected after commercial production. Accelerated operational capital is expected to reach $390 million, and up to $30 million more may be spent depending on when commercial production starts. The company cited contractor needs, temporary generators used before grid connection, and owner's costs. It says the project remains fully funded.

Commercial production is expected in late fourth quarter 2026\. "At Skouries, the [ramp-up has taken longer](https://www.sec.gov/Archives/edgar/data/918608/000091860826000025/eldoradogoldreportsq32026f.htm?ref=bullished.co) and cost more than we expected, and it is important that we acknowledge that directly," said Christian Milau, who became president and CEO on September 30.

## Profit up on gold, costs up too

The average realized gold price was $4,326 per ounce sold, against $3,527 a year earlier. Revenue rose to $511.9 million from $434.7 million even though gold sold fell to 107,164 ounces from 116,529\. Earnings were $0.45 per basic share, versus $0.28.

Costs climbed. Total cash costs were $1,415 per ounce sold, up from $1,195, and all-in sustaining costs reached $2,050, up from $1,679\. Consolidated free cash flow was negative $191.1 million, reflecting spending on Skouries and McIlvenna Bay; excluding them it was positive $98.3 million.

For operating assets excluding the two new mines, cost guidance rose to $1,400 to $1,500 per ounce in total cash costs and $1,975 to $2,125 in all-in sustaining costs. The prior ranges were $1,220 to $1,420 and $1,670 to $1,870\. Weaker output at Kisladag and Olympias is part of the reason, offset by strong results at Lamaque.

## Two mines near the finish line

McIlvenna Bay in Saskatchewan, which Eldorado gained through its Foran acquisition that closed April 14, 2026, is also targeting commercial production in late fourth quarter. Its project capital estimate rose about $23 million to $975 million.

At Skouries, two of six filter presses are running, and the remaining four are expected to be commissioned in November 2026\. The company declared a fourth-quarter dividend of $0.075 per share, payable December 15 to holders of record December 1.

Management discusses the results on a conference call Thursday, October 29, at 9:00 AM ET.

### Sources

- [Form 6-K — Eldorado Gold Reports Q3 2026 Financial and Operational Results and Updates 2026 Guidance; Skouries and McIlvenna Bay Advancing Toward Commercial Production](https://www.sec.gov/Archives/edgar/data/918608/000091860826000025/eldoradogoldreportsq32026f.htm?ref=bullished.co) — SEC EDGAR
- [Eldorado Gold Announces Tailings Filter Presses Operational at Skouries | Nasdaq](https://www.nasdaq.com/press-release/eldorado-gold-announces-tailings-filter-presses-operational-skouries-2026-10-26?ref=bullished.co) — nasdaq.com
- [Eldorado Gold Reports Q3 2026 Financial and Operational](https://www.globenewswire.com/news-release/2026/10/28/3390820/0/en/eldorado-gold-reports-q3-2026-financial-and-operational-results-and-updates-2026-guidance-skouries-and-mcilvenna-bay-advancing-toward-commercial-production.html?ref=bullished.co) — globenewswire.com
- [Eldorado Gold Announces Tailings Filter Presses Operational](https://www.globenewswire.com/news-release/2026/10/26/3388599/0/en/eldorado-gold-announces-tailings-filter-presses-operational-at-skouries.html?ref=bullished.co) — globenewswire.com
- [Eldorado Gold Announces Tailings Filter Presses Operational](https://www.globenewswire.com/de/news-release/2026/10/26/3388599/0/en/eldorado-gold-announces-tailings-filter-presses-operational-at-skouries.html?ref=bullished.co) — globenewswire.com

### More on Eldorado Gold

- [Eldorado Gold Switches On First 2 Of 6 Skouries Filter Presses, With The Other 4 Due In November](https://www.bullished.co/eldorado-gold-switches-on-first-2-of-6-skouries-filter-presses-with-the-other-4-due-in-a6e91328/)
- [EU Names Eldorado Gold's Skouries Mine A Strategic Project, Backing A $2 Billion-Plus Greek Copper Build](https://www.bullished.co/eu-names-eldorado-golds-skouries-mine-a-strategic-project-backing-a-2-billion-plus-greek-435fee5b/)

[All Eldorado Gold (EGO) coverage →](https://www.bullished.co/tag/ego/)