Eldorado Gold Corporation

Eldorado Gold Corporation (NYSE: EGO) is a Canada-based gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece. The Company operates four mines: Kisladag, Efemcukuru, Lamaque, and Olympias.

Key Business and Financial Updates:

• Strong Operational Performance: Eldorado Gold Corporation reported solid operational results in the second quarter of 2025, supported by higher-than-planned gold production and efficient site performance. Gold production for the quarter totalled 133,769 ounces, primarily driven by accelerated inventory drawdowns at Kisladag and improved grade and throughput at Lamaque. Gold sales stood at 131,489 ounces at an average realized price of USD 3,270 per ounce. Production costs reached USD 162.2 million, while total cash costs were USD 1,064 per ounce sold and all-in sustaining costs (AISC) were USD 1,520 per ounce sold.
• Financial Highlights: The Company reported revenue of USD 451.7 million during the quarter, alongside strong cash flow generation. Net cash from operating activities reached USD 158.2 million, while cash flow before changes in working capital totalled USD 202.0 million. Eldorado’s cash and cash equivalents increased to USD 1,078.6 million as of June 30, 2025, strengthening its balance sheet. Net earnings attributable to shareholders were USD 139.0 million, or USD 0.68 per share, while adjusted EBITDA was USD 211.8 million. Adjusted net earnings amounted to USD 90.1 million, or USD 0.44 per share. Free cash flow was negative USD 61.6 million, reflecting continued growth capital investment, though excluding Skouries project expenditures, free cash flow stood at a positive USD 61.5 million.
• Skouries Project Advancement: The Skouries copper-gold project in Northern Greece continued to progress on schedule toward first production in Q1 2026. Construction was 70% complete as of June 30, 2025, with capital expenditures of USD 117.0 million during the quarter. Key activities advanced across filtered tailings facilities, the primary crusher, process plant, thickeners, and infrastructure development. Underground development reached the 350-metre level, with test stope drilling underway. Engineering works are nearly finalized, procurement of major equipment is complete, and operational readiness programs, including workforce training and open pit mining commencement, are well advanced.
• Guidance and Strategic Outlook: Eldorado reaffirmed its 2025 annual gold production guidance of 460,000–500,000 ounces, with expectations to achieve the midpoint of the range. However, the Company noted that higher royalty rates in Turkiye and Greece, combined with elevated gold prices, are expected to push consolidated total cash costs and AISC toward the upper end of the guided ranges. Subsequent amendments to the Turkish Mining Law are projected to increase costs by approximately USD 15 per ounce. Looking forward, Eldorado expects Skouries to be a transformative asset, delivering 140,000 ounces of gold and 67 million pounds of copper annually over a 20-year mine life.
• Capital Returns and Corporate Developments: In line with its shareholder return strategy, Eldorado repurchased and cancelled 2,167,400 common shares during the second quarter at a total cost of USD 44.6 million, under its normal course issuer bid (NCIB). Additional repurchases of approximately USD 13.8 million were executed subsequent to quarter-end. Management emphasized that disciplined capital allocation, coupled with strong operations and balance sheet strength, positions the Company to deliver sustainable growth. Eldorado remains focused on advancing Skouries, achieving production guidance, and generating long-term value for its shareholders.

Technical Observation (on the daily chart):

Trend & Moving Averages:

• The stock has been in a sustained uptrend since April 2025, with prices trading consistently above both the 50-day MA (USD 22.85) and the 200-day MA (USD 18.55).
• The widening gap between the price and the moving averages signals strong bullish momentum and healthy trend continuation.

Support & Resistance Levels:

• Immediate support is around the 50-day MA at USD 22.85, followed by stronger support at the 200-day MA near USD 18.55.
• Resistance lies near the recent high of USD 28.66. A breakout above this level could open the way for further upside.

RSI (Relative Strength Index):

• The RSI is currently at 72.03, which places the stock in overbought territory (>70).
• This suggests the potential for short-term pullback or consolidation, though it also confirms the strength of current bullish momentum.

Volume & Momentum:

• The rally has been accompanied by healthy upward momentum, showing investor confidence.
• However, the steep rise without significant pauses raises the likelihood of profit booking in the near term.

Overall Technical View:

• Bullish in the medium to long term, supported by strong moving average alignment and trend structure.
• Caution in the short term, as the overbought RSI indicates the stock may experience consolidation or a minor correction before resuming its upward move.

As per the above-mentioned price action, important support near USD 25.00-USD 26.00, momentum in the stock over the last month, and technical indicators analysis, a ‘Buy’ rating has been given for Eldorado Gold Corporation (NYSE: EGO) at the current price of USD 27.51, as of September 16, 2025, at 10:20 am PDT. 

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is September 16, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.