ELD:CC - Eldorado Gold: A Decent Q1 With Much Better H2 On Deck

2024-04-30 10:20:09 ET

Summary

• Eldorado Gold reported Q1 production of ~117,100 ounces of gold, a 5% increase from the previous year.
• The company's Skouries Project in Greece is expected to contribute to its growth and diversification, and will morph Eldorado into a cash cow post-2025.
• In this update, we’ll dig into the Q1 results and look at its valuation vs. peers following a year of outperformance.

The Q1 earnings season for gold miners ( GDX ) has finally begun and results have started to trickle out from the larger producers. One of the more recent names to release its results was Eldorado Gold (EGO), a mid-tier producing aiming to grow to ~800,000 gold equivalent ounces [GEOs] later this decade once its Skouries Project moves into commercial production by mid-2026. This will elevate the company above its mid-tier peer group with the addition of a large-scale and low-cost asset and further diversify the company away from Turkiye where it has two of four operations currently. In this update, we’ll dig into the Q1 results and look at its valuation vs. peers following a year of outperformance....

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