2024-02-14 17:38:45 ET
Summary
- Eldorado Gold had a strong finish to 2023 and a solid year overall, coming in just shy of its FY2023 guidance midpoint, with a negative impact from wildfires at Lamaque.
- On a positive note, the company enters 2024 even stronger with key growth/optimization projects complete and the benefit of a stronger gold price.
- In this update we'll dig into Eldorado Gold's Q4 and FY2023 preliminary results, the 2024 outlook, and how the stock looks relative to peers from a valuation standpoint.
While several sectors finished Q4 on a high note and have added to their gains this year, the Gold Miners Index ( GDX ) has been an anomaly, giving up nearly all of its Q4 gains. This is especially disappointing given that the gold price is a mere 4% off its highs on a daily closing basis, and one has to go back nearly a year to find sentiment as despondent sector-wide. Unfortunately, some of this underperformance can be attributed to weaker than planned production from some of the larger miners and continued share dilution from the serial laggards hasn't helped. Still, names like Eldorado Gold ( EGO ) and mid-tier peers like SSR Mining ( SSRM ) continue to put up solid results, with the former ending 2023 on a start note with multiple records....
Read the full article on Seeking Alpha
For further details see:
Eldorado Gold: A Strong Finish To The Year