Canada’s Eldorado Gold is approaching a major milestone as construction on its $1 billion Skouries copper-gold mine in northern Greece nears completion. The company expects first production in early 2026 and commercial output by mid-year, marking the long-awaited start of one of Europe’s most significant new mining projects.
Investment bank Canaccord Genuity has upgraded Eldorado’s shares from Hold to Buy, citing reduced project risk, a robust balance sheet, and an appealing valuation as Skouries advances toward production. The firm projects that Eldorado’s annual gold output will rise from 483,000 ounces in 2025 to 665,000 ounces by 2027, while free cash flow could soar from $194 million to $1.3 billion over the same period.
Eldorado’s shares currently trade at a 0.52x price-to-NAV and 3.3x estimated 2026 EBITDA, both below peer averages of 0.81 and 4.4, underscoring the company’s potential upside as the Skouries project comes online.
After years of delays — including a four-year suspension between 2017 and 2021 due to permitting issues and local opposition — the project regained momentum following a new agreement with the Greek government in 2021. Construction was subsequently restarted in late 2022.
Part of the historic Kassandra Mines Complex, Skouries boasts proven and probable reserves of 3.7 million ounces of gold and 1.7 billion pounds of copper. Designed for a 20-year mine life, the operation will produce roughly 140,000 ounces of gold and 67 million pounds of copper annually through a combination of open-pit and underground mining.
Once operational, Skouries is expected to transform Eldorado’s production profile, adding a strong copper revenue stream and significantly lowering overall cash costs, positioning the miner for long-term growth and stability.
