Did Higher Lamaque Reserves and 5% P&P Growth Just Shift Eldorado Gold's (TSX:ELD) Investment Narrative?

• Eldorado Gold recently released updated mineral reserve and resource estimates as of September 30, 2025, reporting Proven and Probable gold reserves of 12.5 million ounces, around 5% higher than its prior statement and the highest level since acquiring the assets in 2017, with key updates across Lamaque, Perama Hill, Skouries, Olympias, and Kışladağ.
• The new reserve figures emphasize the long-term potential of the Lamaque Complex, where two underground mines offer strong conversion prospects and exploration upside, while the company plans further organic growth through exploration-focused investment in Canada and Turkiye.
• We’ll now examine how Eldorado’s higher Proven and Probable reserves, especially at Lamaque, may reshape its investment narrative and long-term outlook.

Trump's oil boom is here - pipelines are primed to profit. Discover the 22 US stocks riding the wave.

Eldorado Gold Investment Narrative Recap

To own Eldorado Gold, you need to believe the company can translate its growing reserve base into profitable, lower cost production while bringing Skouries online without major delays or cost blowouts. The 5% increase in Proven and Probable reserves to 12.5 million ounces supports the long term mine life story, but it does not materially change the near term focus on Skouries commissioning as the key catalyst and persistent high AISC as the central risk.

The updated mineral reserve and resource statement on September 30, 2025, is the clearest recent datapoint tying directly into Eldorado’s growth narrative, especially at Lamaque. It underpins prior guidance that organic exploration in Canada and Turkiye is intended to extend mine lives and support future volumes, which matters because Skouries ramp up, cost control and financing needs remain the core issues that could tighten or loosen Eldorado’s financial flexibility.

Yet investors should be aware that high all in sustaining costs could still pressure margins if...

Read the full narrative on Eldorado Gold (it's free!)

Eldorado Gold's narrative projects $3.2 billion revenue and $1.0 billion earnings by 2028. This requires 26.5% yearly revenue growth and an earnings increase of about $579.7 million from $420.3 million today.

Uncover how Eldorado Gold's forecasts yield a CA$50.24 fair value, a 12% upside to its current price.

Exploring Other Perspectives

Seven members of the Simply Wall St Community currently see Eldorado’s fair value anywhere from about CA$29 to over CA$315, reflecting sharply different expectations. When you set those views against the upcoming Skouries commissioning as the key earnings catalyst, it underlines how important it is to understand the specific scenarios you think are most realistic before taking a position.

Explore 7 other fair value estimates on Eldorado Gold - why the stock might be worth 35% less than the current price!

Build Your Own Eldorado Gold Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Eldorado Gold research is our analysis highlighting 4 key rewards that could impact your investment decision.
• Our free Eldorado Gold research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Eldorado Gold's overall financial health at a glance.

Interested In Other Possibilities?

Every day counts. These free picks are already gaining attention. See them before the crowd does:

• Rare earth metals are the new gold rush. Find out which 36 stocks are leading the charge.
• We've found 15 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.
• These 10 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com