Eldorado Gold upgraded to 'buy' by Bank of America on Skouries de-risking
ProactiveTue, September 22, 2026 at 8:30 PM GMT+3 2 min read
Eldorado Gold Corp (TSX:ELD) is gaining a vote of confidence from Bank of America as its Skouries copper-gold project in Greece moves toward commercial production, with the bank upgrading the shares to 'Buy' and raising its price target by 71% to $54.
The upgrade follows site visits to the company's Olympias mine and Skouries project, both in Greece.
The bank said Skouries, a large-scale copper-gold development, was largely de-risked and positioned to drive a meaningful increase in free cash flow in 2027.
BofA raised its target price-to-net-asset-value multiple to 1.25x from 0.75x.
Skouries represents 32% of the company's net asset value and is described as Eldorado's primary growth driver for gold production.
The project achieved first concentrate production earlier this month and is targeting commercial production in the fourth quarter of 2026.
BofA said commercial production appeared achievable, although capital expenditure could come in modestly higher than planned.
Upcoming catalysts include connection to the power grid and an updated technical report expected in December.
Skouries is expected to drive a 29% increase in Eldorado's gold production in 2027, alongside a 24% reduction in all-in sustaining costs.
The bank forecast free cash flow reaching $1.5 billion in 2027, compared with an outflow of $436 million in 2026.
It projected total capital returns of $472 million in 2027, up from $299 million in 2026, even as Eldorado Gold continues repaying debt.
Skouries, together with the McIlvenna Bay project, is expected to drive a 40% increase in Eldorado's copper production in 2027.
BofA said it remained bullish on copper prices.
The bank also noted that Greece had shifted from an anti-mining stance several years ago to a more supportive position on mining activity.
Shares of Eldorado Gold gained 5.7% in Toronto on Tuesday.
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