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Eldorado Gold slips as Stifel cuts, seeing ‘inflection points across its portfolio’

January 26, 2024
in Business
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Oat_Phawat/iStock via Getty Images

Eldorado Gold (NYSE:EGO) -2.2% in Friday’s trading as Stifel downgraded the stock to Hold from Buy with a C$17.25, saying the company is “nearing inflection points across its portfolio.”

Stifel said the large mineral potential at Eldorado’s (EGO) Lamaque project in Quebec is just starting to become clear to the market with the potential for an extended life-of-mine from the Lower Triangle and Ormaque resource base.

With the de-risking milestones of project financing and board approval now in hand, Stifel sees the Skouries project in Greece as a material growth driver to Eldorado (EGO), with average life-of-mine annual production of 140K oz gold and 67M lbs copper, or 280K-300K gold equivalent oz, over a 20-year mine life.

Overall, Stifel sees 2024 gold production higher Y/Y but inflation lingers; the firm forecasts an average 2024 gold price of $2,050/oz on increasing demand attributable to gold’s safe haven status and the market’s rate-cut expectations.



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Tags: CutsEldoradoGoldInflectionpointsportfolioslipsStifel
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