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ELD
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Eldorado Gold Corporation is a Vancouver-headquartered gold and base metals producer listed on the Toronto Stock Exchange under ELD and on the NYSE under EGO. Revenue and earnings increased substantially year over year even though gold production declined to 100,358 ounces from 115,893 ounces. The key review question is whether Eldorado Gold can translate this operating and financial setup into durable cash generation while managing Skouries capital intensity, schedule and commissioning execution, second-half production weighting, cost inflation, gold-price sensitivity, operating performance at Lamaque, Olympias, Kisladag and Efemcukuru.
The source packet indicates 2026 production remains weighted to the second half of the year, with annual guidance of 490,000 to 590,000 ounces of gold, total cash costs excluding Skouries of $1,220 to $1,420 per ounce sold, and AISC of $1,670 to $1,870 per ounce sold. Earnings and cash generation remain sensitive to gold prices, site cost execution, and the scale and timing of Skouries capital spending.
Eldorado Gold offers operating gold production with a near-term growth overlay from Skouries. The source packet shows Q1 2026 gold production of 100,358 ounces, revenue of $532.4 million, operating cash flow from continuing operations of $141.4 million, and maintained 2026 gold production guidance of 490,000 to 590,000 ounces. The thesis depends on sustaining operating performance while Skouries advances toward first concentrate and commercial production.
Requires analyst review. Source-backed items to monitor include Skouries first concentrate and commercial-production milestones, delivery against 2026 production and cost guidance, second-half operating performance, dividend continuity, and progress on integrating and funding growth projects without weakening liquidity.
1Y cumulative return vs XIC
Street
bullMarket-Implied
bearMost Likely
baseConfidence
MediumAs of 2026-06-06, the current price of 41.24 compares with a low/mean/high consensus range of 43.64, 61.22, and 82.63 across 6 analysts. That setup points to a bull street case because the mean and high ends of the range remain materially above the current quote.
The market-implied case is bear because the current quote sits below the low end of the target range, showing that investors still discount material delivery or cycle risk.
The overall case is base because Eldorado Gold must convert its gold mining and development portfolio into durable evidence around operating stability, project execution, liquidity management, and reserve conversion. The report context is constructive enough to keep the scenario live, but gold prices, cost inflation, construction execution, and jurisdictional risk keep the range from being a one-way read.
Confidence is medium because the prepared report sections are source-backed and the street-target inputs are current, but scenario outcomes still depend on gold prices, cost inflation, construction execution, and jurisdictional risk.
Current Price
$41.24
Expected Value
$62.18
Implied Move
+50.8%
Current vs low/median/mean/high target prices
Eldorado Gold’s results depend on mine plans, production rates, metallurgical recoveries, reserve and resource estimates, construction and development performance, exploration success, labour availability, consumables, shipping of critical items, geotechnical conditions, water and tailings management. The Form 40-F, Q1 MD&A and technical reports show that assumptions around timing, cost, production, recoveries and sustaining capital can differ from actual outcomes at assets such as Skouries, Lamaque, Kisladag, Efemcukuru and Olympias.
Next expiry: 2026-06-18 | Implied move: N/A | P/C OI: N/A
Financial performance is exposed to gold, copper and other commodity prices, exchange rates, inflation, fuel, explosives, cement, cyanide and other consumable costs, working-capital requirements, construction spending and sustaining capital. Eldorado’s disclosures also cite its ability to access project funding, comply with covenants and contractual commitments, manage credit ratings and insurance availability, and fund development or acquisition-related requirements, which could affect liquidity if costs, prices or operating assumptions move against the company.
The gold and copper mining industry is capital intensive and sensitive to commodity markets, reserve conversion, construction capacity, labour resources, specialist contractors, critical equipment, consumables, transport costs and regulatory approvals. Eldorado also competes for mineral assets, skilled personnel, financing, project services and market access, while industry-wide inflation, supply constraints, adverse weather and changing reporting standards can weaken project economics or delay expected development benefits.
Eldorado operates an integrated mining business that explores, acquires, develops, builds, operates and reclaims mining properties. Operating mines are run as decentralized business units, while Vancouver head office manages exploration strategy, mergers and acquisitions, financing, tax, consolidated reporting, regulatory compliance, commodity price and currency risk management, investor relations, engineering for capital projects, health, safety, sustainability and general corporate matters. The model converts mineral reserves and resources into produced and processed metal products, sells doré and concentrates through refineries and customer purchase agreements, and reinvests capital in sustaining operations and development projects such as Skouries.
Eldorado Gold Corporation is a Vancouver-headquartered gold and base metals producer listed on the Toronto Stock Exchange under ELD and on the NYSE under EGO. The company owns and operates mines in Canada, Greece and Türkiye, with a focus on gold production and base metals including silver, lead and zinc. As of the 2026 AIF, Eldorado's operating gold mines were Kışladağ and Efemçukuru in Türkiye, Lamaque Complex in Canada and Olympias in Greece, with Skouries in Greece as a copper-gold development project. The Q1 2026 release also states that Eldorado completed the acquisition of Foran Mining Corporation after quarter end, adding the McIlvenna Bay copper-zinc-gold-silver development project in Saskatchewan.
Eldorado's cost structure includes mine production costs, direct operating costs, transportation and selling costs, royalty expense, inventory timing effects, treatment and refining costs, depreciation and amortization, sustaining capital, growth and development capital, exploration and evaluation expense, mine standby costs, general and administrative expense, share-based payments, reclamation costs, finance costs, income taxes and foreign-exchange effects. Q1 2026 production costs were $188.2 million, and the company's AISC framework includes total cash costs, sustaining capital, sustaining exploration and evaluation costs, reclamation cost accretion and amortization for operating gold mines, and corporate and allocated general and administrative expense.
Barriers to entry include discovering and delineating mineral resources, securing mineral tenure and surface rights, completing technical reports, raising capital, building processing and tailings infrastructure, obtaining environmental and operating permits, and maintaining specialized mining, metallurgy, engineering, and safety capabilities. Skouries and Lamaque documentation also show the importance of water, power, waste, transport, and refinery or smelter access. Substitution pressure is mostly commodity-demand related: investor and jewellery demand can move away from gold, industrial demand affects copper, and competing mines can supply similar metal into the same global markets.
Eldorado's advantages are asset-specific: mineral rights, permitted operating mines, established processing plants, technical reports, reserve and resource models, existing refinery and concentrate sales channels, and jurisdictional operating experience. Lamaque benefits from access to established refinery markets in eastern Canada, while Skouries gives Eldorado a large copper-gold development asset with planned concentrate and dore production. These are not permanent moats. They must be maintained through safe operations, reserve replacement, permitting, environmental compliance, supply-chain performance, project execution, and relationships with communities, regulators, refiners, smelters, and service providers.
Eldorado competes in commodity markets where final pricing is primarily set by gold and base-metal reference markets rather than by issuer-specific branding. Gold dore from Lamaque is sold to certified refineries in Ontario and Quebec, Kisladag gold is refined in Turkiye and sold through the Precious Metal Market of Borsa Istanbul, and concentrates are sold through purchase agreements with customers. The Skouries technical materials describe gold-copper concentrate as marketable to smelters, refiners, traders, and sales agents, with concentrates expected to be sold at competitive market rates to third parties. Competition is therefore concentrated in asset quality, cost, jurisdiction, metallurgical performance, logistics, and buyer terms.
Capital structure composition and liquidity ratios
Cash and cash equivalents were $629.7 million at March 31, 2026, down from $869.4 million at year-end 2025. Current assets were $1.19 billion and current liabilities were $732.5 million, with total assets of $6.70 billion and debt of $1.23 billion reported in the Q1 MD&A.
The balance sheet remained liquid, but cash decreased during Q1 because growth capital, share buybacks, VAT facility repayments, dividends and taxes exceeded operating cash inflows and other offsets. The largest cash-flow distinction is between operating mine generation and Skouries development spending, which explains the gap between total free cash flow and free cash flow excluding Skouries.
Operating, investing, and financing cash flow by period
Net cash generated from operating activities of continuing operations was $141.4 million, and cash flow from operating activities before changes in working capital was $187.1 million. Free cash flow was negative $129.1 million because investing activity and project capital were elevated, while free cash flow excluding Skouries was positive $62.9 million.
Normalized cash conversion and accrual quality metrics
Cash Conversion
1.04x
Good
Accrual Intensity
-0.9%
Good
Earnings Margin
25.6%
Good
OCF Margin
26.6%
Good
Cash Conversion
1.04x
Accrual Intensity
-0.9%
Earnings Margin
25.6%
OCF Margin
26.6%
Revenue
$532K
Net Income
$136K
Operating CF
$141K
The quarter included acquisition costs, foreign exchange gains, derivative instrument effects and tax expense that influenced reported net earnings. Eldorado also reports non-IFRS measures such as adjusted EBITDA, total cash costs, all-in sustaining costs, free cash flow and free cash flow excluding Skouries, so those measures should be reconciled to IFRS revenue, earnings and cash flows.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| DPM | 294.7% | DPM Metals Inc. | 115.3% |
| EQX | Equinox Gold Corp. | 224.3% | |
| IMG | 822.9% | IAMGOLD Corporation | 115.9% |
| OR | 184.4% |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Total Revenue | 1,980,614 | 1,803,431 | 1,323,537 | 1,010,099 | 871,461 |
| All numbers in thousands (USD) | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
•Total Assets | 6,727,297 | 5,835,593 | 4,987,634 | 4,457,916 |
•Current Assets |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 752,946 | 742,155 | 655,611 | 383,311 | 210,996 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 895,553,459 | 20,526,093 | institutional | Blackrock Inc. | Mar 2026 | 7.88% |
| 586,255,408 | 13,436,979 | institutional | Van Eck Associates Corporation | Mar 2026 | 5.16% |
| 455,511,739 | 10,440,333 | institutional | L1 Capital Pty Ltd |
Eldorado's 2025 Sustainability Report organizes environmental performance under energy and climate change, tailings management, heap leach management, waste, water stewardship, air emissions, biodiversity and land management, closure and reclamation, and environmental compliance. Its Climate Change Strategy is embedded in the Sustainability Framework and integrated into enterprise risk management, asset planning, project design and operations. The report highlights 76% water recycled and reused, 48,280 indigenous plants established across 9,036 hectares to advance biodiversity and reclamation, and environmental controls supported by regulatory compliance and planned closure activities.
Eldorado identifies ESG risk areas including climate-change mitigation and adaptation, energy, tailings, mineral waste, water stewardship, air management, biodiversity and land management, closure and reclamation, health and safety, Indigenous engagement, complaints and grievances, supply chain, human rights and security. The Form 40-F also flags climate and adverse weather, access to power and water, community relations and social license, environmental matters, permits, geotechnical and hydrogeological conditions, reclamation obligations and ESG practices as risk considerations. Improvement opportunities include applying SIMS globally, updating minimum standards, using third-party MAC-TSM verification, advancing biodiversity and reclamation work, and managing climate-related risks through integrated business planning.
Eldorado's governance framework is built around its Sustainability Integrated Management System, which sets mandatory minimum performance standards across global sites and operationalizes its sustainability policies. The company says SIMS aligns with the World Gold Council Responsible Gold Mining Principles, Mining Association of Canada's Towards Sustainable Mining protocols, the International Cyanide Management Code, the Copper Mark and the Voluntary Principles on Security and Human Rights. Governance policies include the Code of Ethics and Business Conduct, Supplier Code of Conduct, Anti-Bribery and Corruption Policy, Diversity Policy, Environmental Policy, Health and Safety Policy, Human Rights Policy, Respectful Workplace Policy, Responsible Sourcing Policy, Shareholder Engagement Policy and Social Performance Policy; the Form 40-F also discloses a Code of Ethics and Business Conduct.
Requires analyst review. The approved sources do not establish market pricing or a security-level mispricing. They do frame review around a contrast between positive operating cash flow, maintained full-year guidance, and a near-term free-cash-flow drag from Skouries construction capital, with free cash flow negative in Q1 2026 but positive when excluding Skouries capital expenditures.
Primary risks include Skouries capital intensity, schedule and commissioning execution, second-half production weighting, cost inflation, gold-price sensitivity, operating performance at Lamaque, Olympias, Kisladag and Efemcukuru, and liquidity or financing pressure if project capital exceeds the company plan.
Q1 2026 developments included 100,358 ounces of gold produced, 100,619 ounces sold, $532.4 million of revenue, and $335.7 million of adjusted EBITDA. Eldorado maintained full-year production and cost guidance, continued major earthworks and infrastructure construction at Skouries, initiated a dividend program, and disclosed planned leadership changes tied to the Skouries ramp-up period.
Requires analyst review before any portfolio action. The source-backed action item is to monitor Skouries construction and commissioning, second-half production weighting, cost performance versus guidance, liquidity after growth capital spending, and the new dividend and leadership transition disclosures.
Requires analyst review. The approved sources provide operating production, realized gold price, cash, capital spending, free cash flow, and guidance inputs, but they do not provide a standalone valuation answer. Any valuation work should separately review normalized operating cash generation, Skouries construction capital, sustaining capital, gold-price assumptions, and the timing of production growth.
Bear Case
In the bear case, Eldorado Gold remains tied to its gold mining and development portfolio, but investors put more weight on gold prices, cost inflation, construction execution, and jurisdictional risk than on the consensus range. The stock can lag even with source-backed report coverage in place if cash generation, project delivery, or operating momentum falls short of what the current report context implies.
What Must Go Right: To avoid the bear case, Eldorado Gold needs to preserve liquidity, keep operating and capital plans within the boundaries described in the report, and show that operating stability, project execution, liquidity management, and reserve conversion are progressing without adding balance-sheet strain.
What Must Go Wrong: The bear case develops if gold prices, cost inflation, construction execution, and jurisdictional risk weaken confidence, if cost or capital needs absorb the financial flexibility shown in the report, or if investors decide the target range was too dependent on favorable market conditions.
Base Case
In the base case, Eldorado Gold executes broadly in line with the prepared report context. The business continues to show credible support from its gold mining and development portfolio, while the market waits for clearer evidence that operating stability, project execution, liquidity management, and reserve conversion can compound through the cycle.
What Must Go Right: The base case requires steady operating delivery, disciplined capital allocation, and risk control. Management needs to keep the balance sheet usable, protect margins or cash conversion, and make the report thesis more visible through measurable progress.
What Must Go Wrong: The base case weakens if execution becomes uneven, if external market conditions overpower company-specific progress, or if the risk section begins to matter more than the investment-summary thesis.
Bull Case
In the bull case, Eldorado Gold converts the strengths identified in the report into clearer market evidence. Investors give more credit to operating stability, project execution, liquidity management, and reserve conversion, and the current quote moves closer to the stronger part of the consensus range without needing a new unsupported valuation claim.
What Must Go Right: The bull case requires sustained execution, clean capital allocation, and proof that the company can turn its gold mining and development portfolio into durable earnings, cash flow, or asset-value progress. The more management reduces uncertainty around gold prices, cost inflation, construction execution, and jurisdictional risk, the easier it becomes for the target range to matter.
What Must Go Wrong: The bull case fails if the positive setup depends mainly on external markets rather than company delivery, if costs or capital intensity rise, or if the report risks limit how much credit investors are willing to assign.
Eldorado’s assets and projects expose it to permitting, legal, tax, environmental, securities, privacy, anti-corruption, bribery, sanctions and geopolitical risks across its operating jurisdictions. The company’s filings identify required permits, the geopolitical, economic, permitting and legal climate, environmental and sustainability obligations, litigation and contracts, employee misconduct, international conflict, tariffs and trade barriers as risk areas that can affect construction, operations, financing or transaction completion.
Insufficient structured data
Risk sensitivity visual unavailable for this report.
Company-specific risk is concentrated in executing the Skouries Project, maintaining Lamaque reserve and mine-plan assumptions, operating the Greek and Turkish asset base, integrating any acquired assets and converting exploration or growth capital into sustainable production. The selected sources also point to risks from project delays or suspensions, permitting timelines, climate and adverse weather, community and environmental performance, cyber security, modern slavery and supply-chain controls, and the ability to unlock portfolio expansion opportunities while staying within funding and covenant limits.
Eldorado sells mineral products through refining and concentrate purchase channels rather than a retail distribution network. Gold doré from Kışladağ is refined to market delivery standards at gold refineries in Türkiye and sold at spot prices on the Precious Metal Market of the Borsa Istanbul. Gold doré from Lamaque is sold to local refineries in Ontario. Concentrates from Greece and Türkiye are sold under customer purchase agreements based on payable terms and metal prices for contained metals, including gold concentrates from Efemçukuru and Olympias, lead/silver and zinc concentrates from Olympias and planned gold/copper concentrate from Skouries. Eldorado's marketing teams are responsible for downstream smelter and refinery relationships and long-term purchase agreements.
Eldorado's operating exposure is concentrated in Canada, Greece and Türkiye. Kışladağ and Efemçukuru are in Türkiye, Lamaque Complex is in Québec, Canada, Olympias and Skouries are in Greece, and Perama Hill is a Greek development project in project engineering and pre-permitting. The Q1 2026 release states that the Foran acquisition added McIlvenna Bay in Saskatchewan, Canada. The company also reports personnel in Türkiye, Canada, Greece and the Netherlands. Geographic exposure includes foreign jurisdiction risk, local permitting, local communities, labour markets, royalties, environmental regulation, and currency exposure such as euro-denominated Skouries project capital reported in U.S. dollars.
Key operating levers include gold ounces produced and sold, average realized gold price, ore tonnes mined or milled, ore grade, metallurgical recovery, production sequencing, mine life, mineral reserve and resource replacement, mining method, processing performance, royalty rates, by-product credits, total cash costs, AISC, sustaining capital, growth capital, exploration success, construction progress and commissioning readiness. For Q1 2026, Eldorado reported 100,358 ounces of gold produced, 100,619 ounces sold, revenue of $532.4 million and production costs of $188.2 million. The Skouries ramp-up adds construction, workforce, stockpile, commissioning and offtake execution as important operating levers.
Eldorado's products are mined and processed metal products. The company produces gold doré and gold, silver, lead and zinc contained in concentrates. Its operating gold mines produce gold from Kışladağ, Efemçukuru, Lamaque Complex and Olympias, while Olympias also produces lead/silver and zinc concentrates. Skouries is a copper-gold development project expected to produce gold/copper concentrate, and the Foran acquisition added McIlvenna Bay, described in the Q1 release as a copper-zinc-gold-silver-rich development project. Eldorado's activities also include exploration, discovery, acquisition, financing, project development, mine operation, processing, reclamation and closure planning.
Eldorado operates in a highly regulated mining environment covering mineral tenure, environmental impact assessments, permits, operating licences, mine plan approvals, health and safety, tailings and waste management, reclamation and closure, securities disclosure, NI 43-101 technical reporting, Extractive Sector Transparency Measures Act compliance, tax rules, environmental and sustainability reporting, human-rights and modern-slavery supply-chain requirements, and local community engagement. Its AIF states that EIAs and permits require government approvals before construction and that rigorous environmental monitoring is used to comply with operating licences and permits. The World Gold Council Q1 2026 summary also shows the broader gold market backdrop of high gold prices, investor demand, central-bank buying, mine supply and recycling supply.
Eldorado's revenue is primarily driven by metal sales, gold ounces sold, realized gold prices, by-product metals, concentrate payable terms, production volumes, ore grades, recoveries and the timing of sales. The 2025 AIF reported revenue of $1.82 billion for 2025 and gold production of 488,268 ounces. The Q1 2026 release reported revenue of $532.4 million, gold sales of 100,619 ounces and an average realized gold price of $4,891 per ounce sold. It attributed the year-over-year revenue increase mainly to higher average realized gold prices, partly offset by lower sales volumes. Broader gold demand conditions, including investment demand, central-bank purchases, jewellery demand and mine supply, shape the commodity-price environment in which Eldorado sells gold.
Eldorado operates in precious-metals and copper-gold mining, with operating mines and projects across Turkiye, Greece, and Canada. The approved AIF and technical reports describe gold production from Kisladag, Efemcukuru, Olympias, and the Lamaque Complex, plus the Skouries copper-gold development project in northern Greece. The product mix includes gold dore from heap-leach or mine-processing circuits and payable metals in concentrates, including gold, copper, lead, silver, and zinc depending on the asset. This places Eldorado in both the global gold-mining industry and the concentrate supply chain for smelters and refiners.
Eldorado's industry growth is driven by reserve conversion, production rates, recovery, expansion and construction execution, and the commissioning path for development assets such as Skouries. The cycle is tied to gold and copper prices, grade, mining method, recoveries, power and water access, consumables, labour, contractor capacity, capex timing, taxes, royalties, and foreign exchange. The Lamaque technical report identifies gold price as the largest single factor for profitability and cash flow at that asset, and the corporate filings repeatedly connect total cash costs and all-in sustaining costs to the gold price and production profile.
Eldorado operates under mining, environmental, health and safety, labour, tax, securities, anti-corruption, and community-relations regimes across Turkiye, Greece, Canada, and other applicable jurisdictions. Technical reports and corporate filings point to environmental impact assessments, Greek ministry approvals, Federal and Provincial rules at Lamaque, tailings and water management, closure obligations, social license, title and surface-rights risk, and regulated substances as structural constraints. Industry risks also include reliance on a limited number of smelters and off-takers, metal-price volatility, cost inflation, geotechnical and hydrogeological uncertainty, construction and commissioning delays, and access to power, water, supplies, and qualified labour.
Eldorado has limited pricing power because gold and copper prices, payable terms, treatment charges, refining charges, transport, and metal deductions are market-linked. Cost position depends on open-pit and underground mining rates, grades, recovery, strip ratios, processing performance, power, fuel, cyanide, explosives, ground support, contractors, labour, tailings and water management, freight, royalties, taxes, and sustaining and growth capital. Technical reports for Lamaque and Skouries show that contracts, local supplier quotes, concentrate terms, refining charges, and logistics all feed into mine economics, which makes cost discipline more important than customer-level pricing control.
Eldorado's customers include refineries for dore, smelters and off-takers for concentrates, and market channels such as Borsa Istanbul for Turkish gold sales. Lamaque sells dore to certified refineries in Ontario and Quebec; Kisladag dore is refined in Turkiye and sold on the Precious Metal Market of Borsa Istanbul; Efemcukuru and Olympias sell concentrate under customer purchase agreements; and Skouries is expected to sell concentrate to third-party smelters or related market participants. Suppliers include power providers, fuel and cyanide suppliers, explosives and ground-support vendors, contractors, equipment suppliers, transport providers, and construction and engineering services.
Insufficient structured data
Earnings history visual unavailable for this report.
Eldorado maintained 2026 annual gold production guidance of 490,000 to 590,000 ounces, with production expected to be weighted to the second half of the year. Excluding Skouries, full-year total cash costs are expected to be $1,220 to $1,420 per ounce sold and all-in sustaining costs $1,670 to $1,870 per ounce sold, while Skouries commercial production is expected in Q4 2026.
Revenue and earnings increased substantially year over year even though gold production declined to 100,358 ounces from 115,893 ounces. Higher realized gold prices and stronger mine margins offset lower production volumes, while total cash costs of $1,470 per ounce sold and all-in sustaining costs of $1,942 per ounce sold were above the prior-year levels.
Revenue (USD) and profitability margins (% of revenue)
Eldorado reported Q1 2026 revenue of $532.4 million, up from $355.2 million in Q1 2025, with gold sales of 100,619 ounces at an average realized gold price of $4,891 per ounce. Earnings from mine operations were $290.2 million versus $146.8 million in the prior-year quarter, and net earnings attributable to shareholders were $136.4 million, or $0.69 per basic share.
Q1 operating metrics included 100,358 ounces produced, 100,619 ounces sold, total cash costs of $1,470 per ounce sold and all-in sustaining costs of $1,942 per ounce sold. Total capital expenditures were $318.0 million, including $135.6 million of project capital at Skouries, $48.5 million of accelerated operational capital, $89.4 million of operating-mine growth capital and $32.9 million of sustaining capital.
Q1 free cash flow was heavily affected by Skouries construction capital and accelerated operational capital, so total free cash flow should not be treated as a normalized operating-mine run rate. Acquisition costs, derivative effects and tax items also require separation from recurring mine operating performance.
| OR Royalties Inc. |
| 87.3% |
| OGC | 140.5% | OceanaGold Corporation | 98.5% |
| BTO | 250.3% | B2Gold Corp. | 117.7% |
| LUG | 79.4% | Lundin Gold Inc. | 59.2% |
| AGI | 1144.7% | Alamos Gold Inc. | 79.2% |
| PAAS | 131.6% | Pan American Silver Corp. | 49.3% |
| K | 133.9% | Kinross Gold Corporation | 60.8% |
| 97.9% | Subject (ELD) | 49.9% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 16.6% | 25.5% | DPM | 44.9% | DPM Metals Inc. | 69.4% | 59.3% |
| 6.9% | 5.2% | EQX | 25.2% | Equinox Gold Corp. | 58.9% | 45.3% |
| 16.9% | 28.0% | IMG | 29.5% | IAMGOLD Corporation | 48.0% | 52.8% |
| 10.3% | 18.9% | OR | 78.1% | OR Royalties Inc. | 96.7% | 85.4% |
| 21.8% | 34.6% | OGC | 33.7% | OceanaGold Corporation | 62.3% | 50.2% |
| 16.9% | 16.5% | BTO | 14.8% | B2Gold Corp. | 65.5% | 45.0% |
| 46.5% | 68.5% | LUG | 45.7% | Lundin Gold Inc. | 77.8% | 68.9% |
| 12.0% | 25.9% | AGI | 51.2% | Alamos Gold Inc. | 70.2% | 52.4% |
| 10.6% | 20.8% | PAAS | 31.6% | Pan American Silver Corp. | 55.7% | 48.1% |
| 20.3% | 35.5% | K | 36.0% | Kinross Gold Corporation | 68.7% | 55.1% |
| 8.8% | 14.0% | 28.6% | Subject (ELD) | 62.8% | 48.8% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 2.82 | 13.51 | 9.44 | DPM | 13.92x | 8.94x | $10.5bn | 8.02 | DPM Metals Inc. | $10.0bn |
| 1.62 | 34.02 | 5.67 | EQX | 10.18x | 5.92x | $13.7bn | 6.88 | Equinox Gold Corp. | $14.3bn |
| 2.31 | 10.04 | 4.04 | IMG | 7.65x | 4.11x | $13.8bn | 6.87 | IAMGOLD Corporation | $14.0bn |
| 4.79 | 27.54 | 29.36 | OR | 32.77x | 29.37x | $9.6bn | 21.90 | OR Royalties Inc. | $9.6bn |
| 2.87 | 9.24 | 4.18 | OGC | 7.17x | 4.00x | $9.4bn | 6.87 | OceanaGold Corporation | $9.0bn |
| 1.71 | 12.28 | 2.35 | BTO | 4.41x | 2.38x | $8.7bn | 4.07 | B2Gold Corp. | $8.8bn |
| 11.42 | 16.90 | 10.70 | LUG | 14.55x | 10.37x | $21.3bn | 12.52 | Lundin Gold Inc. | $20.7bn |
| 3.65 | 15.88 | 11.17 | AGI | 16.91x | 11.04x | $23.1bn | 11.99 | Alamos Gold Inc. | $22.9bn |
| 3.33 | 17.31 | 8.01 | PAAS | 16.35x | 7.96x | $32.0bn | 10.09 | Pan American Silver Corp. | $31.8bn |
| 3.86 | 12.46 | 6.07 | K | 9.60x | 5.98x | $48.3bn | 8.29 | Kinross Gold Corporation | $47.6bn |
| 1.48 | 11.28 | 5.82 | 10.77x | 6.19x | $11.6bn | 5.42 | Subject (ELD) | $12.4bn |
| 1,980,614 |
| 1,803,431 |
| 1,323,537 |
| 1,010,099 |
| 871,461 |
Cost of Revenue | 969,911 | 936,184 | 815,608 | 740,034 | 699,771 |
Gross Profit | 1,010,703 | 867,247 | 507,929 | 270,065 | 171,690 |
•Operating Expense | 133,620 | 128,389 | 91,622 | 97,030 | 109,736 |
•Selling General and Administrative | 66,170 | 63,841 | 51,696 | 54,211 | 53,741 |
•General & Administrative Expense | 66,170 | 63,841 | 51,696 | 54,211 | 53,741 |
Salaries and Wages | 23,916 | 24,671 | 15,456 | 14,423 | 16,726 |
Other G and A | 42,254 | 39,170 | 36,240 | 39,788 | 37,015 |
Other Operating Expenses | 67,450 | 64,548 | 39,926 | 42,819 | 55,995 |
Operating Income | 877,083 | 738,858 | 416,307 | 173,035 | 61,954 |
•Net Non Operating Interest Income Expense | 4,222 | 5,941 | 3,829 | -12,867 | -26,360 |
Interest Income Non Operating | -- | 33,614 | 23,949 | 17,640 | 8,856 |
Interest Expense Non Operating | 25,980 | 27,673 | 20,120 | 30,507 | 35,216 |
•Other Income Expense | -132,501 | -200,482 | 15,258 | 3,197 | -23,738 |
Gain on Sale of Security | -169,811 | -196,462 | -45,309 | 7,208 | 5,802 |
•Special Income Charges | -18,231 | -12,737 | 53,865 | -9,719 | -29,540 |
Impairment of Capital Assets | 10,537 | 12,737 | 6,135 | 9,719 | 32,499 |
Gain on Sale of Business | -- | 0 | 60,000 | 0 | -- |
Gain on Sale of PPE | -- | 0 | 60,000 | -605 | 2,959 |
Other Non Operating Income Expenses | 55,541 | 8,717 | 6,702 | 5,708 | -- |
Pretax Income | 748,804 | 544,317 | 435,394 | 163,365 | 11,856 |
Tax Provision | 165,683 | 22,068 | 134,758 | 57,575 | 61,224 |
•Net Income Common Stockholders | 571,234 | 507,257 | 289,121 | 104,630 | -353,824 |
•Net Income | 571,234 | 507,257 | 289,121 | 104,630 | -353,824 |
•Net Income Including Non-Controlling Interests | 566,509 | 504,304 | 286,960 | 101,383 | -426,853 |
Net Income Continuous Operations | 583,121 | 522,249 | 300,636 | 105,790 | -49,368 |
Net Income Discontinuous Operations | -16,612 | -17,945 | -13,676 | -4,407 | -377,485 |
Minority Interests | 4,725 | 2,953 | 2,161 | 3,247 | 73,029 |
Diluted NI Available to Com Stockholders | 571,234 | 507,257 | 289,121 | 104,630 | -353,824 |
Basic EPS | 2.84 | 2.50 | 1.42 | 0.54 | -1.93 |
Diluted EPS | 2.80 | 2.47 | 1.41 | 0.54 | -1.93 |
Basic Average Shares | 201,260.58 | 203,018.39 | 203,983.46 | 194,448.37 | 183,446 |
Diluted Average Shares | 204,005.19 | 205,412.24 | 205,541.54 | 195,328.51 | 183,446 |
Total Operating Income as Reported | 886,781 | 727,399 | 419,393 | 182,009 | 41,679 |
Total Expenses | 1,103,531 | 1,064,573 | 907,230 | 837,064 | 809,507 |
Net Income from Continuing & Discontinued Operation | 571,234 | 507,257 | 289,121 | 104,630 | -353,824 |
Normalized Income | 734,281.17 | 725,919.54 | 296,889.15 | 110,663.04 | 41,177.27 |
Interest Income | -- | 33,614 | 23,949 | 17,640 | 8,856 |
Interest Expense | 25,980 | 27,673 | 20,120 | 30,507 | 35,216 |
Net Interest Income | 4,222 | 5,941 | 3,829 | -12,867 | -26,360 |
EBIT | 710,215 | 571,990 | 455,514 | 193,872 | 47,072 |
EBITDA | 964,551 | 832,495 | 710,505 | 458,197 | 289,465 |
Reconciled Cost of Revenue | 969,911 | 936,184 | 815,608 | 740,034 | 699,771 |
Reconciled Depreciation | 254,336 | 260,505 | 254,991 | 264,325 | 242,393 |
Net Income from Continuing Operation Net Minority Interest | 587,846 | 525,202 | 302,797 | 109,037 | 23,661 |
Total Unusual Items Excluding Goodwill | -188,042 | -209,199 | 8,556 | -2,511 | -23,738 |
Total Unusual Items | -188,042 | -209,199 | 8,556 | -2,511 | -23,738 |
Normalized EBITDA | 1,152,593 | 1,041,694 | 701,949 | 460,708 | 313,203 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | -41,606.83 | -8,481.46 | 2,648.15 | -884.96 | -6,221.73 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Total Revenue | 1,980,614 | 532,428 | 561,735 | 434,727 | 451,724 | 355,245 |
Operating Revenue | 1,980,614 | 532,428 | 561,735 | 434,727 | 451,724 | 355,245 |
Cost of Revenue | 969,911 | 242,207 | 272,614 | 226,969 | 228,121 | 208,480 |
Gross Profit | 1,010,703 | 290,221 | 289,121 | 207,758 | 223,603 | 146,765 |
•Operating Expense | 133,620 | 28,794 | 39,945 | 35,224 | 26,700 | 23,563 |
•Selling General and Administrative | 66,170 | 14,771 | 20,303 | 16,305 | 14,791 | 12,442 |
•General & Administrative Expense | 66,170 | 14,771 | 20,303 | 16,305 | 14,791 | 12,442 |
Salaries and Wages | 23,916 | 3,607 | 6,504 | 7,521 | 5,270 | 4,362 |
Other G and A | 42,254 | 11,164 | 13,799 | 8,784 | 9,521 | 8,080 |
Other Operating Expenses | 67,450 | 14,023 | 19,642 | 18,919 | 11,909 | 11,121 |
Operating Income | 877,083 | 261,427 | 249,176 | 172,534 | 196,903 | 123,202 |
•Net Non Operating Interest Income Expense | 4,222 | -13,963 | 307 | 1,144 | -669 | -12,244 |
Interest Income Non Operating | -- | -- | 7,832 | 8,561 | -- | -- |
Interest Expense Non Operating | 25,980 | -- | 7,525 | 7,417 | 669 | 12,244 |
Total Other Finance Cost | -- | 13,963 | -- | -- | -- | 12,244 |
•Other Income Expense | -132,501 | -719 | -29,739 | -63,585 | -24,012 | -68,700 |
Gain on Sale of Security | -169,811 | 20,367 | -28,603 | -59,836 | -18,524 | -6,284 |
•Special Income Charges | -18,231 | -8,183 | -4,311 | -3,261 | -2,476 | -2,689 |
Restructuring & Mergers Acquisition | -- | 7,694 | -- | -- | -- | 0 |
Impairment of Capital Assets | 10,537 | 489 | -- | -- | 2,476 | 2,689 |
Write Off | -- | -- | -- | 3,261 | -- | -- |
Gain on Sale of Business | -- | -- | 0 | 0 | -- | -- |
Other Non Operating Income Expenses | 55,541 | -12,903 | 3,175 | -488 | -3,012 | -59,727 |
Pretax Income | 748,804 | 246,745 | 219,744 | 110,093 | 172,222 | 42,258 |
Tax Provision | 165,683 | 111,007 | -32,536 | 53,917 | 33,295 | -32,608 |
•Net Income Common Stockholders | 571,234 | 136,379 | 240,819 | 56,027 | 138,009 | 72,402 |
•Net Income | 571,234 | 136,379 | 240,819 | 56,027 | 138,009 | 72,402 |
•Net Income Including Non-Controlling Interests | 566,509 | 135,738 | 240,913 | 55,054 | 134,804 | 73,533 |
Net Income Continuous Operations | 583,121 | 135,738 | 252,280 | 56,176 | 138,927 | 74,866 |
Net Income Discontinuous Operations | -16,612 | 0 | -11,367 | -1,122 | -4,123 | -1,333 |
Minority Interests | 4,725 | 641 | -94 | 973 | 3,205 | -1,131 |
Diluted NI Available to Com Stockholders | 571,234 | 136,379 | 240,819 | 56,027 | 138,009 | 72,402 |
Basic EPS | 2.84 | 0.69 | -- | -- | 0.67 | 0.35 |
Diluted EPS | 2.80 | 0.68 | -- | -- | 0.67 | 0.35 |
Basic Average Shares | 201,260.58 | 197,730.79 | -- | -- | 204,906.88 | 204,762.06 |
Diluted Average Shares | 204,005.19 | 200,873.52 | -- | -- | 206,960.82 | 206,501.72 |
Total Operating Income as Reported | 886,781 | 273,611 | 266,547 | 170,720 | 175,903 | 114,229 |
Total Expenses | 1,103,531 | 271,001 | 312,559 | 262,193 | 254,821 | 232,043 |
Interest Income | -- | -- | 7,832 | 8,561 | -- | -- |
Interest Expense | 25,980 | -- | 7,525 | 7,417 | 669 | 12,244 |
Net Interest Income | 4,222 | -13,963 | 307 | 1,144 | -669 | -12,244 |
Net Income from Continuing & Discontinued Operation | 571,234 | 136,379 | 240,819 | 56,027 | 138,009 | 72,402 |
Normalized Income | 734,281.17 | 129,068.60 | 280,162.90 | 110,781.45 | 159,072.15 | 81,362.05 |
EBIT | 710,215 | 261,427 | 227,269 | 117,510 | 172,891 | 123,202 |
EBITDA | 964,551 | 315,875 | 297,400 | 180,852 | 239,306 | 183,819 |
Reconciled Cost of Revenue | 969,911 | 242,207 | 272,614 | 226,969 | 228,121 | 208,480 |
Reconciled Depreciation | 254,336 | 54,448 | 70,131 | 63,342 | 66,415 | 60,617 |
Net Income from Continuing Operation Net Minority Interest | 587,846 | 136,379 | 252,186 | 57,149 | 142,132 | 73,735 |
Total Unusual Items Excluding Goodwill | -188,042 | 12,184 | -32,914 | -63,097 | -21,000 | -8,973 |
Total Unusual Items | -188,042 | 12,184 | -32,914 | -63,097 | -21,000 | -8,973 |
Normalized EBITDA | 1,152,593 | 303,691 | 330,314 | 243,949 | 260,306 | 192,792 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | -41,606.83 | 4,873.60 | -4,937.10 | -9,464.55 | -4,059.85 | -1,345.95 |
| 1,447,784 |
| 1,482,138 |
| 930,406 |
| 632,458 |
•Cash, Cash Equivalents & Short Term Investments | 869,356 | 995,729 | 543,305 | 314,873 |
•Cash And Cash Equivalents | 869,356 | 856,797 | 540,473 | 279,735 |
Cash | 767,683 | 830,788 | 539,536 | 276,734 |
Cash Equivalents | 101,673 | 26,009 | 937 | 3,001 |
Other Short Term Investments | 0 | 138,932 | 2,832 | 35,138 |
•Receivables | 279,212 | 130,676 | 101,085 | 67,035 |
Accounts receivable | 111,030 | 57,832 | 49,387 | 33,746 |
Taxes Receivable | 108,923 | 30,984 | 29,465 | 19,679 |
Other Receivables | 59,259 | 41,860 | 22,233 | 13,610 |
•Inventory | 297,165 | 278,995 | 235,890 | 198,872 |
Raw Materials | 146,358 | 141,396 | 133,006 | 131,611 |
Work in Process | 150,807 | 137,599 | 102,884 | 67,261 |
Prepaid Assets | -- | 20,732 | 19,997 | 23,940 |
Current Deferred Assets | 0 | 60,000 | 0 | -- |
Assets Held for Sale Current | 0 | 16,686 | 27,627 | 27,738 |
Hedging Assets Current | 2,051 | 52 | 2,502 | 0 |
•Total non-current assets | 5,279,513 | 4,353,455 | 4,057,228 | 3,825,458 |
•Net PPE | 4,885,564 | 4,118,782 | 3,755,559 | 3,596,262 |
•Gross PPE | 9,081,676 | 8,059,235 | 7,419,814 | 6,985,213 |
Machinery Furniture Equipment | 3,102,006 | 2,873,626 | 2,764,413 | 2,623,733 |
Other Properties | 299,077 | 282,426 | 257,480 | 243,332 |
Construction in Progress | 388,358 | 361,947 | 355,368 | 366,306 |
Accumulated Depreciation | -4,196,112 | -3,940,453 | -3,664,255 | -3,388,951 |
•Goodwill And Other Intangible Assets | 92,591 | 92,591 | 92,591 | 92,591 |
Goodwill | 92,591 | 92,591 | 92,591 | 92,591 |
•Investments And Advances | 163,585 | 33,236 | 105,966 | 61,611 |
•Long Term Equity Investment | 109,423 | 0 | -- | -- |
Investments in Associatesat Cost | 109,423 | 0 | -- | -- |
Investment in Financial Assets | 54,162 | 33,236 | 105,966 | 61,611 |
Financial Assets | 10,380 | 0 | 7,036 | 0 |
Non Current Accounts Receivable | 77,139 | 77,610 | 74,495 | 55,394 |
•Non Current Deferred Assets | 37,076 | 19,487 | 14,748 | 14,507 |
Non Current Deferred Taxes Assets | 37,076 | 19,487 | 14,748 | 14,507 |
Non Current Prepaid Assets | 2,081 | 3,489 | 3,175 | 2,890 |
Other Non Current Assets | 11,097 | 8,260 | 3,658 | 2,203 |
•Total Liabilities Net Minority Interest | 2,444,218 | 1,947,146 | 1,475,669 | 1,257,048 |
•Current Liabilities | 789,067 | 412,174 | 274,215 | 210,941 |
•Payables And Accrued Expenses | 629,878 | 357,799 | 245,087 | 191,705 |
•Payables | 342,843 | 178,787 | 117,271 | 79,030 |
Accounts Payable | 200,959 | 112,584 | 93,325 | 74,907 |
Total Tax Payable | 141,884 | 66,203 | 23,946 | 4,123 |
Current Accrued Expenses | 287,035 | 179,012 | 127,816 | 112,675 |
Current Provisions | 7,886 | 5,071 | 4,019 | 3,980 |
•Current Debt And Capital Lease Obligation | 53,992 | 4,693 | 5,020 | 4,777 |
•Current Debt | 47,968 | -- | -- | -- |
Other Current Borrowings | 47,968 | -- | -- | -- |
Current Capital Lease Obligation | 6,024 | 4,693 | 5,020 | 4,777 |
•Current Deferred Liabilities | 432 | 8,891 | 8,943 | 0 |
Current Deferred Revenue | 432 | 8,891 | 8,943 | 0 |
Other Current Liabilities | 96,879 | 35,720 | 11,146 | 10,479 |
•Total Non Current Liabilities Net Minority Interest | 1,655,151 | 1,534,972 | 1,201,454 | 1,046,107 |
Long Term Provisions | 135,071 | 127,925 | 125,090 | 105,893 |
•Long Term Debt And Capital Lease Obligation | 1,235,659 | 933,030 | 653,786 | 510,254 |
Long Term Debt | 1,227,084 | 923,000 | 641,694 | 498,090 |
Long Term Capital Lease Obligation | 8,575 | 10,030 | 12,092 | 12,164 |
•Non Current Deferred Liabilities | 254,420 | 434,939 | 399,109 | 424,726 |
Non Current Deferred Taxes Liabilities | 254,420 | 434,939 | 399,109 | 424,726 |
•Employee Benefits | 13,747 | 10,910 | 10,261 | 8,910 |
Non Current Pension And Other Post-Retirement Benefit Plans | -- | -- | 10,261 | 8,910 |
Derivative Product Liabilities | 16,254 | 28,168 | 13,208 | -3,676 |
•Total Equity Gross Minority Interest | 4,283,079 | 3,888,447 | 3,511,965 | 3,200,868 |
•Stockholders' Equity | 4,279,289 | 3,896,590 | 3,518,147 | 3,204,068 |
•Capital Stock | 3,341,760 | 3,433,778 | 3,413,365 | 3,241,644 |
Common Stock | 3,341,760 | 3,433,778 | 3,413,365 | 3,241,644 |
Additional Paid in Capital | 2,537,197 | 2,612,762 | 2,617,216 | 2,618,212 |
Retained Earnings | -1,572,080 | -2,193,163 | -2,488,420 | -2,593,050 |
Treasury Stock | 16,035 | 12,970 | 19,263 | 20,454 |
•Gains Losses Not Affecting Retained Earnings | -11,553 | 56,183 | -4,751 | -42,284 |
Other Equity Adjustments | -11,553 | 56,183 | -4,751 | -42,284 |
Minority Interest | 3,790 | -8,143 | -6,182 | -3,200 |
Total Capitalization | 5,506,373 | 4,819,590 | 4,159,841 | 3,702,158 |
Common Stock Equity | 4,279,289 | 3,896,590 | 3,518,147 | 3,204,068 |
Capital Lease Obligations | 14,599 | 14,723 | 17,112 | 16,941 |
Net Tangible Assets | 4,186,698 | 3,803,999 | 3,425,556 | 3,111,477 |
Working Capital | 658,717 | 1,069,964 | 656,191 | 421,517 |
Invested Capital | 5,554,341 | 4,819,590 | 4,159,841 | 3,702,158 |
Tangible Book Value | 4,186,698 | 3,803,999 | 3,425,556 | 3,111,477 |
Total Debt | 1,289,651 | 937,723 | 658,806 | 515,031 |
Net Debt | 405,696 | 66,203 | 101,221 | 218,355 |
Share Issued | 198,570.52 | 204,946.02 | 203,138.35 | 184,800.57 |
Ordinary Shares Number | 197,979.72 | 204,946.02 | 203,138.35 | 184,800.57 |
Treasury Shares Number | 590.80 | -- | 0 | -- |
| All numbers in thousands (USD) | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|
•Total Assets | 6,700,028 | 6,727,297 | 6,485,431 | 6,303,828 | 5,951,756 |
•Current Assets | 1,190,055 | 1,447,784 | 1,558,992 | 1,622,315 | 1,474,223 |
•Cash, Cash Equivalents & Short Term Investments | 629,724 | 869,356 | 1,043,935 | 1,078,572 | 978,142 |
•Cash And Cash Equivalents | 629,724 | 869,356 | 1,043,935 | 1,078,572 | 978,142 |
Cash | -- | 767,683 | -- | -- | -- |
Cash Equivalents | -- | 101,673 | -- | -- | -- |
Other Short Term Investments | -- | 0 | 0 | -- | -- |
•Receivables | 231,552 | 279,212 | 184,313 | 235,397 | 125,229 |
Accounts receivable | 127,039 | 111,030 | 97,170 | 235,397 | 60,352 |
Taxes Receivable | 45,162 | 108,923 | 53,686 | -- | 30,799 |
Other Receivables | 59,351 | 59,259 | 33,457 | -- | 34,078 |
•Inventory | 327,191 | 297,165 | 289,493 | 290,360 | 276,853 |
Raw Materials | 178,834 | 146,358 | 135,281 | -- | 133,297 |
Work in Process | 148,357 | 150,807 | 154,212 | -- | 143,556 |
Prepaid Assets | -- | -- | 25,323 | -- | 16,541 |
Current Deferred Assets | -- | 0 | 0 | -- | 60,000 |
Assets Held for Sale Current | -- | 0 | 13,551 | 13,821 | 16,763 |
Hedging Assets Current | 1,588 | 2,051 | 2,377 | 4,165 | 695 |
•Total non-current assets | 5,509,973 | 5,279,513 | 4,926,439 | 4,681,513 | 4,477,533 |
•Net PPE | 5,159,789 | 4,885,564 | 4,626,398 | 4,423,730 | 4,245,172 |
•Gross PPE | -- | 9,081,676 | -- | -- | -- |
Mineral Properties | -- | 5,292,235 | -- | -- | -- |
Machinery Furniture Equipment | -- | 3,102,006 | -- | -- | -- |
Other Properties | -- | 299,077 | -- | -- | -- |
Construction in Progress | -- | 388,358 | -- | -- | -- |
Accumulated Depreciation | -- | -4,196,112 | -- | -- | -- |
•Goodwill And Other Intangible Assets | 92,591 | 92,591 | 92,591 | 92,591 | 92,591 |
Goodwill | 92,591 | 92,591 | 92,591 | 92,591 | 92,591 |
•Investments And Advances | 123,618 | 163,585 | 88,829 | -- | 34,407 |
•Long Term Equity Investment | 109,287 | 109,423 | -- | -- | -- |
Investments in Associatesat Cost | 109,287 | 109,423 | -- | -- | -- |
Investment in Financial Assets | 14,331 | 54,162 | 88,829 | -- | 34,407 |
Financial Assets | 6,262 | 10,380 | 12,614 | 15,141 | -- |
Non Current Accounts Receivable | 75,413 | 77,139 | 77,051 | -- | 69,930 |
•Non Current Deferred Assets | 37,076 | 37,076 | 19,487 | 19,487 | 19,487 |
Non Current Deferred Taxes Assets | 37,076 | 37,076 | 19,487 | 19,487 | 19,487 |
Non Current Prepaid Assets | 7,070 | 2,081 | 2,433 | -- | 3,137 |
Other Non Current Assets | 8,154 | 11,097 | 7,036 | 130,564 | 12,809 |
•Total Liabilities Net Minority Interest | 2,378,691 | 2,444,218 | 2,395,680 | 2,217,357 | 1,966,817 |
•Current Liabilities | 732,543 | 789,067 | 557,960 | 501,845 | 472,514 |
•Payables And Accrued Expenses | 566,182 | 629,878 | 472,273 | 409,310 | 374,578 |
•Payables | -- | 342,843 | -- | -- | -- |
Accounts Payable | -- | 200,959 | -- | -- | -- |
Total Tax Payable | -- | 141,884 | -- | -- | -- |
Current Accrued Expenses | -- | 287,035 | -- | -- | -- |
Current Provisions | 7,237 | 7,886 | 5,327 | 5,351 | 5,528 |
•Current Debt And Capital Lease Obligation | 52,507 | 53,992 | 5,759 | 5,936 | 5,107 |
•Current Debt | 46,939 | 47,968 | -- | -- | -- |
Other Current Borrowings | 46,939 | 47,968 | -- | -- | -- |
Current Capital Lease Obligation | 5,568 | 6,024 | 5,759 | 5,936 | 5,107 |
•Current Deferred Liabilities | -- | 432 | -- | -- | -- |
Current Deferred Revenue | -- | 432 | -- | -- | -- |
Other Current Liabilities | 106,617 | 96,879 | 74,601 | 81,248 | 87,301 |
•Total Non Current Liabilities Net Minority Interest | 1,646,148 | 1,655,151 | 1,837,720 | 1,715,512 | 1,494,303 |
Long Term Provisions | 136,094 | 135,071 | 133,864 | 133,581 | 133,469 |
•Long Term Debt And Capital Lease Obligation | 1,191,571 | 1,235,659 | 1,284,311 | 1,167,659 | 951,038 |
Long Term Debt | 1,183,839 | 1,227,084 | 1,274,689 | 1,157,148 | 940,967 |
Long Term Capital Lease Obligation | 7,732 | 8,575 | 9,622 | 10,511 | 10,071 |
•Non Current Deferred Liabilities | 282,823 | 254,420 | 344,128 | 347,980 | 358,197 |
Non Current Deferred Taxes Liabilities | 282,823 | 254,420 | 344,128 | 347,980 | 358,197 |
Employee Benefits | 13,961 | 13,747 | 12,618 | 11,985 | 11,356 |
Derivative Product Liabilities | 21,699 | 16,254 | 62,799 | 54,307 | 40,243 |
•Total Equity Gross Minority Interest | 4,321,337 | 4,283,079 | 4,089,751 | 4,086,471 | 3,984,939 |
•Stockholders' Equity | 4,318,365 | 4,279,289 | 4,101,205 | 4,097,005 | 3,991,951 |
•Capital Stock | 3,303,820 | 3,341,760 | 3,379,147 | 3,423,439 | 3,442,250 |
Common Stock | 3,303,820 | 3,341,760 | 3,379,147 | 3,423,439 | 3,442,250 |
Retained Earnings | -1,431,302 | -1,572,080 | -1,823,222 | -1,879,249 | -2,017,258 |
Additional Paid in Capital | 2,492,674 | 2,537,197 | 2,551,436 | 2,583,047 | 2,607,605 |
Treasury Stock | 16,364 | 16,035 | 12,891 | 9,162 | 12,965 |
•Gains Losses Not Affecting Retained Earnings | -30,463 | -11,553 | 6,735 | -21,070 | -27,681 |
Other Equity Adjustments | -30,463 | -11,553 | 6,735 | -21,070 | -27,681 |
Minority Interest | 2,972 | 3,790 | -11,454 | -10,534 | -7,012 |
Total Capitalization | 5,502,204 | 5,506,373 | 5,375,894 | 5,254,153 | 4,932,918 |
Common Stock Equity | 4,318,365 | 4,279,289 | 4,101,205 | 4,097,005 | 3,991,951 |
Capital Lease Obligations | 13,300 | 14,599 | 15,381 | 16,447 | 15,178 |
Net Tangible Assets | 4,225,774 | 4,186,698 | 4,008,614 | 4,004,414 | 3,899,360 |
Working Capital | 457,512 | 658,717 | 1,001,032 | 1,120,470 | 1,001,709 |
Invested Capital | 5,549,143 | 5,554,341 | 5,375,894 | 5,254,153 | 4,932,918 |
Tangible Book Value | 4,225,774 | 4,186,698 | 4,008,614 | 4,004,414 | 3,899,360 |
Total Debt | 1,244,078 | 1,289,651 | 1,290,070 | 1,173,595 | 956,145 |
Net Debt | 601,054 | 405,696 | 230,754 | 78,576 | -- |
Share Issued | 196,330.01 | 198,570.52 | 201,274.68 | 203,880.30 | 205,469.88 |
Ordinary Shares Number | 195,867.61 | 197,979.72 | 201,044.24 | 203,880.30 | 205,469.88 |
Treasury Shares Number | 462.40 | 590.80 | 230.44 | -- | -- |
| 753,491 |
| 742,509 |
| 656,027 |
| 382,897 |
| 211,160 |
Net Income from Continuing Operations | 583,121 | 522,249 | 300,636 | 105,790 | -49,368 |
•Operating Gains Losses | -8,669 | 53,433 | 51,945 | -2,709 | 5,039 |
Gain Loss On Sale of PPE | -- | -- | -- | -- | 0 |
Net Foreign Currency Exchange Gain Loss | -8,530 | 18,105 | 174 | -15,167 | -2,413 |
Gain Loss On Investment Securities | -5,906 | 37,447 | 49,811 | 7,625 | 4,429 |
Pension And Employee Benefit Expense | 4,517 | 4,447 | 3,584 | 4,228 | 5,982 |
•Depreciation Amortization Depletion | 254,336 | 260,505 | 254,991 | 264,325 | 242,393 |
Depreciation & amortization | 254,336 | 260,505 | 254,991 | 264,325 | 242,393 |
•Deferred Tax | 165,683 | 22,068 | 134,758 | 57,575 | 61,224 |
Deferred Income Tax | 165,683 | 22,068 | 134,758 | 57,575 | 61,224 |
Asset Impairment Charge | 10,537 | 12,737 | 6,135 | 9,719 | 32,499 |
Stock based compensation | 19,469 | 20,224 | 11,872 | 10,195 | 10,744 |
Other non-cash items | -10,080 | -11,936 | -65,651 | 8,483 | 21,051 |
•Change in working capital | -49,059 | -9,487 | 20,554 | -28,282 | -28,314 |
•Change in Receivables | -- | -80,083 | -12,032 | -29,337 | -3,769 |
Changes in Account Receivables | -- | -80,083 | -12,032 | -29,337 | -3,769 |
Change in Inventory | -- | -40,649 | -29,380 | -33,566 | -20,552 |
Change in Payables And Accrued Expense | -- | 111,245 | 61,966 | 34,621 | -3,993 |
Interest Received CFO | 33,051 | 33,614 | 23,949 | 17,640 | 6,763 |
Taxes Refund Paid | -244,898 | -160,898 | -83,162 | -59,839 | -90,871 |
Cash from Discontinued Operating Activities | -545 | -354 | -416 | 414 | -164 |
•Investing Cash Flow | -1,040,120 | -814,570 | -630,608 | -395,680 | -370,890 |
•Cash Flow from Continuing Investing Activities | -1,040,120 | -814,570 | -630,608 | -395,680 | -370,857 |
Capital Expenditure Reported | -- | -44,923 | -30,461 | -10,782 | 0 |
•Net PPE Purchase And Sale | -1,012,414 | -860,454 | -587,980 | -400,223 | -285,560 |
Purchase of PPE | -1,018,322 | -866,362 | -594,142 | -401,870 | -289,853 |
Sale of PPE | 9,126 | 5,908 | 6,162 | 1,647 | 4,293 |
•Net Business Purchase And Sale | -- | 16,847 | 0 | -- | 0 |
Purchase of Business | -- | -43,153 | 0 | -- | 0 |
Sale of Business | -- | 60,000 | 0 | -- | 0 |
•Net Investment Purchase And Sale | 10,751 | 125,636 | -2,411 | 33,231 | -55,163 |
Purchase of Investment | -- | -13,877 | -2,411 | -633 | -55,163 |
Sale of Investment | 24,628 | 139,513 | 14,103 | 33,864 | 0 |
Interest Received CFI | -- | -44,923 | -30,461 | -- | -- |
Net Other Investing Changes | -11,059 | -51,676 | -9,756 | -17,906 | -30,134 |
Cash from Discontinued Investing Activities | -- | -- | -- | 0 | -33 |
•Financing Cash Flow | -73,120 | 63,261 | 301,270 | 273,877 | -41,342 |
•Cash Flow from Continuing Financing Activities | -73,120 | 63,261 | 301,270 | 273,877 | -41,342 |
•Net Issuance Payments of Debt | 261,827 | 294,819 | 314,840 | 166,030 | -6,884 |
•Net Long Term Debt Issuance | 261,827 | 294,819 | 314,840 | 166,030 | -6,884 |
Long Term Debt Issuance | 338,646 | 354,402 | 366,940 | 181,326 | 0 |
Long Term Debt Payments | -76,819 | -59,583 | -52,100 | -15,296 | -6,884 |
•Net Common Stock Issuance | -292,871 | -206,015 | 12,150 | 164,222 | 132 |
Common Stock Issuance | 8,574 | 8,853 | 14,112 | 168,664 | 14,101 |
Common Stock Payments | -301,445 | -214,868 | -1,962 | -4,442 | -13,969 |
Cash Dividends Paid | -14,896 | 0 | 0 | 0 | 0 |
Interest Paid CFF | -24,375 | -22,915 | -19,905 | -29,490 | -34,862 |
Net Other Financing Charges | -5,476 | -2,628 | -5,815 | -26,885 | 272 |
Cash from Discontinued Financing Activities | -- | -- | -- | -- | 0 |
•End Cash Position | 617,848 | 869,356 | 856,797 | 540,473 | 279,735 |
Changes in Cash | -360,294 | -9,154 | 326,273 | 261,508 | -201,236 |
Effect of Exchange Rate Changes | 11,331 | 21,359 | -10,365 | -- | -- |
Beginning Cash Position | 978,142 | 856,797 | 540,473 | 279,735 | 481,327 |
Other Cash Adjustment Outside Change in Cash | 545 | 354 | 416 | -770 | -356 |
Capital Expenditure | -1,063,245 | -911,285 | -624,603 | -412,652 | -289,853 |
Issuance of Capital Stock | 8,574 | 8,853 | 14,112 | 168,664 | 14,101 |
Issuance of Debt | 338,646 | 354,402 | 366,940 | 181,326 | 0 |
Repayment of Debt | -76,819 | -59,583 | -52,100 | -15,296 | -6,884 |
Repurchase of Capital Stock | -301,445 | -214,868 | -1,962 | -4,442 | -13,969 |
Free Cash Flow | -310,299 | -169,130 | 31,008 | -29,341 | -78,857 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Operating Cash Flow | 752,946 | 141,393 | 283,211 | 170,057 | 158,285 | 130,602 |
•Cash Flow from Continuing Operating Activities | 753,491 | 141,393 | 283,723 | 170,208 | 158,167 | 130,411 |
Net Income from Continuing Operations | 583,121 | 135,738 | 252,280 | 56,176 | 138,927 | 74,866 |
•Operating Gains Losses | -8,669 | 1,577 | -25,007 | 21,985 | 698 | 63,679 |
Net Foreign Currency Exchange Gain Loss | -8,530 | -20,072 | -5,886 | -694 | 18,122 | 6,563 |
Gain Loss On Investment Securities | -5,906 | 20,037 | -20,800 | 21,519 | -18,740 | 63,390 |
Earnings Losses from Equity Investments | -- | 136 | -- | -- | -- | 0 |
Pension And Employee Benefit Expense | 4,517 | 1,084 | 1,627 | 719 | 1,087 | 1,014 |
•Depreciation Amortization Depletion | 254,336 | 54,448 | 70,131 | 63,342 | 66,415 | 60,617 |
Depreciation & amortization | 254,336 | 54,448 | 70,131 | 63,342 | 66,415 | 60,617 |
•Deferred Tax | 165,683 | 111,007 | -32,536 | 53,917 | 33,295 | -32,608 |
Deferred Income Tax | 165,683 | 111,007 | -32,536 | 53,917 | 33,295 | -32,608 |
Asset Impairment Charge | 10,537 | 489 | 4,311 | 3,261 | 2,476 | 2,689 |
Stock based compensation | 19,469 | 3,607 | 4,877 | 6,802 | 4,183 | 4,362 |
Other non-cash items | -10,080 | 4,628 | -11,110 | -1,247 | -10,273 | 2,772 |
•Change in working capital | -49,059 | -45,680 | 53,707 | -13,273 | -43,813 | -6,108 |
•Change in Receivables | -- | -- | -27,027 | -28,223 | -- | -- |
Changes in Account Receivables | -- | -- | -27,027 | -28,223 | -- | -- |
Change in Inventory | -- | -- | -21,111 | -2,776 | -- | -- |
Change in Payables And Accrued Expense | -- | -- | 101,845 | 17,726 | -- | -- |
Interest Received CFO | 33,051 | 7,694 | 7,832 | 8,561 | 8,964 | 8,257 |
Taxes Refund Paid | -244,898 | -132,115 | -40,762 | -29,316 | -42,705 | -48,115 |
Cash from Discontinued Operating Activities | -545 | 0 | -512 | -151 | 118 | 191 |
•Investing Cash Flow | -1,040,120 | -230,295 | -380,492 | -212,109 | -217,224 | -4,745 |
•Cash Flow from Continuing Investing Activities | -1,040,120 | -230,295 | -380,492 | -212,109 | -217,224 | -4,745 |
•Net PPE Purchase And Sale | -1,012,414 | -315,973 | -260,721 | -243,757 | -191,963 | -164,013 |
Purchase of PPE | -1,018,322 | -315,973 | -263,405 | -244,001 | -194,845 | -164,013 |
Sale of PPE | 9,126 | -- | 2,684 | 244 | 2,882 | 98 |
•Net Business Purchase And Sale | -- | -- | -43,153 | 60,000 | -- | -- |
Sale of Business | -- | -- | 0 | 60,000 | -- | -- |
•Net Investment Purchase And Sale | 10,751 | 40,193 | -15,481 | -13,961 | 0 | 155,078 |
Purchase of Investment | -- | -- | -- | -13,961 | -- | 0 |
Sale of Investment | 24,628 | 40,193 | -1,604 | 0 | 0 | 155,078 |
Interest Received CFI | -- | -8,438 | -16,466 | -8,437 | -10,904 | -9,116 |
Net Other Investing Changes | -11,059 | 53,923 | -44,671 | -5,954 | -14,357 | 13,306 |
Cash from Discontinued Investing Activities | -- | -- | -- | -- | -- | 191 |
•Financing Cash Flow | -73,120 | -148,320 | -77,429 | 6,854 | 145,775 | -11,939 |
•Cash Flow from Continuing Financing Activities | -73,120 | -148,320 | -77,429 | 6,854 | 145,775 | -11,939 |
•Net Issuance Payments of Debt | 261,827 | -36,972 | 10,432 | 97,148 | 191,219 | -3,980 |
•Net Long Term Debt Issuance | 261,827 | -36,972 | 10,432 | 97,148 | 191,219 | -3,980 |
Long Term Debt Issuance | 338,646 | 0 | 12,020 | 124,213 | 202,413 | 15,756 |
Long Term Debt Payments | -76,819 | -36,972 | -1,588 | -27,065 | -11,194 | -19,736 |
•Net Common Stock Issuance | -292,871 | -86,353 | -83,555 | -81,173 | -41,790 | 503 |
Common Stock Issuance | 8,574 | 2,034 | -249 | 1,575 | 5,214 | 2,313 |
Common Stock Payments | -301,445 | -88,387 | -83,306 | -82,748 | -47,004 | -1,810 |
Cash Dividends Paid | -14,896 | -14,896 | 0 | 0 | 0 | 0 |
Interest Paid CFF | -24,375 | -9,922 | -3,314 | -9,174 | -1,965 | -8,462 |
Net Other Financing Charges | -5,476 | -177 | -992 | 53 | -1,689 | -- |
•End Cash Position | 617,848 | 629,724 | 869,356 | 1,043,935 | 1,078,572 | 978,142 |
Changes in Cash | -360,294 | -237,222 | -174,710 | -35,198 | 86,836 | 113,918 |
Effect of Exchange Rate Changes | 11,331 | -2,410 | -381 | 410 | 13,712 | 7,618 |
Beginning Cash Position | 978,142 | 869,356 | 1,043,935 | 1,078,572 | 978,142 | 856,797 |
Other Cash Adjustment Outside Change in Cash | 545 | 0 | 512 | 151 | -118 | -191 |
Capital Expenditure | -1,063,245 | -315,973 | -308,328 | -244,001 | -194,845 | -164,013 |
Issuance of Capital Stock | 8,574 | 2,034 | -249 | 1,575 | 5,214 | 2,313 |
Issuance of Debt | 338,646 | 0 | 12,020 | 124,213 | 202,413 | 15,756 |
Repayment of Debt | -76,819 | -36,972 | -1,588 | -27,065 | -11,194 | -19,736 |
Repurchase of Capital Stock | -301,445 | -88,387 | -83,306 | -82,748 | -47,004 | -1,810 |
Free Cash Flow | -310,299 | -174,580 | -25,117 | -73,944 | -36,560 | -33,411 |
| Mar 2026 |
| 4.01% |
| 452,968,110 | 10,382,033 | institutional | Capital Research Global Investors | Mar 2026 | 3.98% |
| 394,362,330 | 9,038,788 | mutual_fund | VanEck ETF Trust-VanEck Gold Miners ETF | Apr 2026 | 3.47% |
| 368,487,427 | 8,445,735 | mutual_fund | CAPITAL WORLD GROWTH & INCOME FUND | Mar 2026 | 3.24% |
| 326,389,406 | 7,480,848 | institutional | Jennison Associates LLC | Mar 2026 | 2.87% |
| 317,419,950 | 7,275,268 | institutional | Donald Smith & Co., Inc. | Mar 2026 | 2.79% |
| 255,059,633 | 5,845,969 | institutional | Vanguard Capital Management LLC | Mar 2026 | 2.24% |
| 223,098,214 | 5,113,413 | institutional | Dimensional Fund Advisors LP | Mar 2026 | 1.96% |
| 221,780,981 | 5,083,222 | mutual_fund | VanEck ETF Trust-VanEck Junior Gold Miners ETF | Apr 2026 | 1.95% |
| 213,688,881 | 4,897,751 | institutional | Carrhae Capital LLP | Mar 2026 | 1.88% |
| 166,732,049 | 3,821,500 | institutional | FMR, LLC | Mar 2026 | 1.47% |
| 166,732,049 | 3,821,500 | mutual_fund | Fidelity Select Portfolios-Select Gold Portfolio | Mar 2026 | 1.47% |
| 134,761,729 | 3,088,740 | mutual_fund | Prudential Jennison Small Co Fd., Inc.-PGIM JENNISON SMALL COMPANY Fd. | Dec 2025 | 1.19% |
| 129,574,515 | 2,969,849 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.14% |
| 117,857,721 | 2,701,300 | mutual_fund | DFA INVESTMENT DIMENSIONS GROUP INC-DFA Intl Small Cap Value PORT. | Jan 2026 | 1.04% |
| 85,533,344 | 1,960,425 | mutual_fund | American Century ETF Trust-Avantis International Small Cap Value ETF | Apr 2026 | 0.75% |
| 82,727,281 | 1,896,110 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 0.73% |
| 76,863,583 | 1,761,714 | mutual_fund | VANGUARD WHITEHALL FUNDS-Vanguard Selected Value Fund | Jan 2026 | 0.68% |