Eldorado Gold reports Q1 gold production 111.7K oz » 17:0904/1204/12/21
Guides FY21 gold…
Guides FY21 gold production 430K-460K oz vs. 528.9K reported for FY20.
|Over a month ago|
Eldorado Gold downgraded to Neutral from Buy at BofA » 08:1703/0903/09/21
BofA analyst Michael…
BofA analyst Michael Jalonen downgraded Eldorado Gold to Neutral from Buy with a price target of $13.25, down from $15, as he reduced his net asset value forecast given the firm's lowering of its 2021 gold price forecast. He forecasts negative free cash flow in 2021 at a $1,700/oz projected gold price, Jalonen noted.
Eldorado Gold reports Q4 EPS 33c vs. 12c last year » 17:3002/2502/25/21
Reports Q4 production…
Reports Q4 production 138.2K oz vs. 119.0K oz last year. "Eldorado's strong fourth-quarter finish to 2020 caps a year in which we delivered on our original guidance, generated strong free cash flow and continued to strengthen our overall capital position," said George Burns, CEO. "We enter 2021 positioned once again to deliver, both operationally and at our most important growth projects. Consistent with Eldorado's disciplined approach to capital allocation, we will continue to strengthen our balance sheet while reinvesting in mine and project development programs that prioritize profitability and strong returns. Chief among these is the advancement of the world-class Skouries project in Greece. Our recently signed amended investment agreement with the Greek government sets the stage for a productive and mutually beneficial relationship with the Hellenic Republic. Our focus in 2021 is on unlocking the compelling value at Skouries and throughout our portfolio."
Eldorado Gold price target raised to $20 from $16.75 at CIBC » 14:0002/0802/08/21
CIBC analyst Cosmos Chiu…
CIBC analyst Cosmos Chiu raised the firm's price target on Eldorado Gold to $20 from $16.75 and keeps an Outperformer rating on the shares.
Eldorado Gold signs amended investment agreement with the Hellenic Republic » 08:3802/0502/05/21
Eldorado Gold Corporation…
Eldorado Gold Corporation is pleased to announce its wholly-owned subsidiary, Hellas Gold S.A. has entered into an amended Investment Agreement with the Hellenic Republic to govern the further development, construction and operation of the Skouries, Olympias and Stratoni/Mavres Petres mines and facilities in northern Greece. The Agreement amends the 2004 Transfer Agreement between Hellas Gold S.A. and the Hellenic Republic, and provides a modernised legal and financial framework to allow for the advancement of Eldorado's investment in the Kassandra Mines. The Agreement is mutually beneficial to Eldorado and the Hellenic Republic. For Eldorado, it provides investor protection mechanisms including a permitting framework similar to other large-scale foreign investment agreements in Greece. For the Hellenic Republic, it provides enhanced fiscal revenues, environmental benefits, and community development opportunities. The Agreement includes an optimized Investment Plan for the Kassandra Mines which will allow for: Completion of construction at Skouries and transition of the project into production; Expansion of Olympias to 650,000 tonnes per annum; Upgrades to the port facilities at Stratoni to allow for bulk shipment of concentrates; Further investment in exploration at Mavres Petres-Stratoni; and Continued study of on-site gold processing methods. The Agreement will be formally submitted to the Greek Parliament for ratification, with a vote expected to take place in an upcoming parliamentary session. The Agreement takes effect once published in the Greek Government Gazette, which follows parliamentary ratification. Key Benefits of the Agreement: Investor protection mechanisms, similar to other large-scale foreign investment agreements in Greece; A permitting framework allowing for a clear path to production and stable operations; Increased fiscal revenues for all levels of government, including a 10% increase in royalty rates for all contained metals; Enhanced opportunities for local communities, including the creation of approximately 3,000 jobs and an $80 million commitment to community projects over the life of the mines; and Reduced environmental footprint through the use of best-available techniques at the EU level, as well as global best practices, such as dry-stack tailings, improved water management systems and other design and monitoring improvements. Next Steps at Skouries: The Company is advancing several key pieces of technical work on the Skouries project, including additional engineering and feasibility-level updates to the capital cost estimate. An application for dry-stack tailings was submitted to the Ministry of Energy & Environment in late 2020 with approval expected once the Ministry has completed its review. The Company is continuing to evaluate financing options for Skouries. Once re-started, the Company expects to complete construction in approximately 2.5 years.
Eldorado Gold price target lowered to C$20.50 from C$22 at National Bank » 11:4202/0202/02/21
National Bank analyst…
National Bank analyst Mike Parkin lowered the firm's price target on Eldorado Gold to C$20.50 from C$22 and keeps an Outperform rating on the shares.
Eldorado Gold call volume above normal and directionally bullish » 15:4501/2901/29/21
Bullish option flow…
Bullish option flow detected in Eldorado Gold with 9,062 calls trading, 1.9x expected, and implied vol increasing almost 2 points to 65.65%. Mar-21 14 calls and Feb-21 12 calls are the most active options, with total volume in those strikes near 7,600 contracts. The Put/Call Ratio is 0.02. Earnings are expected on February 25th.
Largest borrow rate increases among liquid names » 08:4501/2701/27/21
NXTD, RKT, GMBL, EGO, ERJ, DGLY, BPY, TTM, STPK, OBSV
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: NXT ID (NXTD) 57.83% +0.48, Rocket Companies (RKT) 21.11% +0.42, Esports Entertainment Group (GMBL) 18.08% +0.41, Eldorado Gold (EGO) 0.76% +0.18, Embraer (ERJ) 0.71% +0.17, Digital Ally (DGLY) 27.98% +0.15, Brookfield Property (BPY) 4.35% +0.14, Tata Motors (TTM) 0.73% +0.12, Star Peak Energy Transition (STPK) 3.98% +0.11, and ObsEva (OBSV) 9.15% +0.10.
Eldorado Gold to acquire QMX for C$0.30 per share » 07:3401/2101/21/21
ELDORADO GOLD CORPORATION…
ELDORADO GOLD CORPORATION and QMX GOLD CORPORATION are pleased to announce that they have entered into a definitive arrangement agreement pursuant to which Eldorado will acquire all of the outstanding shares of QMX for total consideration of approximately C$132M on a 100% and fully diluted basis or C$0.30 per QMX share. Eldorado currently owns 68,125,000 shares of QMX, or approximately 17% of QMX shares outstanding, which it purchased at C$0.06 per share in a private placement on December 30, 2019. Under the terms of the Arrangement, each holder of QMX shares will receive, for each QMX share held, C$0.075 in cash and 0.01523 of an Eldorado common share, for total consideration of C$0.30 per QMX share. The Arrangement Consideration represents a 39.5% premium to the closing price of QMX shares on the TSX Venture Exchange on January 20, 2021. Following the completion of the Arrangement, QMX shareholders will own approximately 2.8% of the issued and outstanding shares of Eldorado. Strategic Rationale: Significantly increases Eldorado's footprint and landholdings in the Abitibi Greenstone Belt by approximately 550%, consistent with its strategy to invest in world-class mining jurisdictions where it currently operates. Adds a pipeline of additional organic opportunities proximal to Lamaque, which can be exploited by leveraging existing infrastructure and the Eldorado's strong operational, exploration, and stakeholder expertise. Enhances Eldorado's overall risk profile through the addition of future growth prospects in one of the top mining jurisdictions in the world. Underscores Eldorado's long-term commitment to Quebec and Canada as a core jurisdiction. QMX intends to call a meeting of shareholders to be held in March 2021 to seek shareholder approval for the Arrangement. The transaction will be effected by way of a court-approved plan of arrangement under Section 182 of the Business Corporations Act and will require: approval of at least 66 2/3% of the votes cast by QMX shareholders and a simple majority of the votes cast by QMX shareholders, excluding votes from certain shareholders, including Eldorado, as required under Multilateral Instrument 61-101. The completion of the transaction is also subject to the receipt of court, stock exchange and any other required regulatory approvals, and is subject to certain customary closing conditions for transactions of this nature. The Arrangement does not require the approval of the shareholders of Eldorado. The Agreement provides for, among other things, non-solicitation covenants, with "fiduciary out" provisions that allow QMX to consider and accept a superior proposal, subject to a "right to match period" in favour of Eldorado. The Agreement also provides for a termination fee of C$6.6M to be paid by QMX to Eldorado if the Agreement is terminated in certain specified circumstances. The directors and senior officers of QMX, holding in aggregate over 1% of the issued and outstanding common shares of QMX, have entered into voting support agreements with Eldorado, pursuant to which they have agreed to vote their shares in favour of the transaction. Together with shares already owned or held by Eldorado, approximately 18% of QMX's issued and outstanding shares would be voted in support of the Arrangement. The companies are working towards closing the transaction in late March / early April 2021
Eldorado Gold price target lowered to C$22 from C$23 at Stifel » 11:1801/1901/19/21
Stifel analyst Ingrid…
Stifel analyst Ingrid Rico lowered the firm's price target on Eldorado Gold to C$22 from C$23 and keeps a Buy rating on the shares.