Eldorado Gold shares rose 3.17% in premarket trading. Jefferies initiated coverage on the company with a Buy rating and a $50 price target.
The positive outlook centers on the Skouries copper-gold project in Greece. Jefferies analysts view the asset as largely de-risked following recent milestones.
The project reached 97% completion at the end of the last quarter. Skouries has entered the commissioning phase and crushed its first ore in July.
Jefferies forecasts first concentrate production in the third quarter. Commercial production is expected to begin in the fourth quarter.
The project positions the company for substantial free cash flow growth in 2027.