Eldorado Gold vs First Majestic Silver: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Eldorado Gold Corp (EGO)

Q3 202623 Jun – 5 Oct 2026

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Eldorado Gold hits key growth milestones but faces leadership change

Skouries and McIlvenna Bay start production Skouries crushed first ore and produced first copper-gold concentrate, while the acquired McIlvenna Bay mine began shipments and ramped toward commercial production. These milestones mark a major step in Eldorado's growth.
This is the most significant new operational development, directly driving future revenue and production growth.
Strong Q2 results and raised guidance Q2 revenue was $487.5M with net income of $172.8M, and full-year guidance increased to 495,000–600,000 gold ounces. The company also renewed a buyback for up to 5% of shares.
These financial results and capital return plans reflect strong current performance and confidence in future prospects.
CEO retirement during critical startup phase CEO George Burns retired during the startup of two major mines, introducing leadership uncertainty until the new CEO and chair prove execution. This adds risk to the company's growth trajectory.
Leadership changes during pivotal operational periods can unsettle investors and raise execution concerns.
Gold price volatility drives share swings EGO swung sharply with gold prices, falling nearly 13% in late June before rebounding 12%. This volatility highlights the company's sensitivity to commodity prices.
Gold price movements are a key external factor affecting Eldorado's stock, and the sharp swings illustrate ongoing market risk.

September 202630 Jul – 5 Oct 2026

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Eldorado's two new mines start up as leadership changes

Skouries reaches first concentrate, then permanent grid power Eldorado produced first copper-gold concentrate at its Skouries mine in Greece in September, then secured permanent grid power in October. Both cut the risk that this big new mine fails to deliver, and commercial production is targeted for late 2026, which should lift future output and cash flow.
Skouries is the single biggest new growth asset and its startup plus power fix directly drive EGO's value.
McIlvenna Bay ramps toward commercial production The McIlvenna Bay copper-zinc mine in Saskatchewan made its first concentrates and is ramping toward commercial production in the third quarter of 2026, with an expansion study underway. This adds a second new source of metals and revenue, making Eldorado less dependent on any one mine.
A second new mine entering production broadens EGO's output and reduces single-asset risk.
Buyback renewed, returning cash to shareholders Eldorado renewed its normal course issuer bid, letting it buy back up to 13 million shares, about 5% of the company, through July 2027. Buying its own stock signals confidence and can support the share price by shrinking the number of shares outstanding.
The renewed buyback is a concrete capital-return signal that can support EGO's share price.
New CEO and board chair take over during growth phase CEO George Burns retires September 30, with Christian Milau taking over, and Dan Myerson becomes Chair. New leaders can bring fresh energy, but a CEO change while two major mines are starting up adds uncertainty until the new team proves it can deliver.
Leadership turnover at a critical startup moment is a real counterweight investors must weigh.

Latest30 Jul – 5 Oct 2026

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Eldorado's two new mines start up as leadership changes

Skouries reaches first concentrate, then permanent grid power Eldorado produced first copper-gold concentrate at its Skouries mine in Greece in September, then secured permanent grid power in October. Both cut the risk that this big new mine fails to deliver, and commercial production is targeted for late 2026, which should lift future output and cash flow.
Skouries is the single biggest new growth asset and its startup plus power fix directly drive EGO's value.
McIlvenna Bay ramps toward commercial production The McIlvenna Bay copper-zinc mine in Saskatchewan made its first concentrates and is ramping toward commercial production in the third quarter of 2026, with an expansion study underway. This adds a second new source of metals and revenue, making Eldorado less dependent on any one mine.
A second new mine entering production broadens EGO's output and reduces single-asset risk.
Buyback renewed, returning cash to shareholders Eldorado renewed its normal course issuer bid, letting it buy back up to 13 million shares, about 5% of the company, through July 2027. Buying its own stock signals confidence and can support the share price by shrinking the number of shares outstanding.
The renewed buyback is a concrete capital-return signal that can support EGO's share price.
New CEO and board chair take over during growth phase CEO George Burns retires September 30, with Christian Milau taking over, and Dan Myerson becomes Chair. New leaders can bring fresh energy, but a CEO change while two major mines are starting up adds uncertainty until the new team proves it can deliver.
Leadership turnover at a critical startup moment is a real counterweight investors must weigh.

July 202623 Jun – 5 Aug 2026

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Skouries commissioning and McIlvenna Bay acquisition drive EGO's growth story

Skouries first ore crushed, on track for Q3 production Eldorado crushed first ore at its Skouries copper-gold project in Greece, a key step toward production. The mine is 97% built and expected to start producing in the third quarter of 2026. This adds a major new source of revenue and growth for the company.
This is a new operational milestone that directly increases future production and revenue for EGO.
Q2 results solid; guidance includes new McIlvenna Bay mine Eldorado reported strong Q2 earnings with revenue of $487.5 million and net income of $172.8 million. It updated 2026 gold production guidance to 495,000–600,000 ounces, including initial output from the newly acquired McIlvenna Bay mine in Canada. This shows the company is growing and financially healthy.
New financial results and updated guidance give investors a clearer picture of EGO's earnings power and growth.
McIlvenna Bay concentrate shipments to start via Hudson Bay Railway Eldorado Gold Saskatchewan will soon ship concentrate from the McIlvenna Bay mine via the Hudson Bay Railway. This follows Eldorado's acquisition of Foran Mining and marks the start of a new revenue stream from Canada, supporting the company's expanded production base.
This is a new logistics development that confirms the McIlvenna Bay mine is moving toward commercial production and sales.
Gold price swings drive EGO volatility EGO fell nearly 13% in late June as gold dropped below $4,000 on Fed rate hike fears, but rebounded 12% in early August as gold climbed on easing U.S.-Iran tensions. Gold's price remains the biggest short-term driver of EGO's stock, and it can move sharply in both directions.
This explains the main external force behind EGO's price swings and reminds investors that gold price risk remains.

23 Jun – 5 Aug 2026

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Skouries commissioning and McIlvenna Bay acquisition drive EGO's growth story

Skouries first ore crushed, on track for Q3 production Eldorado crushed first ore at its Skouries copper-gold project in Greece, a key step toward production. The mine is 97% built and expected to start producing in the third quarter of 2026. This adds a major new source of revenue and growth for the company.
This is a new operational milestone that directly increases future production and revenue for EGO.
Q2 results solid; guidance includes new McIlvenna Bay mine Eldorado reported strong Q2 earnings with revenue of $487.5 million and net income of $172.8 million. It updated 2026 gold production guidance to 495,000–600,000 ounces, including initial output from the newly acquired McIlvenna Bay mine in Canada. This shows the company is growing and financially healthy.
New financial results and updated guidance give investors a clearer picture of EGO's earnings power and growth.
McIlvenna Bay concentrate shipments to start via Hudson Bay Railway Eldorado Gold Saskatchewan will soon ship concentrate from the McIlvenna Bay mine via the Hudson Bay Railway. This follows Eldorado's acquisition of Foran Mining and marks the start of a new revenue stream from Canada, supporting the company's expanded production base.
This is a new logistics development that confirms the McIlvenna Bay mine is moving toward commercial production and sales.
Gold price swings drive EGO volatility EGO fell nearly 13% in late June as gold dropped below $4,000 on Fed rate hike fears, but rebounded 12% in early August as gold climbed on easing U.S.-Iran tensions. Gold's price remains the biggest short-term driver of EGO's stock, and it can move sharply in both directions.
This explains the main external force behind EGO's price swings and reminds investors that gold price risk remains.

First Majestic Silver Corp (AG)

Q3 202622 Jun – 6 Oct 2026

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First Majestic Silver: asset sales, record treasury, and silver's wild ride

Record treasury and silver rebound Silver's rebound to $70–85/oz helped First Majestic build a record $1.25 billion treasury, up 34%, giving the company ample cash for growth and operations.
This explains a major positive financial development that boosted investor confidence.
Asset sales and portfolio streamlining First Majestic sold the Del Toro mine for up to $60 million (gaining a ~24.77% Sierra Madre stake) and the idle San Martin mine for $90 million, simplifying its portfolio.
These transactions are new strategic moves that strengthen the balance sheet and focus operations.
Production growth and project advancement The company raised production guidance, funded the Jerritt Canyon restart, and advanced Santa Elena permitting, signaling operational progress and future growth.
These actions directly support future revenue and demonstrate management's execution.
Dividend cut and valuation concerns Despite a strong cash position, the dividend was cut, and the stock remains volatile as investors weigh growth against a rich earnings multiple, keeping shares under pressure.
This highlights a real counterweight that could limit upside and affect income-focused investors.

August 202611 Jul – 6 Oct 2026

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First Majestic Sells Non-Core Mine, Raises Output, Builds Cash as Silver Booms

San Martin mine sale for $90 million First Majestic agreed to sell its San Martin mine in Mexico for $90 million, mostly in installments through 2032. The mine had been idle since 2019, so this turns a dormant asset into cash and lets the company focus on its core mines. Cash coming in supports the stock.
This is a concrete new event that unlocks value and strengthens the balance sheet, directly helping AG's price.
Record cash pile as silver prices soar First Majestic ended Q2 2026 with a $1.25 billion treasury, up 34% from year-end 2025, as silver averaged $70–$85 an ounce versus under $35 a year earlier. A bigger cash cushion means the company can fund mines, pay dividends, or buy back shares without borrowing, which supports the stock.
It shows the company's financial strength improving because of high silver prices, a key force behind AG's value.
2026 production guidance raised First Majestic raised its 2026 silver and gold output forecasts after Q2 silver production rose 3% year over year. Higher expected production means more metal to sell into strong prices, which should lift revenue and earnings. The stock has gained 36.4% over the past year.
It is a fresh company-specific update that increases future supply and earnings potential, pushing AG's price up.
Valuation debate: cheap on cash flow, pricey on earnings Analysts note First Majestic looks undervalued on future cash flow but expensive on current earnings, with its price-to-earnings ratio above industry averages. The company also cut its dividend and bought back shares. This mixed picture can keep the stock volatile as investors weigh growth against a rich multiple.
It provides the real counterweight—valuation concerns—that could limit gains even as operations improve.

Latest11 Jul – 6 Oct 2026

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First Majestic Sells Non-Core Mine, Raises Output, Builds Cash as Silver Booms

San Martin mine sale for $90 million First Majestic agreed to sell its San Martin mine in Mexico for $90 million, mostly in installments through 2032. The mine had been idle since 2019, so this turns a dormant asset into cash and lets the company focus on its core mines. Cash coming in supports the stock.
This is a concrete new event that unlocks value and strengthens the balance sheet, directly helping AG's price.
Record cash pile as silver prices soar First Majestic ended Q2 2026 with a $1.25 billion treasury, up 34% from year-end 2025, as silver averaged $70–$85 an ounce versus under $35 a year earlier. A bigger cash cushion means the company can fund mines, pay dividends, or buy back shares without borrowing, which supports the stock.
It shows the company's financial strength improving because of high silver prices, a key force behind AG's value.
2026 production guidance raised First Majestic raised its 2026 silver and gold output forecasts after Q2 silver production rose 3% year over year. Higher expected production means more metal to sell into strong prices, which should lift revenue and earnings. The stock has gained 36.4% over the past year.
It is a fresh company-specific update that increases future supply and earnings potential, pushing AG's price up.
Valuation debate: cheap on cash flow, pricey on earnings Analysts note First Majestic looks undervalued on future cash flow but expensive on current earnings, with its price-to-earnings ratio above industry averages. The company also cut its dividend and bought back shares. This mixed picture can keep the stock volatile as investors weigh growth against a rich multiple.
It provides the real counterweight—valuation concerns—that could limit gains even as operations improve.

July 202622 Jun – 31 Jul 2026

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Silver crash hits AG, but output growth and asset sale build value

Silver price collapse pressures revenue Silver fell below $60 an ounce, down over 50% from January's record high, driven by a stronger dollar and rising Treasury yields. This directly lowers the price First Majestic receives for its silver, squeezing revenue and profits, and is the main reason AG shares have dropped.
The silver price crash is the dominant force pushing AG's stock down this period.
Raised 2026 production guidance and larger capital plan First Majestic increased its 2026 production outlook after strong Q2 output and backed it with a US$318–344 million capital program, including the Jerritt Canyon restart and new underground access. More production means more silver and gold to sell, supporting future revenue even at lower prices.
Higher production guidance is a key company-specific catalyst that can offset lower silver prices.
Del Toro mine sale monetizes asset and gains equity stake First Majestic sold its Del Toro silver mine for up to US$60 million and now holds about 24.77% of Sierra Madre's shares. This brings in cash and gives AG exposure to future upside from the mine without operating it, strengthening the balance sheet.
The completed sale is a new capital event that improves AG's financial position.
New permits and drilling extend Santa Elena mine life First Majestic received permits to build the Santo Niño and Navidad portals at Santa Elena and will invest $12 million in 2026. Drilling shows high-grade silver and gold, which could add new mining areas and extend the mine's life, supporting future production growth.
Permits and drilling progress are new operational developments that underpin long-term supply growth.

22 Jun – 31 Jul 2026

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Silver crash hits AG, but output growth and asset sale build value

Silver price collapse pressures revenue Silver fell below $60 an ounce, down over 50% from January's record high, driven by a stronger dollar and rising Treasury yields. This directly lowers the price First Majestic receives for its silver, squeezing revenue and profits, and is the main reason AG shares have dropped.
The silver price crash is the dominant force pushing AG's stock down this period.
Raised 2026 production guidance and larger capital plan First Majestic increased its 2026 production outlook after strong Q2 output and backed it with a US$318–344 million capital program, including the Jerritt Canyon restart and new underground access. More production means more silver and gold to sell, supporting future revenue even at lower prices.
Higher production guidance is a key company-specific catalyst that can offset lower silver prices.
Del Toro mine sale monetizes asset and gains equity stake First Majestic sold its Del Toro silver mine for up to US$60 million and now holds about 24.77% of Sierra Madre's shares. This brings in cash and gives AG exposure to future upside from the mine without operating it, strengthening the balance sheet.
The completed sale is a new capital event that improves AG's financial position.
New permits and drilling extend Santa Elena mine life First Majestic received permits to build the Santo Niño and Navidad portals at Santa Elena and will invest $12 million in 2026. Drilling shows high-grade silver and gold, which could add new mining areas and extend the mine's life, supporting future production growth.
Permits and drilling progress are new operational developments that underpin long-term supply growth.