10 Most Undervalued Silver Mining Stocks to Buy According to Analysts

2. Eldorado Gold Corporation (NYSE:EGO)

Average Upside Potential: 37.42%

Number of Hedge Fund Holders: 19

Forward P/E ratio: 10.72

Eldorado Gold Corporation (NYSE:EGO), a gold and base metals producer, operates in Greece, Turkey, and Canada, with its key assets such as the Kisladag and Efemcukuru mines in Turkey, the Olympias mine in Greece, and the Lamaque Complex in Quebec. The company extracts silver, lead, and zinc, while its core production is gold. It had 29.46 million ounces of silver as of September 30, 2024, classified as Measured Resources.

However, Eldorado Gold Corporation (NYSE:EGO) reported mixed financial performance for the year ending December 31, 2024. Q4 2024 produced the highest quarterly output at 155,668 ounces, and gold production increased to 520,294 ounces with a 7% year-over-year increase. Taking advantage of higher realized gold prices and higher sales volume, the revenue for the quarter surged 42% year-over-year to $435.7 million. Silver contributed $5.7 million to total revenue for the year. However, margins were affected by climbing production costs and royalty expenses, with net earnings from continuing operations reaching $301 million, or $1.48 per share.

Furthermore, Eldorado Gold Corporation (NYSE:EGO) advanced key projects across its portfolio. Backed by operational efficiencies and higher ore grades, Lamaque accomplished a record production of 196,538 ounces. Efemcukuru secured long-term output by extending its mine life by two years following a 23% increase in reserves. In Greece, Olympias completed labor negotiations, enabling expansion to 650,000 tons per year, while the Skouries project moved towards its first production in 2025.

Looking ahead, Eldorado Gold Corporation (NYSE:EGO) remains focused on disciplined capital allocation, cost optimization, and operational efficiency, despite inflationary pressures and growing costs. With the Skouries project driving long-term growth, the company predicts stable gold production in 2025, reinforcing its position as one of the most undervalued stocks to buy.