Why Eldorado Gold (EGO) Stock Went Down On Thursday?

We recently published a list of 10 Firms Hit Hard in Thursday’s Trading. In this article, we are going to take a look at where Eldorado Gold Corporation (NYSE:EGO) stands against other firms that hit hard in Thursday’s trading.

Shares of 10 companies were hit hard on Thursday, bucking a mostly optimistic broader market, as investor sentiment was dragged down by disappointing earnings performances and loss of key partnerships.

The Dow Jones was the sole decliner during the day, losing 0.28 percent in its valuation. In contrast, the S&P 500 and Nasdaq Composite both ended firmer, rallying by 0.36 percent and 0.51 percent, respectively.

This article details the reasons behind the 10 companies’ lackluster performance.

To come up with Thursday’s worst performers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Aerial view of a large open-pit gold mine with a fleet of mining trucks in the foreground.

Eldorado Gold Corporation (NYSE:EGO)

Eldorado Gold Corporation (NYSE:EGO) saw its share prices fall by 11.27 percent on Thursday to close at $14.01 apiece as investor sentiment was dragged down by announcements of additional capital outlays and delays in its Skouries copper-gold project.

In a statement released to the media on Thursday, Eldorado Gold (NYSE:EGO) said it was hiking the project cost of the Skouries project by $143 million, or 15.5 percent more, to a total of $1.06 billion.

In addition, the company expects to complete additional pre-commercial production mining and has accelerated the purchase of higher capacity mobile mining equipment—originally expected to be purchased post-commercial production—resulting in $154 million of accelerated operational capital prior to commercial production.

Eldorado Gold (NYSE:EGO) said the first production at Skouries is now expected in the first quarter of 2026, followed by commercial production in mid-2026.

Despite revised schedule and cost estimates, Eldorado said that it would maintain the number of workforce at approximately 1,300 workers through the peak of construction activities.

Overall, EGO ranks 4th on our list of firms that hit hard in Thursday’s trading. While we acknowledge the potential of EGO as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than EGO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.