Oct 29, 2026 earnings call — Skouries ramp-up and guidance update
Revised 2026 operating asset gold guidance (ex-Skouries/McIlvenna Bay) to 410,000 ounces-430,000 ounces.
Revenue $0.5B (est $0.6B) · EPS $0.49 (est $0.53)
Key quotes
"At Skouries, the ramp-up has taken longer and cost more than we expected, and it is important that we acknowledge that directly."
"We remain on track to include an inaugural inferred mineral resource for McIlvenna Bay in our annual mineral reserve and mineral resource update in the fourth quarter."
"Our capital allocation priorities remain disciplined. First, completing the commissioning and ramp-up to commercial production levels of Skouries and McIlvenna Bay remain our immediate capital priority."
Analyst Q&A 5
path to commercial production
Q (Cosmos Chiu · CIBC): Analyst asked what milestones to watch for to reach commercial production at Skouries and McIlvenna Bay, and whether other issues matter. Also asked timing for studies and potential impact into 2027.
A: For Skouries, management said filters are the last milestone: they have two operating, two more coming online in a week or two, and with four (five available target) they can ramp to full production. For McIlvenna Bay, management said the back-end solid-liquid separation issues are now understood and resolved enough to expect commercial production in this fourth quarter. Management also said more detail on studies and timing will come in Q1, and they do not expect 2027 production to be impacted.
"That's really the last milestone, if you want to think about it in terms of our ability to get to full production." — Simon Hille (COO)
extra capital and 2027 guidance
Q (Tanya Jakusconek · Scotiabank): Analyst asked to confirm additional capital required for Skouries and McIlvenna Bay and totals for all projects, and asked how to think about 2027 production and studies for Skouries.
A: Management confirmed the additional capital figures and totals as the analyst outlined. They said a Skouries update study will be published by the end of Q1 to update the position and stockpile values. On 2027 production, they will provide more accurate guidance at the start of the year and expect ranges to be achievable with grade selection and ramping.
"That is correct, Tanya Jakusconek. We plan to have one out by the end of Q1 to update our current position and the value of the stockpiles and the detail inside of that." — Simon Hille (COO)
filter and separation performance
Q (Ralph Profiti · Stifel Financial): Analyst wanted to know if Skouries' filter presses meet specs and operate as an integrated system, and whether McIlvenna Bay separation issues were controls or chemistry and if recoveries are affected.
A: Management said Skouries filters are hitting cycle time and moisture targets and the whole conveyance and stacking system is operating end-to-end now. For McIlvenna Bay they said they had chemistry, control, and filter cloth issues but have largely resolved them; flotation and front-end recoveries are not impacted.
"In terms of the conveyance and stacking system, yes, you're right." — Simon Hille (COO)
stockpiles, offtake, sustaining capex
Q (Lawson Winder · BofA): Analyst asked composition and months of sulfide in Skouries stockpile and whether offtake contracts have penalties from delays. Also asked about sustaining CapEx outlook into 2027 and costs for Skouries and McIlvenna Bay.
A: Management said roughly 50% of the Skouries stockpile is sulfide and the open pit is now mining primary sulfide so they can blend and defer oxide use until later. They said offtake contracts have flexibility and no penalties, and first shipments are being prepared. On sustaining CapEx, management said adding the new mines would roughly double current sustaining levels and noted ongoing spends like paste plant, tailings embankment, and water treatment.
"No, we're getting ready for our first shipments, and really looking forward to working with our offtakers as our production starts to ramp up." — Paul Ferneyhough (CFO)
commercial production definition
Q (Harrison Reynolds · RBC): Analyst asked what management means by commercial production for Skouries and McIlvenna Bay: percent of nameplate, days, and timing to reach nameplate; also asked capital allocation priorities.
A: Management said commercial production typically means about 60%-80% of throughput, saleable concentrate production, and steady operations for 20-30 days (not necessarily consecutive). They guided conservatively to reach nameplate by mid-2027, and on capital allocation they said project financing repayments come first, they may refinance higher-rate project debt, will repay revolver, plan exploration funding, and expect to prioritize buybacks and dividends as cash flow inflects.
"Basically, you're looking for 60%-80% of throughput. The production of a saleable concentrate, and steady operations for, let's say, somewhere between 20-30 days, although they're not necessarily consecutive days." — Paul Ferneyhough (CFO)