Eldorado Gold , the gold miner with operations in Turkey, Greece and Canada, rose 3.17% premarket after Jefferies initiated coverage with a Buy rating and a $50 price target. Gold rose 1.56% on the day.

The call rests on Skouries. The Greek copper-gold project has entered commissioning, was 97% complete at quarter-end with the process plant substantially finished, and crushed first ore in July. Jefferies sees first concentrate in the third quarter and commercial production in the fourth.

Jefferies views Skouries as largely de-risked and describes the company as moving from a construction story toward production and free cash flow growth expected in 2027, with McIlvenna Bay also de-risking. Investor attention, it says, is still on commissioning milestones rather than the cash flow behind them. Eldorado reported second-quarter revenue of $487 million, up 7.7%, and adjusted earnings of $0.54 per share, on a realized gold price of $4,379 an ounce.