11:36 AM EDT, 04/01/2024 (MT Newswires) -- National Bank of Canada over the weekend noted Eldorado Gold's ( EGO ) updated technical reports for the Olympias mine in Greece and the Efemcukuru mine in Turkiye.

The report outlined operational investments made at Olympias in 2023, with gold production and throughput roughly in line with the bank's estimates. But costs missed the bank's forecasts by 18% due to spending on key productivity improvements at the site.

At Efemcukuru, the report outlined growth capital of US$61 million, above National Bank's estimate of US$11 million due to the required costs to develop the Kokarpinar and Bati veins system.

Life-of-mine gold production at Efemcukuru was 14% above National Bank's current estimates at 524,000 ounces and higher than the long-term production guidance issued with the company's fourth-quarter 2023 earnings.

"Overall, we would expect Eldorado's share price to outperform peers in Monday's trading given the positive cost and capex surprise at Olympias and the positive LOM production outlook at Efemcukuru," the bank said.

National Bank gave Eldorado an outperform rating and $19.00 price target.

Price: 19.45, Change: +0.41, Percent Change: +2.15