Eldorado Gold Corp

Kalkine's Global Tariff Report offers independent, data-driven analysis of key global sectors impacted by tariff adjustments. It evaluates the potential implications these changes may have for equity valuations within those industries. The report prioritizes trade-sensitive sectors, which typically face increased investor scrutiny during periods of tariff uncertainty, while also identifying defensive and countercyclical segments that demonstrate resilience or potential for outperformance amidst global trade disruptions.

As illustrated in the table below, several key sectors in different countries are directly impacted by the recent tariff announcement from President Trump.

Key Developments (as of October 20, 2025)

Canada

• Tariff Status: The U.S. has maintained its earlier ~35% tariff rate on select Canadian imports, primarily autos, steel, and aluminum, though broader trade remains largely shielded by USMCA provisions.
• Policy Signals: Washington has floated a “global tariff baseline” near 10%, with additional “reciprocal” tariffs under consideration for trading partners with perceived imbalances.
• Canadian Response: Ottawa continues to rely on USMCA protections, avoiding direct escalation while pursuing trade diversification with Mexico through the Canada–Mexico Action Plan.
• Impact: Despite higher costs in industrial metals, roughly 85% of bilateral trade remains tariff-free, limiting near-term economic disruption.

India

• Tariff Increase: S. tariffs on Indian goods remain elevated near 50%, including the additional ~25% imposed in August 2025 under the IEEPA framework targeting India’s Russian oil imports.
• Scope: Around USD 48 billion of annual Indian exports to the U.S. are covered under these tariffs.
• Recent Developments: Reports suggest Washington is pushing the G7 to apply secondary tariffs up to 100% on countries continuing Russian trade. India has denied U.S. claims of an agreement to end Russian oil purchases.
• Economic Impact: Export volumes to the U.S. are softening, and Indian manufacturers, particularly in textiles, are shifting focus to Europe and the Middle East to offset lost demand.

China

• Tariff Outlook: The 90-day tariff truce expires November 10, 2025. President Trump reaffirmed his plan to implement 100% tariffs on all Chinese imports effective November 1, although timelines could shift.
• Beijing’s Position: China has warned of retaliatory measures if the full tariff schedule is activated.
• Market Implications: The proposed escalation would sharply raise U.S. import costs in electronics, machinery, and consumer goods, with potential inflationary spillovers if implemented.

European Union

• Tariff Framework: The U.S. and EU maintain a ceiling of roughly 15% on most tariff-eligible goods under the current reciprocal framework, while autos remain subject to a ~27.5% rate pending EU tariff alignment.
• Compliance Pressure: Several EU exporters report rising “hidden” trade barriers tied to new U.S. customs documentation and sector-specific security rules.
• Sector Impact: Automotive and industrial machinery sectors are most exposed; agricultural and pharmaceutical trade remains less affected under the capped structure.

In August 2025, Canada’s trade in services surplus narrowed to CAD ~0.3 bn in August 2025 from CAD ~0.4 bn in July as exports slipped 0.2% to CAD ~18.7 bn while imports held steady at CAD ~18.4 bn. Travel exports fell 1.7% due to lower foreign visitor spending, but commercial service exports rose 0.8% on stronger financial activity. Imports of commercial services also rose 0.8%, offset by declines in transportation and travel services. The combined goods and services trade deficit widened to CAD ~6.0 bn for the month.

 Image source: © 2025 Krish Capital Pty. Ltd., Analysis: Kalkine Group

Image source: © 2025 Krish Capital Pty. Ltd., Analysis: Kalkine Group

Amid elevated Market Volatility and Tariff pressures, Eldorado Gold Corp (TSX: ELD) stands out as our defensive pick within the Material sector, supported by rigorous fundamental and technical research.

Section1: Company Overview and Fundamental Insights:

Eldorado Gold Corp (TSX: ELD) is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece and Romania. It has a portfolio of high-quality assets and long-term partnerships with local communities. Some of its projects include Kisladag, Efemcukuru, Skouries; Perama Hill and Certej projects.

Kalkine’s Global Tariff Report covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

The top 10 shareholders together form ~41.97% of the total shareholding. BlackRock Investment Management (UK) Ltd. And Van Eck Associates Corporation hold a maximum stake in the company at ~9.58% and ~6.07%, respectively.

The company reported rising financials in Q2 2025, where it clocked healthy growth under its Metal Sales and Earnings from Operations, which is a key positive. Furthermore, it witnessed elevated Net Cash generated by Operating Activities and Net Income, displaying its decent operating efficiency and improved profitability momentum.

Section 2: Business Updates and Financial Highlights

The picture below gives an overview of the company’s recent activities, such as an announcement regarding Market Recognition and Strategic Capital Allocation.

Section 3: Key Risks and Company Outlook

Section 4: Stock Recommendation Summary

The stock has witnessed an upside of ~2.14% and ~6.07% over the last 1 week and 1 month respectively. Moreover, it is trading above the average 52-week high price of CAD 43.41 and 52-week low price of CAD 18.94, providing an opportunity to ride the trend.

Valuation Methodology: EV to Sales Based Relative Valuation (Illustrative):

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is October 17, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.