SKOURIES (GREECE)
The Skouries project is a copper-gold deposit located on the Halkidiki Peninsula in northern Greece.
This copper-gold porphyry deposit will be mined using a combination of conventional open pit and underground mining techniques. Based on the 2022 Project Feasibility Study, the initial life of mine is 20 years, and it is expected to produce on average 140,000 ounces of gold and 67 million pounds of copper per year. First copper-gold concentrate production is expected in the third quarter of 2026, with commercial production expected in the fourth quarter of 2026.
Skouries Project Progress
Updated: July 2026
Advancing Skouries
As of June 30, 2026, overall project progress was approximately 97% complete. First production of copper-gold concentrate is expected toward the third quarter of 2026, with commercial production expected in the fourth quarter of 2026.
The Company has entered into concentrate sales agreements with several offtakers for all expected 2026 volumes and a portion of 2027 volumes, and is in the final process with other counterparties to conclude agreements covering production through to 2029. The commercial terms agreed to are significantly better than those assumed in the 2022 feasibility study, reflective of the prevailing strong market conditions for copper-gold concentrates.
As disclosed on April 30, 2026, the capital cost estimate for Skouries is $1.315 billion, and the accelerated operational capital estimate is $260.0 million to commercial production.
The project remains fully funded through operating cash flow, cash and debt financing. The Term facility totalling €740.4 million ($843.6 million) is fully drawn (including the Contingent Overrun Facility of €60.0 million which was drawn in Q2 2026).(1)
Project capital totalled $154.6 million in Q2 2026 and $290.2 million during the six months ended June 30, 2026. Accelerated operational capital cost totalled $59.6 million in Q2 2026, and $108.2 million during the six months ended June 30, 2026. At June 30, 2026, cumulative project capital invested towards Phase 2 of construction totalled $1.270 billion, and the cumulative accelerated operational capital totalled $201.3 million.
The Company is well positioned for start-up, with over 3.9 million tonnes of ore stockpiled which is expected to provide the ore feed required through 2026 and supports a lower-risk commissioning and first year of production. Open pit and underground ore mining will continue for the balance of 2026 and will be blended to maximize cash flow with lower value ore being stockpiled for future years.
As at June 30, 2026 overall project progress was 97% complete.
Primary Crusher Building
The primary crusher has crushed first ore in July in anticipation of mill start-up, making an important commissioning milestone for the crushing circuit.
The stockpile dome, ancillary feeders and associated chute work is complete and ready for full operations.
Process Plant
The process plant is substantially complete, with wet commissioning well underway, in preparation for first ore introduction. Water circulation testing through the entire circuit to the tailings thickener/filter feed tanks is underway.
Thickeners
Two of the three tailings thickeners are in the final stages of being commissioned in advance of first ore. Concrete foundation work for the third tailings thickener, which is not required for start-up, has commenced, with completion planned in Q3 2026.
Filtered Tailings Facility
Work continues to progress on the filtered tailings plant which remains on the critical path, with electrical installations and commissioning as the final steps. Work is also advancing on the tailings handling infrastructure which is not required for first concentrate production.
Mechanical and electrical work on two of the six filters has been completed, with both filters ready for commissioning.
Construction of the filter plant tank farm with pump and piping installation and electrical connections are advancing towards commissioning commencement.
Powerline and Substations
Power infrastructure construction at Skouries has continued to advance and construction of all 12 towers and conductors is now complete. In July, the Company coordinated a successful eight-hour power suspension on the transmission line to enable installation of the final transmission tower. Initial tests of the sub-station have been completed by an independent third-party testing group. Final site energization and receipt of final sign-off remains contingent on inspection, which includes final testing and installation of metering equipment by the relevant Greek authority.
In the interim, the Company is proactively adding additional gensets to support commissioning activities and maintain progress where practical, including readiness and commissioning activities within the process plant. Full operation of major process plant systems, crushing, grinding, flotation, concentrate handling and tailings disposal, requires final site energization by the power authority.
The plant continues to progress towards commissioning readiness across the major process and utility systems. The majority of the site's electrical distribution network has been energized using temporary power, enabling the testing and commissioning of equipment prior to startup. Critical air and water utility systems are being progressively transferred to the commissioning team, supporting equipment flushing, functional testing, and wet commissioning. Equipment supplier specialist are on-site to support the commissioning of the SAG mill and ball mill, and work is ongoing. Successful integrated water testing of the process water, rougher flotation, and tailings thickening systems confirmed system performance and enabled expanded wet commissioning activities. Commissioning of the primary crushing and conveying system has begun, with extended runs of main equipment.
Integrated Extractive Waste Management Facility
The initial filtered tailings placement areas are well advanced. The platform for the tailings stacker is complete and ready for assembly, while the access ramp and platform for the mobile (grasshopper) conveyors have been excavated and prepared for placement of the conveyor units. Construction of the rock buttress supporting the downstream embankment of the first filtered tailings placement area in the Karatza Lakkos ("KL") valley is progressing and will be completed ahead of tailings placement.
Foundation preparation for the first phase of the KL filtered tailings embankment is substantially complete, and placement of engineered fill is underway across the full footprint. Construction of the low-grade ore stockpile continued advancing. The lower section has been completed and construction is now focusing on the upper section.
Open Pit Mining
The open pit mine continued to ramp up during Q2 2026 and remains ahead of plan in building ore stockpiles for the process plant start-up. During the quarter, 1.28 million tonnes of ore were delivered to the stockpiles. At the end of Q2 2026, the stockpiles contained approximately 3.6 million tonnes of open pit and underground ore, representing an estimated 134,000 ounces of gold and 44 million pounds of copper.
Underground Development
The underground mine delivered 131 kt of ore to stockpiles during Q2 2026. Underground access development rates continued to accelerate, with a total of 2,191 metres of development completed during the quarter. Monthly advance rates reached a project record of 900 metres in May 2026, and the ventilation drive connecting the east and west ramps was also completed during the quarter.
Drilling of the third test stope commenced in Q2 2026 in preparation for blasting and extraction of a larger test stope (approximately 100 kt), which is expected to support improved productivity.
Processing
The processing operations and maintenance teams have successfully completed their theoretical training and are now completing job familiarization training at both the Skouries and Olympias sites. Twelve highly experienced process plant ramp-up experts have been contracted to support the operations team during the first three months of operations.
Workforce
As at June 30, 2026, there were approximately 2,948 personnel working on site, including 515 Skouries employees.
(1) See the section "Financial Condition and Liquidity - Financing Activities" in the Company's June 30, 2026 MD&A.
KEY HIGHLIGHTS
Location
Mine type
Metals mined
Initial expected mine life
Deposit type
Ownership
*Based on Proven & Probable Mineral Reserves. Refer to Reserves and Resources for more information on Mineral Reserves.
Virtual Tour
Best-in-class Environmental Design
Filtered Tailings
The Skouries project design includes filtered tailings, an innovative method that makes the tailings management process safer and provides additional environmental benefits compared to other tailings management options. During mining, ore is crushed, ground and processed to separate valuable minerals from the surrounding rock. The residual leftover rock and water from this process is called tailings. Traditionally, tailings were stored in liquid form in large facilities, known as tailings ponds. Modern filtered methods remove the excess water resulting in a sandy material which is then stacked and compressed. Less space is required for its storage into tailings management facility areas (TMF).
At Skouries, only one TMF will be required, instead of the two that were planned in the initial design and would have been required in the case of traditional liquid tailings management.
Eldorado has used this technology successfully at our Efemçukuru operation in Türkiye and at our Olympias Mine in Greece. Filtered tailings offer major environmental benefits such as:
Geotechnical stability
Up to 90% of the water is removed from the tailings using filtration. These de-watered solids (similar to a moist sand) are then conveyed and compacted within the storage facility to form a geotechnically stable & solid mass.
Water savings
Filtered tailings technology enables us to maximize water recycling and re-use it in the production cycle, thereby minimizing the consumption of fresh water.
Smaller footprint
Filtered tailings result in up to a 40% smaller environmental footprint, further minimizing environmental impact.
Protection of Water and Facilities
We are reducing water consumption with targeted projects, such as filtering and recycling. We are also reducing groundwater inflows by pre-draining waters and re-injecting them into the aquifer. For water outside the mine site, we have constructed water diversion channels to keep surface waters from even entering the mine site. For water that unavoidably comes into contact with mining activities at the mine, we will both have a water treatment plant and re-use water in day-to-day operations.
Parallel Rehabilitation
The rehabilitation of liquid tailings disposal sites is usually possible after the end of a mine’s lifetime. Thanks to the filtered method, due to the solid form of the tailings, it is possible to gradually regenerate the disposal facilities in parallel with mining activities. That means that the site will be rehabilitated and ready to hand back to the local community sooner after the end of mining activity.
Backfilling tunnels & open pit with mining tailings
Part of the pre-strip material from the open pit is used to build the waste rock dam, water management-ponds and various other site infrastructure works. The excess will be used to gradually rehabilitate the tailings management facility. Mining tailings will be used to fill in the areas that were mined out in the underground mine, as well as the open pit to restore the original terrain.
90%
Water removed from tailings
40%
Smaller environmental footprint with dry-stack technology
Indicative Operating Data
The initial mine life is 20 years, based on Skouries Technical Report (NI 43-101) published January, 2022
| Total Mineralized Material Mined | 147 Mt |
| Average annual gold production | 140,000 oz |
| Average annual copper production | 67 Mlbs |
| Average cash operating costs (LOM) | $(365)/oz |
| Average AISC (LOM) | $(6)/oz sold |
| Gold recovery | 83% |
| Copper recovery | 90% |
| Au grade | 0.77 g/t Au |
| Cu grade | 0.50% Cu |
| Initial Capital Costs (US $) - Initial Phase 1 Capex | $845 M |
| Total sustaining capex (US $) | $850 M |
| Gold price | $1,500/oz |
| Copper price assumption used in financial analysis | $3.85/lb |
| (US $) | $1.3 B |
| IRR (after tax) | 19% |
| Payback period | < 4 years |
Geology and Mineralization
The Skouries porphyry copper-gold deposit is centred on a small (less than 400m in diameter), pencil-porphyry stock that intruded schist and gneiss of the Paleozoic Vertiskos Formation of the Serbo-Macedonian Massif, NE Greece. Mineralization extends for more than 920m depth from surface.
The porphyry is characterized by at least four intrusive phases that are of probable monzonite to syenite composition, but contain an intense potassic alteration and related stockwork veining that overprints the original protolith.
Potassic alteration and copper mineralization also extend into the country rock; approximately two thirds of the measured and indicated tonnes and 40% of the contained metal are hosted outside the porphyry.
The potassic alteration is syn- to late-magmatic in timing and is characterized by K-feldspar overgrowths on plagioclase, secondary biotite replacement of igneous hornblende and biotite, and a fine-grained groundmass of K-feldspar-quartz with disseminated magnetite.
Four main stages of veining are recognized: 1) an early stage of intense quartz-magnetite stockwork; 2) quartz-magnetite veinlets with chalcopyrite ± bornite; 3) quartz-biotite-chalcopyrite ± bornite-apatite-magnetite veinlets; and 4) a localized, late stage set of pyrite ± chalcopyrite-calcite-quartz veins. The host porphyry and potassic alteration at Skouries were coeval and formed during the Early Miocene.
EXPLORATION
Exploration at Skouries is focused on identifying and testing porphyry targets within the project area, including the Tsikara and Fisoka prospects. Ongoing targeting activities include geological mapping, systematic soil sampling and geophysical surveying.
REPORTS
| REPORT TITLE | LINK |
|---|---|
| Skouries Technical Report - January 2022 | Download PDF |
| Skouries Technical Report - March 2018 | Download PDF |
| Skouries Technical Report - July 2011 | Download PDF |
Environmental and Social Impact Assessment (ESIA)
| REPORT TITLE | LINK |
|---|---|
| Non-technical summary (NTS) | Download PDF |
| Complete assessment file (ZIP) | View Reports |
| ESIA appendices | View Reports |
| ESMS framework | Download PDF |
| Stakeholder Engagement Plan | Download PDF |
| E&A Management Plans | View Reports |
| Environmental & Social Action Plan | Download PDF |
Regulatory Environmental Impact Assessment (EIA)
| REPORT TITLE | LINK |
|---|---|
| Non-technical summary (NTS) | Download PDF |
| Complete assessment file | View Reports |
| EIA appendices | Download PDF |
| EIA maps / drawings | View Reports |
Image gallery
Our Stories
World Environment Day: Clean Energy in Action – Driving Sustainable Change in Response to Climate Change