Eldorado Gold – Transformational Growth in Greece in 2026
(All amounts expressed in
Highlights
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Skouries Project Advancing Towards First Concentrate Production
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First concentrate production is expected towards the end of Q1 2026 and commercial production expected in mid-year.
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Overall progress has reached 90% when including the first phase of construction, and 78% for phase 2 of construction as of
December 31, 2025 . -
Mechanical completion for all six tailings filters has been achieved.
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Open pit mining is progressing ahead of schedule, with significant ore stockpiles being established for plant start-up.
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Underground mining successfully completed the first of two test stopes, with ore stockpiled on surface.
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Processing and maintenance teams are fully staffed and actively engaged in training and pre-commissioning activities.
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Commercial terms for concentrate off-take agreed to with leading trading firms, with strong copper market fundamentals supporting favourable terms.
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Olympias Expansion Underway
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Construction progress continues with earthworks advancing, infrastructure upgrades underway and all mill expansion equipment on site.
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Construction completion is expected in Q3 2026, with ramp-up expected in Q4 2026.
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New concentrate contracts executed for 2026 feature substantially improved payability and treatment terms compared to 2025, providing a significant uplift to cash flow. These improved terms reflect strong market conditions and Eldorado’s strategic marketing efforts.
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Perama Hill Advancing Toward Development -
The Environmental Impact Assessment (EIA) was submitted in
December 2025 . -
Community engagement is underway to ensure transparent dialogue and incorporate stakeholder feedback. Two consultation processes are expected to commence over the coming months, one led by the Greek State and one by Eldorado.
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A high-quality project team has been established based in Thrace (Alexandroupolis), and
G Mining Services Inc. , have been engaged to complete an updated feasibility study.
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“Our dedicated team at Skouries delivered an exceptional year,” said
Beyond Skouries, we are equally excited about progress at Olympias, where the mill expansion to 650,000 tonnes per annum from 500,000 tonnes per annum is advancing toward completion later this year. This is expected to unlock significant value through higher throughput, while improved concentrate terms will also support stronger cash flow. Furthermore, 2026 is shaping up to be an exciting year for the Olympias exploration team, with multiple high-value targets identified near our existing operation.
At Perama Hill, the submission of an EIA and ongoing community consultation marks an important step toward the development of this high-grade, low-cost project. Together, these projects, as well as promising regional exploration, underscore Greece’s transformational impact on Eldorado’s future, positioning us for sustainable growth and delivering enhanced shareholder value. Our focus continues to be commissioning at Skouries and executing a disciplined, safe ramp-up while maintaining momentum across our entire Greek portfolio.”
Skouries – Advancing Towards First Concentrate Production
First production of copper-gold concentrate is expected towards the end of Q1 2026, and commercial production expected in mid-2026. Production and cost guidance will be provided as part of the Company’s overall guidance, expected to be released on
Concentrate Off-Take Agreements
Commercial terms for concentrate off-take have been agreed to with contract execution expected in the coming weeks. Concentrate off-take agreements will cover approximately 80% of the copper concentrate for a 2 to 3 year term depending on the agreement and with the market for clean copper concentrate tight we expect to achieve significantly better economic terms than those assumed in the 2022 feasibility study assumptions.
Capital Estimate
In Q1 2025, the capital cost estimate was revised to
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As we report Skouries capital costs in US dollars, the persistent strength of the Euro through the end of 2025 has led to an unfavorable foreign exchange impact, estimated to be approximately
$43 million (through to commercial production). The impact to our cash balances has been materially mitigated through foreign exchange gains of approximately$20 million on Euro cash holdings through the end of 2025.
Project capital totalled approximately
In Q1 2025, an additional
Accelerated operational capital costs are expected to increase through to commercial production by approximately
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Further accelerated underground development: Development rates are exceeding plan with multiple headings opened. We expect to continue accelerating development rates through 2026 to de-risk underground production and facilitate a faster ramp up of the underground in 2027. This will also allow us to increase the number of test stopes planned for 2026 from two to four, resulting in an addition of approximately 145,800 tons in 2026.
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Increase stope widths from 15 metres to 20 metres, resulting in an addition of approximately 24,300 tons per stope thereby increasing productivity and lowering costs.
Accelerated operational capital was approximately
Construction Activities
As at
Primary Crusher
Progress continues on the construction of the crusher building structure with the concrete now complete. The primary crusher is mechanically complete and set in position, with work continuing on finalizing the electrical installations. Conveyors from the primary crusher through the coarse ore stockpile to the process plant have been installed and belt installations commenced in
The stockpile dome foundation is complete, and assembly of the dome structure is progressing. Two of the three reclaim feeders and associated chute work have been installed, with pre-assembly underway on the remaining reclaim feeder. Installation of the prefabricated electrical distribution room is scheduled for late
Process Plant
Work in the process plant remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore. High and medium voltage electrical distribution from multiple substations within the process plant network are advancing, and the control building structure is complete with electrical work underway across all areas.
The lime plant, flotation blowers and compressors buildings are mechanically complete. The prefabricated electrical distribution room for the compressors has been installed, with cable and terminations progressing. Reagent areas are advancing well through various stages of mechanical, piping and electrical installations.
Thickeners
Two of the three tailings thickeners required for initial start-up are mechanically complete, with electrical cabling and instrumentation installation underway. The third tailings thickener is not required for start-up and is progressing in line with its planned start-up following first concentrate production.
Water testing has been completed, and piping installations have advanced as the pipe rack installations are completed. Work is advancing on the associated infrastructure, including the pumphouse building piping and electrical work and tank installations in the flocculant building. Electrical installations in the thickeners’ secondary substation building are in progress, with cable and terminations planned for late
Filtered Tailings Plant
Work continues to progress on the filtered tailings plant, which remains on the critical path. The filtered tailings building structural steel installation is substantially complete, with cladding of the building planned to commence by the end of
Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors completed. Pipe and cable tray installation progressed as planned. The compressor building steel structure is complete, and all six compressors and air receivers are mechanically complete.
The filter plant tank farm construction has progressed with three tanks complete and the remaining two tanks assembled and water-tested, with internal coating work now underway. The clarifier water tank construction has progressed to plan.
The prefabricated electrical distribution room has been installed, with cable tray and electrical installation advancing.
Work continues on tailings handling infrastructure including a horizontal and downslope stacking conveyor system. This area brings some added complexity, but the team is actively managing it.
Powerline
The powerline, main and secondary substations are advancing to support start-up in Q1 2026. Designs have been approved by the relevant authorities and procurement activities are substantially complete. While these milestones reflect strong advancement, the schedule has been modestly compressed due to resource availability.
Commissioning Activities
Pre-commissioning of the concentrate filter presses has been completed, along with all water testing in the flotation cells and tanks. Pre-commissioning of the pebble crusher is complete, including first fills and completion of construction punch lists. The pebble crusher area has been energized, and hot commissioning of the conveying and process control systems has been completed. Pre-commissioning of the fire, utility, and process water systems has started. Piping and cable installations continued to ramp up during the quarter, with a focus on flotation, grinding, tails filtration, and primary crushing. Commissioning of these areas is expected to commence as sub systems are completed by the construction team.
Integrated Extractive Waste Management Facility
Construction of the Karatzas Lakkos (KL) embankment progressed steadily, with continued advancement of underdrain installation, commencement of the engineered fill raise of the dam, and preparatory works for the next phase of cut-off trench construction.
Work is underway to prepare a dedicated area for the initial placement of tailings, which is expected to simplify the ramp-up process.
Construction of the low-grade ore (LGO) stockpile embankment continued, with the lower section advancing beyond the milestone elevation of 340 RL.
Enhancements were made to the construction of the Water Management System, notably the completion of the coffer dam and the implementation of a piling program to ensure the structural integrity of the KT2 diversion channel. The Water Management System performed well during recent rainfall events, protecting construction activities within the KL and LGO areas and ensuring that both contact and non-contact water diversion systems operated as planned.
The intermediate water treatment plant (IWTP) mechanical installations are well underway, while water treatment plant (WTP) foundation works commenced as planned.
Accelerated Operations and Readiness
Open Pit Mining
The open pit mine successfully continued to ramp up during Q4 2025 with four crews operating ahead of plan in building ore stockpiles for the process plant start-up. At the end of Q4 2025, there was approximately 1.2 million tonnes of open pit and underground ore on stockpiles3, containing approximately 47.3 thousand ounces of gold and 12.5 million pounds of copper. Grade control drilling covering 95% of the Phase 1 open pit has been completed and confirmed the first three years of production.
Underground access development rates continued to accelerate. A total of 1,155 metres of underground development was completed in Q4 2025. During 2025, underground development totalled 3,092 metres, which was approximately 900 metres more development than budgeted during the year.
The test stope program delivered high quality results during the quarter. The first of two test stopes was completely mined out and the second test stope mining will be completed in February. Each test stope mined to date is expected to provide approximately 72kt of ore, with dimensions of 60 metres in height and an area of 30 by 15 metres. Ore fragmentation has exceeded expectations, and stope cavity monitoring and extraction has met our expectations. This success has increased our confidence in the planned trial of four larger test stopes in 2026, each designed at approximately 97kt per stope with dimensions of 60 metres in height and an area of 30 by 20 metres per stope.
Semi-autonomous ore loading and open stope drilling, with operators on surface (no operator on the equipment), was successfully used during the mining of these two test stopes. This technology enables a single operator to control several pieces of equipment simultaneously, increasing safety, drill accuracy and productivity, reducing idle time between shifts and during blast clearance, and decreasing associated costs.
Processing
Additional testing of tailings filter cloths is underway for the infill drilling program and from bulk samples from the open pit ore already mined and stockpiled. An initial inventory strategy has been established to ensure operational resilience and continuity of supply of filter cloths. This strategy includes maintaining six complete cloth sets sourced from three different vendors.
Engineering and technical optimization efforts continued for the start-up tailings placement area, and operational readiness activities for tailings stacking.
Workforce
As at
Skouries Multimedia
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A progress update video can be found here: https://www.youtube.com/watch?v=0pMl17xABOY
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Photos of the construction progress at Skouries can be viewed and downloaded via this link:
https://eldoradogold.getbynder.com/web/6efc281ed22e50b/q4-2025-skouries-project-progress/
Olympias Expansion – Driving Operational and Financial Benefits
Olympias is a long-life polymetallic operation in northern
This brownfield expansion is expected to deliver higher throughput and improved recoveries, positioning Olympias as a key pillar in Eldorado’s portfolio. Key infrastructure upgrades, including earthworks and site facilities, are advancing as planned, supported by detailed engineering and permitting already in place.
Enhanced Commercial Terms and Cash Flow Impact
In addition to operational improvements, Olympias is expected to benefit from substantially improved concentrate off-take terms beginning in 2026. These new agreements feature higher payability, lower treatment charges and elimination of the VAT compared to 2025, providing a material improvement to cash flow and reinforcing the strategic importance of this asset. Combined with Skouries, Olympias is expected to play a critical role in transforming Eldorado’s production profile and cost structure, delivering sustainable value for shareholders and long-term economic benefits for
Perama Hill –
Perama Hill is expected to deliver annual production of approximately 100,000 ounces of gold over an estimated initial eight-year mine life, providing strong returns and long-term economic benefits for
Community Engagement and
Two parallel community consultation processes are expected to commence in the coming months: one led by the Greek State and another by Eldorado, ensuring transparent dialogue and stakeholder participation. Pending EIA approval, anticipated in H2 2026, construction could commence as early as 2027.
About
Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye,
Contact
Investor Relations
647 271 2827 or 1 888 353 8166
[email protected]
Media
236 885 6251 or 1 888 353 8166
[email protected]
1 Gold equivalent ounces (GEO): Calculated by converting copper pounds produced into a gold equivalent using budgeted commodity prices for the relevant period: 2026–2027:
2 These figures are preliminary in nature.
3 Skouries: Stockpiled Ore
| Skouries: Stockpiled Ore | |||||
| Tonnes (x1000) |
Au (g/t) |
Cu (%) |
Contained Au (koz) |
Contained Cu (Mlbs) |
|
| As of |
349 | 1.00 | 0.4 | 11 | 3 |
| As of |
1,200 | 1.20 | 0.47 | 47.3 | 12.6 |
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipates”, “believes”, “budget”, “continue”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “projected” or “scheduled” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: management’s belief that its projects in
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Forward-looking statements and forward-looking information are by their nature based on a number of assumptions, that management considers reasonable. However, such assumptions involve both known and unknown risks, uncertainties, and other factors which, if proven to be inaccurate, may cause actual results, activities, performance or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning: timing, cost and results of our construction and development activities, improvements and exploration; the future price of gold, copper and other commodities; exchange rates; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; mineral reserves and resources; our ability to unlock the potential of our brownfield property portfolio; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables (including fuel, explosives, cement, and cyanide); the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; expected by-product grades; the use, and impact or effectiveness, of growth capital; the impact of acquisitions, dispositions, suspensions or delays on our business; the sustaining capital required for various projects; and the geopolitical, economic, permitting and legal climate that we operate in.
More specifically, with respect to the
In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions and expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other important factors that may cause actual results, activities, performance or achievements to be materially different from those described in the forward-looking statements or information. These risks, uncertainties and other factors include, among others: development risks at Skouries and other development projects; risks relating to our operations in foreign jurisdictions; risks related to production and processing; our ability to secure supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables; inflation risk; community relations and social license; environmental matters; geotechnical and hydrogeological conditions or failures; waste disposal; mineral tenure; permits; non-governmental organizations; reputational issues; climate change; change of control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic, or similar public health threats; regulated substances; acquisitions, including integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness (including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings); total cash costs per ounce and AISC (particularly in relation to the market price of gold and the Company’s profitability); currency risk; interest rate risk; credit risk; tax matters; financial reporting (including relating to the carrying value of our assets and changes in reporting standards); the global economic environment; labour (including in relation to employee/union relations, the Greek transformation, employee misconduct, key personnel, skilled workforce, expatriates, and contractors); commodity price risk; default on obligations; current and future operating restrictions; reclamation and long-term obligations; credit ratings; change in reporting standards; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks relating to environmental, sustainability, and governance practices and performance; corruption, bribery, and sanctions; employee misconduct; litigation and contracts; conflicts of interest; compliance with privacy legislation; dividends; tariffs and other trade barriers; and those risk factors discussed in our most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by reference in this news release, for a fuller understanding of the risks and uncertainties that affect our business and operations.
With respect to the
The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in
Qualified Person
Except as otherwise noted,
Source: