Eldorado Gold reports that the Skouries copper-gold porphyry project in Northern Greece has achieved 90% completion for phase 1 construction and 78% for phase 2 as of December 31, 2025. Mechanical installation of all six tailings filters is complete, and open pit mining has generated ore stockpiles sufficient for start-up. The first concentrate production is scheduled for late Q1 2026, with commercial production targeted for mid-2026. Underground development has exceeded expectations, with the first of two test stopes completed and ore stockpiled on surface. The project remains fully funded following a €680.4 million draw-down under the Commercial Loan Facility and RRF Facility, with $980 million invested in phase 2 to date.

Work at the Olympias mill expansion continues with all new equipment on site and earthworks progressing on schedule. Infrastructure upgrades are under way and commissioning is expected to conclude in Q3 2026, followed by ramp-up in Q4 2026. The expansion will increase mill capacity from 500,000 to 650,000 tonnes per annum. Newly executed concentrate off-take agreements for 2026 feature improved payability and treatment terms, reflecting tight market supply and Eldorado’s enhanced marketing position. These contract enhancements are projected to deliver a significant uplift to cash flow once full production is achieved.

Eldorado submitted the Environmental Impact Assessment for Perama Hill in December 2025 and has initiated two parallel consultation processes—one led by the Greek State and one by the Company—to solicit stakeholder feedback. A dedicated project team is now based in Alexandroupolis, and G Mining Services Inc. has been retained to complete an updated feasibility study. The site’s high-grade, low-cost profile remains attractive, and community engagement sessions scheduled for the first half of 2026 will inform the final mine plan and permitting timeline.

Greece now represents the cornerstone of Eldorado’s growth strategy, with all three projects collectively set to drive substantial production increases, margin improvements and enhanced cash flow from 2026 onward. Total capital invested in Greek development projects exceeded $1.5 billion through year-end 2025. Skouries alone will contribute approximately 140,000 ounces of gold and 67 million pounds of copper annually over a 20-year mine life, per the 2022 feasibility study. Eldorado’s focus will remain on safely commissioning Skouries, completing the Olympias expansion and advancing Perama Hill toward a final investment decision, underpinning the Company’s long-term value creation for shareholders.