Eldorado Gold reports that the Skouries copper-gold porphyry project in Northern Greece has achieved 90% overall progress on phase 1 and 78% on phase 2 as of December 31, 2025. Mechanical completion of all six tailings filters is complete, and open-pit mining has advanced ahead of schedule, stockpiling significant ore for plant start-up. Underground development has delivered the first of two test stopes, with ore now on surface. First concentrate production is expected by the end of Q1 2026, with commercial production targeted in mid-2026. Offtake agreements covering approximately 80% of copper concentrate over a 2–3 year term have been negotiated on terms more favorable than those assumed in the 2022 feasibility study. The project remains fully funded on a revised capital estimate of $1.06 billion. As of year-end, €680.4 million ($798.9 million) under the Commercial Loan and RRF facilities was fully drawn, with cumulative phase 2 capital invested at $980 million, including $137 million in Q4 2025 and $475 million for full-year 2025. Foreign exchange headwinds on the euro added an estimated $43 million through year-end, offset by $20 million of realized gains on euro cash balances.

Construction at the Olympias mill expansion in northern Greece continues with earthworks and infrastructure upgrades underway. All major mill expansion equipment has been delivered to site, and completion is scheduled for Q3 2026, followed by ramp-up in Q4 2026. The mill capacity will increase to 650,000 tonnes per annum from 500,000 tonnes, unlocking higher throughput. New concentrate contracts for 2026 feature substantially improved payability and treatment terms over 2025, reflecting tight concentrate markets and Eldorado’s strengthened marketing position, which is expected to deliver a significant uplift to free cash flow once the expansion is online.

At Perama Hill in Thrace, the Environmental Impact Assessment was submitted in December 2025, marking a major regulatory milestone. Eldorado has established a high-quality project team based in Alexandroupolis and engaged G Mining Services Inc. to complete an updated feasibility study. Two parallel consultation processes—one led by the Greek State and one by Eldorado—are scheduled to commence in early 2026 to secure community and stakeholder input. Perama Hill’s high-grade, low-cost profile positions it to contribute additional value to Eldorado’s Greek portfolio upon permitting and construction.