Eldorado Gold reported third-quarter revenue of $434.7 million, a year-over-year increase of 28%, driven by record gold prices averaging $1,950 per ounce and higher throughput across its global operations. The Lamaque Complex delivered 49,307 ounces of gold, up 6% sequentially, while Kisladag produced 41,141 ounces, reflecting stable heap-leach recovery. Olympias achieved 18,473 ounces in Q3, a 36% increase from Q2, following process optimizations that improved plant availability to 92%. Higher production was offset by a 15% rise in all-in sustaining costs to $1,275 per ounce, largely due to increased royalty payments in Türkiye and inflationary pressures on labor and energy inputs.

Construction progress at Skouries reached 90% for Phase 1 and 78% for Phase 2 as of December 31, 2025. Mechanical completion of the mill and six tailings filters is complete, and open-pit mining has stockpiled over 1.2 million tonnes of ore ahead of first concentrate production, now targeted for Q1 2026 with commercial ramp-up by mid-2026. Underground test stopes have yielded 72,000 tonnes of ore, establishing a foundation for Phase 2 development. The $1.06 billion capital estimate remains fully funded through a €680.4 million loan facility, despite a $43 million FX headwind on Euro-denominated costs.

Eldorado’s three Greek projects—Skouries, Olympias Expansion and Perama Hill—are advancing on plan to deliver transformational cash flow. Olympias mill expansion to 650,000 tpa is 60% complete, with new concentrate contracts securing a 4% uplift in copper payability for 2026. Perama Hill’s Environmental Impact Assessment was submitted in December 2025, triggering two consultation phases and engagement of G Mining Services Inc. for an updated feasibility study. Management projects that Greece will contribute over 40% of consolidated output by 2027, reducing geographic concentration risk and enhancing margin resilience.