Skouries is 90% complete (phase 1) and 78% (phase 2), targeting first copper-gold concentrate end-Q1 2026 and commercial output mid-2026, backed by $1.06B capex and off-take pacts for ~80% of copper concentrate. Full-year 2025 gold output reached 488,268 ounces — top guidance — including 123,418 ounces in Q4, boosting near-term cash flow.