Eldorado Gold delivered third-quarter revenue of $434.7 million, driven by record average realized gold prices near $2,000 per ounce and improved operational throughput across its global portfolio. Year-over-year revenues rose by 35%, as consolidated gold production of 130,000 ounces outpaced the prior period. While production costs increased by 12% due to higher royalties in Canada and inflationary pressures on consumables in Greece and Türkiye, adjusted all-in sustaining costs remained within management’s guidance of $1,050–$1,150 per ounce. Operating cash flow for the quarter reached $210 million, strengthening the company’s balance sheet and providing ample liquidity for ongoing project development.

At the Skouries copper-gold porphyry project in Northern Greece, overall construction progress reached 90% for phase one and 78% for phase two as of December 31, 2025. Mechanical completion of all six tailings filters has been achieved, and open pit mining is running ahead of schedule with over 1.2 million tonnes of ore stockpiled for commissioning. Underground development has completed the first of two test stopes and production of the first copper-gold concentrate remains on track for late Q1 2026, with commercial ramp-up expected by mid-year. The project’s revised capital estimate of $1.06 billion is fully funded, and off-take agreements covering 80% of expected copper concentrate have been secured on terms superior to those assumed in the 2022 feasibility study.

Beyond Skouries, Eldorado’s strategy in Greece includes timely advancement of the Olympias mill expansion and initial development of Perama Hill. Olympias expansion earthworks are complete, all mill equipment is on site, and construction is scheduled to finish in Q3 2026, boosting throughput from 500,000 to 650,000 tonnes per annum; improved concentrate payability terms negotiated for 2026 are expected to enhance cash flow by at least 15%. At Perama Hill, the Environmental Impact Assessment was submitted in December 2025, and two stakeholder consultation processes are underway. An updated feasibility study led by G Mining Services is anticipated in H2 2026, targeting a high-grade, low-cost operation that can further diversify Eldorado’s long-term metals exposure.