Eldorado Gold reports that the Skouries copper–gold porphyry project in Northern Greece has reached 90% completion on phase one and 78% on phase two as of December 31, 2025. Mechanical installation of all six tailings filters is complete, and open pit mining has advanced ahead of schedule, creating ore stockpiles sufficient to support first concentrate production by late Q1 2026 and commercial output by mid-2026. Underground development has yielded the first of two test stopes, with ore now on surface awaiting processing. The capital cost remains at US$1.06 billion, fully funded by a €680.4 million loan facility, though foreign-exchange headwinds added an estimated US$43 million to costs. In Q4 2025 alone, Eldorado invested US$137 million in project capital and US$35 million in accelerated operational capital to fast-track underground development and mobile equipment procurement, positioning Skouries to deliver approximately 140,000 ounces of gold and 67 million pounds of copper annually over its 20-year mine life as per the 2022 feasibility study.

Construction at the Olympias site is proceeding according to plan, with all earthworks complete, mill expansion equipment on site and infrastructure upgrades well under way. The mill’s capacity is being increased from 500,000 to 650,000 tonnes per annum, with mechanical completion targeted for Q3 2026 and ramp-up by Q4 2026. Eldorado has negotiated new concentrate off-take agreements for 2026 that deliver higher payability and reduced treatment charges versus 2025 contracts, reflecting tight global copper markets. These improved terms are expected to enhance site margins by up to 15% and support higher free cash flow once the expanded mill reaches full throughput.

Eldorado submitted the Environmental Impact Assessment for Perama Hill in December 2025 and has initiated two consultation processes—one led by the Greek State and one by Eldorado—to engage local stakeholders in Thrace. A dedicated project team based in Alexandroupolis has been assembled and G Mining Services Inc. has been contracted to complete an updated feasibility study. Perama Hill is characterized by high-grade vein mineralization, with historical drilling indicating grades exceeding 8 g/t gold. The company expects the feasibility update to refine capital and operating cost estimates ahead of a final investment decision, targeting first production by 2028 and annual output of approximately 80,000 ounces of gold at all-in sustaining costs below US$700 per ounce.