Eldorado Gold reported Q3 revenue of $434.7 million, marking a year-over-year increase of 18 percent driven by record average realized gold prices and stable production across its diversified asset base. Total attributable gold production reached 128,500 ounces, supported by strong output at Lamaque and consistent performance at Kisladag and Efemçukuru. Operating costs rose by 12 percent compared to the prior quarter, reflecting higher royalty rates in Greece and inflationary pressures on fuel, reagents and labor. Despite this, Eldorado maintained an all-in sustaining cost (AISC) of approximately $1,050 per ounce—within guidance—and generated positive free cash flow of nearly $60 million in the period. The company also drew down its €680.4 million Senior Loan Facility in full, ensuring project funding for its Greek growth pipeline without recourse to equity issuance.

The Skouries copper-gold porphyry project in northern Greece remains on track for first concentrate production late in Q1 2026 and commercial ramp-up by mid-year. Phase 1 construction is 90 percent complete and phase 2 stands at 78 percent, with mechanical completion achieved on all six tailings filters and the primary crusher installed. Underground development has accelerated beyond plan, with four test stopes targeted in 2026—up from two—adding approximately 145,800 tons of ore to the stockpile ahead of mill start-up. Eldorado has committed an additional $24 million in operational capital to expand stope widths and procure higher-capacity mobile equipment, further de-risking the production profile. Skouries feasibility envisages a 20-year mine life producing on average 140,000 ounces of gold and 67 million pounds of copper annually, and the project remains fully funded at a revised capital estimate of $1.06 billion.

Beyond Skouries, Eldorado is advancing two other high-quality projects in Greece. Olympias expansion is 65 percent complete, with all mill expansion modules on site and earthworks progressing; commissioning is slated for Q3 2026, unlocking an uplift to 650,000 tonnes per annum throughput and improved concentrate payability that management forecasts will boost 2027 cash flow by over $30 million annually. At Perama Hill, the Environmental Impact Assessment was filed in December 2025, and a formal community consultation program has commenced. A feasibility update—underway by G Mining Services—aims to leverage the project’s high-grade, low-cost profile, targeted to deliver first production in 2028 and add incremental annual gold output of approximately 80,000 ounces.