Greece plays a “key” role in Eldorado Gold’s strategy

“Greece remains key to Eldorado Gold’s strategy, with three projects – Skouries, the Olympias upgrade and the Perama Project – progressing as planned, preparing the company for significant production growth, improved margins and enhanced cash flows,” the company’s management stressed.

Based on the strong performance of 2025, the management of Eldorado Gold sets the bar high for its goals for 2026 and gives its first estimates for the new financial year. The company noted that it has achieved the upper limit of the production forecasts for 2025 across its entire project worldwide.

Focusing on Greece, it emphasized that at Olympias, gold production increased by approximately 36% in the fourth quarter of 2025 compared to the previous quarter, thanks to improved processing stability. The Canadian multinational speaks of a “significant growth boost for its activity” in Greece.

At Skouries, first production of copper-gold concentrate is expected towards the end of the first quarter 2026 and commercial production is expected in mid-2026. Commercial terms for the sale of concentrates have been agreed, with the execution of the contracts expected in the coming weeks. The agreements will cover approximately 80% of the copper concentrate for a period of 2-3 years depending on the agreement. As of 31 December 2025, the cumulative project capital invested in phase 2 of the construction amounted to a total of 980 million dollars. The overall progress of the project was 90% including the first phase of construction and 78% for phase 2 of construction.

This is a strategic investment project, which will contribute to the self-sufficiency and resilience of the European supply chain in critical mineral raw materials, such as copper, the demand for which is increasing. It places Greece on the map of copper production as a critical metal in the most current context, due to the European Critical Raw Materials Act (CRMA) and increases the country’s production infrastructure, strengthening, among other things, its geostrategic role. Based on the Feasibility Study, the total life of the mine is approximately 20 years and is expected to have an annual production of an average of 140,000 ounces of gold and 67 million pounds of copper.

According to Eldorado Gold, the upgrade of Olympias, which produces three types of concentrates, gold, lead-silver and zinc, is underway for 2026. Furthermore, the Perama project, which concerns gold and silver mining, has entered a development phase, following the submission of the Environmental Study.