The next phase of the development in Greece – The goals for Olympias, Skouries
Eldorado Gold is entering the next phase of its development in the Greek market, driven by the expansion of Olympias’ production capacity, progress on the Perama project and the production of concentrate at Skouries, which is scheduled for early 2026.
“We enter 2026 with excellent momentum,” said George Burns, the company’s CEO. Making specific reference to the company’s activity in Greece, he pointed out that “although there have been short-term adjustments to the Skouries schedule as we prepare for the start-up phase of the project, its fundamentals remain strong and demonstrate a strong cash flow-generating operation for decades to come. The start of production at Skouries is a significant milestone that fundamentally reshapes our cash flow generation, production profile and cost structure. Greece is in a position to achieve a meaningful change in its contribution. Looking ahead to 2026, we remain focused on the safe delivery of Skouries, strengthening our operating base and creating long-term value for our shareholders.”
Key points for Skouries
Specifically for the Skouries project, the Canadian company reported that the first production of copper-gold concentrate is expected in the third quarter of 2026 and commercial production is expected in the fourth quarter of the same year, with gold production in 2026 forecast to range between 60,000 and 100,000 ounces and copper production forecast to range between 20 and 40 million pounds. The commercial terms agreed with the counterparties for the absorption of the products (concentrates) and the execution of the contract are expected before the end of the first quarter.
The negotiated condensate absorption agreements will cover approximately 80% of the copper concentrate for a duration of two to three years depending on the agreement and we expect to achieve significantly better financial terms than those envisaged in the 2022 feasibility study assumptions, as a result of better pricing and processing charge conditions in the current market. As of December 31, 2025, the overall progress of the project was 90% including the first phase of construction and 78% for the second phase of construction (current). Also at the end of 2025 there were a total of approximately 2,350 personnel working on site, including 415 company employees on the Skouries project.
The estimated capital cost for Skouries is 1.16 billion (including the recently announced foreign exchange impact of 43 million dollars and an additional 50 million related to schedule impacts following a delay in the production of the first concentrate). The project continues to be fully funded through planned equity contributions, as well as project financing, totaling 680.4 million euros (799.5 million dollars), which has been fully disbursed. Project capital totaled 136.6 million dollars in the fourth quarter of 2025 and 475.2 million during the year ended December 31, 2025. As of December 31, 2025, cumulative project capital invested in Phase 2 of construction reached 980.0 million dollars.
2025 Performance and Estimates for Olympias and Skouries
Olympias produced 59,877 ounces of gold in 2025, a decrease of 14% compared to 69,532 ounces in 2024. This reflects primarily lower performance and recoveries during the year as a result of persistent flotation circuit stability issues due to a rockfill paste mix affecting water chemistry, as well as equipment availability constraints. Gold production of 18,473 ounces in the fourth quarter of 2025 increased from 15,992 ounces in the same period last year as a result of higher gold grades and recoveries despite slightly lower performance. Lead and silver production fell in the period compared to 2024, primarily reflecting lower grades. Revenue increased to 289.9 million dollars in 2025 from 226.2 million in 2024 and increased to 111.7 million in the fourth quarter of 2025 from 69.3 million in the fourth quarter of 2024, as a result of higher average realized gold prices, offset by lower sales volumes in both periods.
The 2026 production target of 70,000 to 80,000 ounces at Olympias represents a higher production compared to 2025, reflecting the preparation of the plant’s increased production capacity to 650,000 tonnes in the second half of the year. However, some technical delays have slightly reduced the 2026 forecast compared to the previous range.
The company underlined that the mine will continue to focus on driving sustainable improvements and long-term success through the continuation of the comprehensive facility upgrade program.
