Eldorado Gold Crushes First Ore at Skouries, Targets Q3 Copper-Gold

Eldorado Gold crushed first ore at its Skouries copper-gold project in northern Greece in July, a milestone the company said keeps the operation on track for first concentrate in the third quarter of 2026. The Vancouver-based miner reported second-quarter results Wednesday that showed steady cash flow from its existing mines, while the two growth projects – Skouries and the recently acquired McIlvenna Bay in Saskatchewan – are both nearing commercial production.

Skouries construction is 97% complete as of June 30. The primary crusher has begun processing ore, and wet commissioning of the process plant is underway. The project, with a 20-year mine life and expected average annual output of 140,000 ounces of gold and 67 million pounds of copper, is projected to produce 60,000 to 100,000 ounces of gold and 20 million to 40 million pounds of copper in 2026. Commercial production is expected in the fourth quarter.

The company has stockpiled 3.9 million tonnes of ore, enough to feed the mill through next year and reduce commissioning risk, Eldorado said. George Burns, chief executive, said the quarter reflected "continued cash flow generation across the portfolio, supported by a favourable gold price environment."

Eldorado lifted its consolidated 2026 gold production guidance to 495,000 to 600,000 ounces, up from a prior range that excluded McIlvenna Bay. The increase reflects the addition of initial output from the Saskatchewan mine, which Eldorado acquired through its April takeover of Foran Mining. Excluding Skouries and McIlvenna Bay, the company held its guidance at 430,000 to 490,000 ounces with all-in sustaining costs of $1,670 to $1,870 an ounce.

McIlvenna Bay produced first copper concentrate on June 7 and first zinc concentrate in July. The operation is ramping up toward commercial production in the third quarter. Plant throughput in the second quarter reached 5,405 tonnes, yielding 65,398 payable pounds of copper. The company expects 2026 output of 5 million to 10 million pounds of copper, 3,000 to 6,000 tonnes of zinc, 5,000 to 10,000 ounces of gold and 100,000 to 200,000 ounces of silver.

Eldorado has also started a study to expand McIlvenna Bay's processing capacity to 7,000 tonnes a day from 4,900, and to add a silver-lead circuit that could improve payable silver recoveries. The company is targeting commissioning of the silver-lead circuit in 2028 and the expansion in 2030, subject to permits, indigenous engagement and a final investment decision.

Skouries remains fully funded through operating cash flow, cash and a €740.4 million term facility, which is fully drawn. Project capital spending in the second quarter was $154.6 million, with $59.6 million in accelerated operational capital. Cumulative project capital invested toward Phase 2 construction has reached $1.27 billion.

A key risk for Skouries is final site energization, which remains contingent on inspection and meter installation by the Greek power authority. The company is adding temporary gensets to maintain commissioning progress in the meantime. Full operation of the process plant – crushing, grinding, flotation and tailings disposal – requires that final connection.

Eldorado's Alpha Score from AlphaScala is 52 out of 100, classified as Mixed, reflecting the execution risk embedded in bringing two major greenfield projects online in the same year while maintaining output from existing operations. The stock trades on the NYSE under EGO and on the TSX as ELD.