Eldorado Gold – Transformational Growth in Greece in 2026

Core Viewpoint - Eldorado Gold Corporation is advancing its growth projects in Greece, particularly Skouries, Olympias Expansion, and Perama Hill, which are expected to significantly enhance production, margins, and cash flow starting in 2026 [1][6]. Skouries Project - The Skouries Project is on track for first concentrate production by the end of Q1 2026, with commercial production anticipated by mid-2026 [5][8]. - As of December 31, 2025, overall project progress is reported at 90% for phase 1 and 78% for phase 2, with significant advancements in underground development and open pit mining [13][32]. - The project is expected to yield an average annual production of 140,000 ounces of gold and 67 million pounds of copper over a 20-year mine life [7]. Olympias Expansion - The Olympias Expansion is progressing towards increasing processing capacity from 500,000 tonnes per annum to 650,000 tonnes per annum, with completion expected in Q3 2026 and ramp-up in Q4 2026 [4][40]. - Improved concentrate off-take terms starting in 2026 are anticipated to enhance cash flow significantly, with higher payability and lower treatment charges compared to 2025 [42]. Perama Hill - Perama Hill is projected to produce approximately 100,000 ounces of gold annually over an initial eight-year mine life, with the Environmental Impact Assessment submitted in December 2025 [43][44]. - Community engagement processes are set to begin, ensuring stakeholder participation and transparency [44]. Financial and Operational Highlights - The capital cost estimate for the Skouries Project is revised to $1.06 billion, fully funded with a total of approximately $137 million spent in Q4 2025 and $475 million for the entire year [10][11]. - Accelerated operational capital costs are expected to increase by approximately $24 million to support pre-commercial mining activities [11][12]. - As of December 30, 2025, there are approximately 1.2 million tonnes of ore stockpiled, containing about 47.3 thousand ounces of gold and 12.5 million pounds of copper [32][47].