Eldorado Gold Corporation has announced that first ore has been successfully processed through the crushing circuit at its Skouries copper-gold project in Northern Greece, marking a significant milestone as the project transitions from construction into the commissioning phase. The company continues to target first production of copper-gold concentrate in the third quarter of 2026, with commercial production targeted for the fourth quarter of 2026, subject to completion of final site energization, integrated commissioning, and ramp-up activities.

Key Project Milestones

The Skouries project has reached several important operational benchmarks as it progresses through staged commissioning. The following table summarizes the key highlights reported by the company:

Crushing Circuit and Commissioning Progress

First ore has been fed through the commissioned crushing circuit, with full handover of the circuit from the commissioning team to the operations team currently underway. Commissioning is progressing on a staged basis across multiple areas, with dry, wet, and hot commissioning activities advancing through the crushing, grinding, flotation, concentrate handling, and filtered tailings circuits. Individual systems are being tested, verified against design parameters, and handed over from the construction team to the operations team in a sequenced manner. The company expects to introduce ore to the grinding and flotation circuits as those systems are progressively commissioned, building toward first copper-gold concentrate production in the third quarter of 2026.

"Crushing first ore is an important milestone for Skouries and reflects the steady, safe progress being made by our team as the project moves through the final stages of construction and staged commissioning," said George Burns, Chief Executive Officer.

Power Infrastructure and Energization

Power infrastructure construction at Skouries has continued to advance, with construction of all 12 towers and conductors now complete. A coordinated, successful eight-hour power outage on the transmission line enabled installation of the final transmission tower, and initial tests of the sub-station have been completed by a third-party testing group. Final site energization remains contingent on inspection, final testing, and installation of metering equipment by the relevant Greek authority, along with receipt of final sign-off. To maintain commissioning momentum in the interim, Eldorado Gold has proactively added additional gensets to support commissioning activities and process plant readiness. Full operation of major process plant systems—including crushing, grinding, flotation, concentrate handling, and tailings disposal—requires final site energization by the power authority.

Mining and Ore Stockpile

Open pit mining at Skouries continues to perform ahead of schedule, supporting a controlled and steady ramp-up of the processing plant. The company has built a robust ore inventory to underpin commissioning and early production activities:

• Open pit stockpile: Approximately 3.4 million tonnes of run-of-mine ore
• Total stockpile (including underground ore): Approximately 3.9 million tonnes
• Stockpile purpose: Expected to provide ore feed required through 2026, supporting lower-risk commissioning and the first year of production

Underground development also continues to advance in parallel with open pit operations.

Qualified Person

Simon Hille, FAusIMM, Executive Vice President and Chief Operating Officer, is the Qualified Person under National Instrument 43-101 responsible for preparing and supervising the preparation of the scientific and technical information contained in this announcement, and for verifying the technical data disclosed relating to Skouries.

Eldorado Gold is a gold, copper, and base metals producer with mining, development, and exploration operations in Canada, Greece, and Türkiye.

Scotiabank analyst Tanya Jakusconek maintained Eldorado Gold with a Sector Outperform rating and lowered the price target to $47 from $55. The adjustment reflects a revised outlook on the stock's valuation following a reassessment of market conditions.

Rating and Price Target

The following table details the revised rating and price target for Eldorado Gold:

The decision to lower the price target comes as the firm reassesses the company's financial position and market conditions.