Eldorado Gold Corporation (TSX: ELD, NYSE: EGO) announced on July 30, 2026, that it has received approval from the Toronto Stock Exchange (TSX) to renew its normal course issuer bid (NCIB). The renewed program allows the company to repurchase up to 13,065,993 common shares, representing 5% of the 261,319,863 issued and outstanding shares as of July 27, 2026. This move signals management’s confidence in the long-term value of its equity and serves as a mechanism to enhance shareholder returns amidst strong balance sheet conditions and cash generation from operations in a high gold price environment.

The NCIB will commence on August 5, 2026, and conclude on July 31, 2027. Purchases will be executed through the facilities of the TSX, the New York Stock Exchange (NYSE), and alternative trading systems in Canada or the United States at prevailing market prices. Under the terms of the bid, up to 12,865,993 repurchased shares will be cancelled, while up to 200,000 shares will remain outstanding and held in trust by Computershare Trust Company of Canada. These retained shares are designated for satisfying redemptions under Eldorado’s restricted share unit plan (RSU Plan).

This renewal follows a previous NCIB that began on August 6, 2025, and ends on July 31, 2026. During that period, Eldorado purchased 7,739,880 common shares on the open market at a volume-weighted average purchase price of C$43.56 per share. The company had sought approval to buy up to 10,159,967 shares under that prior program.

Daily purchases on the TSX are capped at 194,581 common shares, excluding block purchase exceptions. This limit represents 25% of the average daily trading volume of 778,325 shares on the TSX for the six months ending June 30, 2026. Purchases on the NYSE will adhere to daily limitations and other conditions regarding manner, timing, price, and volume to qualify for safe harbor provisions under applicable United States securities laws.

To facilitate compliance during regulatory restrictions or self-imposed blackout periods, Eldorado has entered into an automatic share purchase plan with its designated broker. This arrangement allows the broker to execute purchases based on parameters set by Eldorado in accordance with securities laws and exchange rules. While Eldorado intends to acquire shares under the NCIB, it is not obligated to do so and may suspend purchases at any time.

What the Numbers Show

The decision to renew the NCIB highlights a strategic shift toward capital return via share cancellation rather than solely holding treasury stock. With over 98% of the repurchased shares (12,865,993 out of 13,065,993) slated for cancellation, the move is likely to improve earnings per share metrics for remaining holders. The previous program’s execution rate—buying approximately 76% of the authorized amount—suggests consistent demand for buybacks when market conditions align with management’s valuation targets.

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.