Eldorado Gold Corporation (TSX: ELD, NYSE: EGO) (“Eldorado”, “Eldorado Gold” or “the Company”) is pleased to announce that the first copper-gold concentrate has been produced at the owned Skouries project in Northern Greece, marking a significant milestone in the project’s transition from the construction phase to the operating phase and an important step toward commercial production, which is expected to be achieved in the fourth quarter of 2026.
The first concentrate was produced on September 8, as part of the ongoing commissioning process and the gradual ramp-up of the ore processing plant’s production capacity, the relevant announcement notes.
This milestone follows the first introduction of ore into the crusher in July and reflects the successful commissioning of key systems of the processing plant, including the crushing, grinding, flotation and tailings thickening circuits.
The ore stockpile currently exceeds 4.6 million tonnes, with a grade higher than the grade of the mineral reserves, providing a strong foundation for the gradual increase in production and ensuring sufficient material for more than seven months of processing and concentrate production.
“This is a defining moment for Eldorado”, said George Burns, Chief Executive Officer. “The production of the first concentrate at Skouries is the culmination of years of development, construction and collaboration efforts, and marks the beginning of a new chapter for our Company.
Skouries is not only a landmark project with significant impact for Eldorado, but also one of the most important investments in Greece and one of the largest copper-gold projects in Europe. Together with McIlvenna Bay in Saskatchewan, Canada, Skouries is expected to transform Eldorado into a larger and more diversified producer of precious metals and critical minerals, with a stronger production base, a meaningful presence in the copper and silver sectors, and the generation of increased free cash flow.
We are proud of what has been achieved through our collaboration with the Greek Government and the banks, the local communities, our workforce and other stakeholders, and we look forward to creating long-term value and benefits for Greece and all our social partners for the coming decades”.
The commissioning of the key infrastructure has progressed steadily, with the crushing, grinding, flotation, tailings thickening and concentrate systems operating successfully. Temporary on-site power generation continues to support initial operations and the gradual production ramp-up until connection to the national power grid is achieved, which is subject to the completion of final inspections, testing and the installation of metering equipment by the Independent Power Transmission Operator and is currently expected in September 2026.
Skouries is expected to produce on average 140,000 ounces of gold and 67 million pounds of copper annually over the life of the mine.