Based on the planning of Eldorado Gold’s management, the Skouries project is progressing, with its commercial activities due to start in the first quarter of 2026.
Based on the results of the Project Feasibility Study, the mine life of approximately 20 years yields an expected average annual production of 140,000 ounces of gold and 67 million pounds of copper. First production of copper-gold concentrate is expected in the first quarter of 2026 and commercial production is expected in mid-2026, with gold production for 2026 forecasted to be between 135,000 and 155,000 ounces and copper production forecasted to be between 45 and 60 million pounds.
“Turning Point”
George Burns, the company’s President and CEO, stated: “On the Skouries project, we have continued to make steady progress, supported by a dedicated team on site, which is performing in line with or slightly above our productivity projections. As we move forward, we are focused on matching the skilled workforce to the relevant work fronts, in order to support our plan to deliver first copper-gold concentrate production in the first quarter of 2026, a significant turning point for the Company. We are well positioned to meet our full-year targets and achieve significant production growth ahead of unit cost reductions in the coming years.”
Olympias Mine
In parallel, Olympias mine produced 15,978 ounces of gold in the second quarter of 2025, up 18% compared to 13,541 ounces in the second quarter of 2024, thanks to an increase in processed tons and a slightly higher gold content.
Eldorado Gold maintains its 2025 annual gold production guidance of 460,000 to 500,000 ounces and, based on first-half results, expects to be near the midpoint of that range. The company’s revenue for the half-year stood at 807 million dollars and net income reached 210.4 million dollars.
Regarding the Canadian multinational’s results, Burns emphasized that “the second quarter results reflect our strong operating performance. Disciplined capital and cost management, combined with sustained high gold prices, led to free cash flow of 61.5 million from our operating portfolio.”
He added, “given the current gold environment, the strength of our global operations, continued progress at Skouries, and supported by our strong balance sheet, we have repurchased and cancelled approximately 44.6 million of shares in the second quarter, following the amendment and increase to our NCIB in May.”
