Strong market conditions for copper-gold concentrates, which are expected to persist through 2026, are reinforcing management’s confidence at Eldorado Gold that it will secure significantly improved commercial terms compared to those assumed in the 2022 feasibility study for concentrate production at Skouries.
This was highlighted, among other points, by CEO George Burns in the context of the company’s Q1 2026 financial results. Burns, who is set to retire and hand over leadership in Q3 2026 during the ramp-up phase toward commercial production at Skouries, noted that “commercial terms for concentrate offtake remain agreed, with final negotiations for purchase agreements currently underway.”
Timeline
He also confirmed the project timeline, with first concentrate production expected in Q3 2026 and commercial production of high-grade copper-gold in Q4 2026 at Skouries, stating that “construction activities continued to advance during the quarter and remain on track.”
At the same time, he referred to an increase in the project’s total capital cost to approximately 1.315 billion dollars, representing an increase of nearly 155 million dollars from the previous estimate. He added that “advancing the project to a safe production phase within the current metal price environment remains a key value driver, and this additional capital reflects our continued focus on maintaining momentum toward first concentrate production.”
The company is prepared for commissioning, with ore stockpiles exceeding 2.8 million tonnes, sufficient to cover all planned plant production for 2026. Surface and underground mining will continue throughout the remainder of 2026 and will be optimized to maximize cash flow, with lower-grade ore stockpiled for future years. The total project workforce is expected to remain above 3,200 employees throughout Q2 2026, followed by a planned reduction in Q3 as construction is completed.
Olympia
At Olympias, according to Eldorado Gold data, production reached 14,319 ounces of gold in Q1 2026, marking a 21% increase from 11,829 ounces in Q1 2025. This increase reflects consistent ore blending and processing performance, leading to improved metal recoveries.
Revenue rose to 88.5 million dollars in Q1 2026, compared to 46.5 million in Q1 2025, primarily driven by higher gold prices, increased sales volumes, higher grades, and improved recovery rates for gold and base metals. Gold production is forecast at between 60,000 and 100,000 ounces in 2026, while copper production is expected to range between 20 and 40 million pounds.
According to the project’s feasibility study, which assumes a 20-year mine life, average annual production over the life of mine is expected to reach 140,000 ounces of gold and 67 million pounds of copper, or approximately 240,000 ounces of gold equivalent. For 2026, Olympias production is projected at between 70,000 and 80,000 ounces of gold. Output is expected to increase in Q2, supported by higher grades from sequential mining.
Guidance maintained
Eldorado Gold has maintained its full-year 2026 production guidance across its operations at between 490,000 and 590,000 ounces of gold. In Q1 2026, gold production totaled 100,358 ounces, with gold sales of 100,619 ounces at an average realized price of 4,891 dollars per ounce.
As George Burns stated, “first-quarter gold production was in line with our annual guidance, which is weighted toward the second half, with 100,358 ounces produced.” He added that “continued strength in gold prices supported solid financial results during the quarter, reflecting the stability of our operations and the value of our asset base. During the quarter, we continued to return capital to shareholders through share buybacks and paid our first quarterly dividend, underscoring our commitment to sustainable shareholder returns.”
Revenue totaled 532.4 million dollars in Q1 2026, adjusted EBITDA reached 335.7 million, net cash flows from operating activities of continuing operations amounted to 141.4 million, cash flows from operating activities before changes in working capital stood at 187.1 million, and cash and cash equivalents were 629.7 million dollars as of March 31, 2026. On April 30, 2026, the company announced a Q2 dividend of 0.075 per common share, payable on June 16, 2026.
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