Eldorado Gold Skouries Milestone: First Ore Crushed, Production Nears

Eldorado Gold Corporation (TSX: ELD, NYSE: EGO) announced a significant milestone at its Skouries copper-gold project in Northern Greece, successfully completing the first ore crushing as part of the facility’s commissioning process. This development represents a critical step towards the completion and operationalization of the long-anticipated project. Eldorado Gold is targeting first production of copper-gold concentrate in the third quarter of 2026, with commercial production slated for the fourth quarter of 2026.

Commissioning activities for the project are advancing rapidly, with wet and dry commissioning progressing across various circuits, including crushing, grinding, flotation, concentrate handling, and tailings. The company is systematically transitioning systems from the construction phase to the combined commissioning and operations teams. Open pit mining continues ahead of schedule, having established a significant ore stockpile of approximately 3.9 million tonnes. This stockpile is expected to support a steady ramp-up of the plant and provide the necessary ore feed throughout 2026. George Burns, President and CEO of Eldorado Gold, stated that crushing the first ore is an important milestone for Skouries. Burns emphasized that full integrated operation of the process plant requires final site energization, and their focus remains on safely and methodically completing the remaining steps as they work toward first concentrate in the third quarter. Full site energization for the project remains contingent on final inspection and sign-off by the relevant Greek power authority. While this process is ongoing, the company has proactively installed additional generators to provide interim power as required, supporting commissioning readiness and ongoing process plant activities.

This positive development is bolstering investor confidence in Eldorado Gold shares, which have been trading near their 52-week highs recently. The commissioning of the Skouries project is expected to significantly enhance Eldorado Gold’s revenue diversification and strengthen its cash flow. The project is projected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually, a transformative addition to the company’s overall production profile.

The Skouries project in Greece is a pivotal component of Eldorado Gold’s global strategy. In addition to its operations in Canada and Türkiye, the company maintains significant mining activities in Greece. Skouries stands out as a long-life, high-grade copper-gold porphyry deposit. The project’s completion could also provide a positive impetus for the Greek economy in terms of employment and investment within the mining sector. The robust global demand for commodities like copper and gold provides a favorable backdrop for the project’s financial success.

Analysts anticipate that the Skouries project will have a transformative impact on Eldorado Gold. While Scotiabank recently revised its fiscal year 2026 earnings per share (EPS) estimate for Eldorado Gold down to C$3.88, this figure remains significantly above the general market consensus of C$2.15 per share. With a consensus rating of “Moderate Buy” and an average price target of C$63.50 across the market, investor expectations for the successful completion of the project remain high. In the coming period, the project’s transition to commercial production and subsequent operational performance data will further clarify the company’s financial outlook.