Eldorado Gold: Favorable copper and gold market conditions drive a surge in the value of Skouries production

Strong marketplace conditions for copper-gold concentrates, which are expected to persist done 2026, are reinforcing management’s assurance astatine Eldorado Gold that it will unafraid importantly improved commercialized terms compared to those assumed successful the '22 feasibility study for ore accumulation astatine Skouries.

This was highlighted, among different points, by CEO George Burns successful the discourse of the company’s Q1 2026 fiscal results. Burns, who is acceptable to discontinue and manus implicit enactment successful Q3 2026 during the ramp-up signifier toward commercialized accumulation astatine Skouries, noted that “commercial terms for ore offtake stay agreed, with last negotiations for acquisition agreements presently underway.”

Timeline

He besides confirmed the task timeline, with archetypal ore accumulation expected successful Q3 2026 and commercialized accumulation of high-grade copper-gold successful Q4 2026 astatine Skouries, stating that “construction activities continued to beforehand during the 4th and stay connected track.”

At the aforesaid time, helium referred to an summation successful the project’s total superior outgo to astir 1.315 cardinal dollars, representing an summation of astir 155 cardinal dollars from the erstwhile estimate. He added that “advancing the task to a harmless accumulation signifier within the existent metallic terms situation remains a cardinal value driver, and this further superior reflects our continued absorption connected maintaining momentum toward archetypal ore production.”

The institution is prepared for commissioning, with ore stockpiles exceeding 2.8 cardinal tonnes, sufficient to screen each planned works accumulation for 2026. Surface and underground mining will proceed passim the remainder of 2026 and will beryllium optimized to maximize currency flow, with lower-grade ore stockpiled for aboriginal years. The total task workforce is expected to stay supra 3,200 employees passim Q2 2026, followed by a planned simplification successful Q3 arsenic operation is completed.

Olympia

At Olympias, according to Eldorado Gold data, accumulation reached 14,319 ounces of golden successful Q1 2026, marking a 21% summation from 11,829 ounces successful Q1 2025. This summation reflects accordant ore blending and processing performance, starring to improved metallic recoveries.

Revenue roseate to 88.5 cardinal dollars successful Q1 2026, compared to 46.5 cardinal successful Q1 2025, chiefly driven by higher golden prices, accrued income volumes, higher grades, and improved betterment rates for golden and basal metals. Gold accumulation is forecast astatine betwixt 60,000 and 100,000 ounces successful 2026, while copper accumulation is expected to scope betwixt 20 and 40 cardinal pounds.

According to the project’s feasibility study, which assumes a 20-year excavation life, mean yearly accumulation implicit the beingness of excavation is expected to scope 140,000 ounces of golden and 67 cardinal pounds of copper, oregon astir 240,000 ounces of golden equivalent. For 2026, Olympias accumulation is projected astatine betwixt 70,000 and 80,000 ounces of gold. Output is expected to summation successful Q2, supported by higher grades from sequential mining.

Guidance maintained

Eldorado Gold has maintained its full-year 2026 accumulation guidance crossed its operations astatine betwixt 490,000 and 590,000 ounces of gold. In Q1 2026, golden accumulation totaled 100,358 ounces, with golden income of 100,619 ounces astatine an mean realized terms of 4,891 dollars per ounce.

As George Burns stated, “first-quarter golden accumulation was successful enactment with our yearly guidance, which is weighted toward the 2nd half, with 100,358 ounces produced.” He added that “continued strength successful golden prices supported solid fiscal results during the quarter, reflecting the stability of our operations and the value of our plus base. During the quarter, we continued to instrumentality superior to shareholders done stock buybacks and paid our archetypal quarterly dividend, underscoring our committedness to sustainable shareholder returns.”

Revenue totaled 532.4 cardinal dollars successful Q1 2026, adjusted EBITDA reached 335.7 million, nett currency flows from operating activities of continuing operations amounted to 141.4 million, currency flows from operating activities earlier changes successful working superior stood astatine 187.1 million, and currency and currency equivalents were 629.7 cardinal dollars arsenic of March 31, 2026. On April 30, 2026, the institution announced a Q2 dividend of 0.075 per communal share, payable connected June 16, 2026.