Eldorado Gold – Transformational Growth in Greece in 2026
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NEWS RELEASE
TSX: ELD NYSE: EGO January 20, 2026
Eldorado Gold – Transformational Growth in Greece in 2026
(All amounts expressed in U.S. dollars unless otherwise noted)
VANCOUVER, BC - Eldorado Gold Corporation (TSX:ELD) (NYSE:EGO) (“Eldorado” or “the
Company”) is pleased to provide an update on its high -quality growth projects in Greece, which are
expected to deliver transformational value for the Company in 2026 and beyond. Greece remains key to
Eldorado’s strategy, with three projects , Skouries, Olympias Expansion, and Perama Hill , advancing as
planned, positioning the Company for significant production growth, improved margins, and enhanced cash
flow.
Highlights
• Skouries Project Advancing Towards First Concentrate Production
o First concentrate production is expected towards the end of Q1 2026 and commercial
production expected in mid-year.
o Overall progress has reached 90% when including the first phase of construction, and 78%
for phase 2 of construction as of December 31, 2025.
o Mechanical completion for all six tailings filters has been achieved.
o Open pit mining is progressing ahead of schedule, with significant ore stockpiles being
established for plant start-up.
o Underground mining successfully completed the first of two test stopes, with ore stockpiled
on surface.
o Processing and maintenance teams are fully staffed and actively engaged in training and
pre-commissioning activities.
o Commercial terms for concentrate off-take agreed to with leading trading firms, with strong
copper market fundamentals supporting favourable terms.
• Olympias Expansion Underway
o Construction progress continues with ea rthworks advancing, i nfrastructure upgrade s
underway and all mill expansion equipment on site.
o Construction completion is expected in Q3 2026, with ramp-up expected in Q4 2026.
o New concentrate contracts executed for 2026 feature substantially improved payability and
treatment terms compared to 2025, providing a significant uplift to cash flow. These
improved terms reflect strong market conditions and Eldorado’s strategic marketing efforts.
• Perama Hill Advancing Toward Development
o The Environmental Impact Assessment (EIA) was submitted in December 2025.
o Community engagement is underway to ensure transparent dialogue and incorporate
stakeholder feedback. Two consultation processes are expected to commence over the
coming months, one led by the Greek State and one by Eldorado.
o A high-quality project team has been established based in Thrace (Alexandroupolis) , and
G Mining Services Inc., have been engaged to complete an updated feasibility study.
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“Our dedicated team at Skouries delivered an exceptional year,” said George Burns, Chief Executive
Officer. “With the mill and crushing circuits mechanically complete, underground development and open pit
mining ahead of schedule, and the filtered tailings plant nearing completion , the team is working to keep
momentum and safely deliver the first concentrate production towards the end of Q1 2026. While the filtered
tailings plant and tails handling remains on the critical path , t he key remaining risk is completing the
electrical and instrumentat ion work across the site . However, we have g ood visibility o n the required
personnel to meet our first concentrate target. Skouries is a cornerstone asset for Eldorado, one that is
expected to generate meaningful gold and copper production and strong cash flow for decades while
providing lasting economic benefits to Greece.
Beyond Skouries, we are equally excited about progress at Olympias, where the mill expansion to 650,000
tonnes per annum from 500,000 tonnes per annum is advancing toward completion later this year. This is
expected to unlock significant value through higher throughput, while improved concentrate terms will also
support stronger cash flow. Furthermore, 2026 is s haping up to be an exciting year for the Olympias
exploration team, with multiple high-value targets identified near our existing operation.
At Perama Hill, the submission of an EIA and ongoing community consultation mark s an important step
toward the development of this high-grade, low-cost project. Together, these projects, as well as promising
regional exploration, underscore Greece’s transformational impact on Eldorado’s future, positioning us for
sustainable growth and delivering enhanced shareholder value. Our focus continues to be commissioning
at Skouries and executing a disciplined, safe ramp-up while maintaining momentum across our entire Greek
portfolio.”
Skouries – Advancing Towards First Concentrate Production
The Skouries Project, part of the Kassandra Mines complex, is located within the Halkidiki Peninsula of
Northern Greece and is a copper-gold porphyry project. In January 2022, Eldorado published the results of
the Skouries Project Feasibility Study with a 20 -year mine life and expected average annual production of
140,000 ounces of gold and 67 million pounds of copper or approximately 240,000 gold equivalent ounces1.
First production of copper -gold concentrate is expected towards the end of Q1 2026 , and commercial
production expected in mid-2026. Production and cost guidance will be provided as part of the Company’s
overall guidance, expected to be released on February 19, 2026.
Concentrate Off-Take Agreements
Commercial terms for concentrate off -take have been agreed to with contract execution expected in the
coming weeks. Concentrate off-take agreements will cover approximately 80% of the copper concentrate
for a 2 to 3 year term depending on the agreement and with the market for clean copper concentrate tight
we expect to achieve significantly better economic terms than those assumed in the 2022 feasibility study
assumptions.
Capital Estimate
In Q1 2025, the capital cost estimate was revised to $1.06 billion and the project remains fully funded. The
Commercial Loan Facility and the RRF Facility totalling €680.4 million ($798.9 million) are fully drawn.
• As we report Skouries capital costs in US dollars, the persistent strength of the Euro through
the end of 2025 has led to an unfavorable foreign exchange impact, estimated to be
approximately $43 million (through to commercial production). The impact to our cash balances
has been materially mitigated through foreign exchange gains of approximately $20 million on
Euro cash holdings through the end of 2025.
Project capital totalled approximately $ 137 million2 in Q4 2025 and approximately $ 475 million2 for 2025,
slightly higher than the revised guidance range of $440 to $470 million as we continued to accelerate work
across several non -critical path areas while proactively advancing site -wide de -risking initiatives. At
December 31, 2025, cumulative project capital invest ed towards phase 2 of construction totalled $ 980
million2.
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In Q1 2025, an additional $154 million was allocated for accelerated operational capital to complete
additional pre-commercial underground and open-pit mining and accelerate the purchase of higher capacity
mobile mining equipment (originally expected to be purchased post commercial production as part of the
contract mining fleet).
Accelerated operational capital costs are expected to increase through to commercial production by
approximately $24 million to support:
• Further accelerated underground development : Development rates are exceeding plan with
multiple headings opened. We expect to continue accelerating development rates through 2026 to
de-risk underground production and facilitate a faster ramp up of the underground in 2027. This will
also allow us to increase the number of test stopes planned for 2026 from two to four , resulting in
an addition of approximately 145,800 tons in 2026.
• Increase stope widths from 15 metres to 20 metres, resulting in an addition of approximately 24,300
tons per stope thereby increasing productivity and lowering costs.
Accelerated operational capital was approximately $35 million2 in Q4 2025 and approximately $86 million2
for 2025, in line with the guidance range of $80 to $100 million. As of December 30, 2025, cumulative
accelerated operational capital totalled approximately $93 million2.
Construction Activities
As at December 31, 2025, overall project progress was 90% when including the first phase of construction
and 78% complete for phase 2 of construction.
Primary Crusher
Progress continues on the construction of the crusher building structure with the concrete now complete.
The primary crusher is mechanically complete and set in position, with work continuing on finalizing the
electrical installations. Conveyors from the primary crusher through the coarse ore stockpile to the process
plant have been installed and belt installations commenced in January 2026.
The stockpile dome foundation is complete, and assembly of the dome structure is progressing. Two of the
three reclaim feeders and associated chute work have been installed , with pre-assembly underway on the
remaining reclaim feeder. Installation of the prefabricated electrical distribution room is scheduled for late
January 2026.
Process Plant
Work in the process plant remains focused on mechanical installations, piping, cable tray and cabl ing in
preparation for first ore. High and medium voltage electrical distribution from multiple substations within the
process plant network are advancing, and the control building structure is complete with electrical work
underway across all areas.
The lime plant, flotation blowers and compressors buildings are mechanically complete. The prefabricated
electrical distribution room for the compressors has been installed, with cable and terminations progressing.
Reagent areas are advancing well through various stages of mechanical, piping and electrical installations.
Thickeners
Two of the three tailings thickeners required for initial start -up are mechanically complete , with electrical
cabling and instrumentation installation underway . The third tailings thickener is not required for start -up
and is progressing in line with its planned start-up following first concentrate production.
Water testing has been completed, and piping installations have advanced as the pipe rack installations
are completed. Work is advancing on the associated infrastructure, including the pumphouse building piping
and electrical work and tank installations in the flocculant building. Electrical installations in the thickeners ’
secondary substation building are in progress, with cable and terminations planned for late January 2026.
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Filtered Tailings Plant
Work continues to progress on the filtered tailings plant, which remains on the critical path. The filtered
tailings building structural steel installation is substantially complete, with cladding of the building planned
to commence by the end of January 2026.
Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors
completed. Pipe and cable tray installation progressed as planned. The compressor building steel structure
is complete, and all six compressors and air receivers are mechanically complete.
The filter plant tank farm construction has progressed with three tanks complete and the remaining two
tanks assembled and water -tested, with internal coating work now underway. The c larifier water tank
construction has progressed to plan.
The prefabricated electrical distribution room has been installed, with cable tray and electrical installation
advancing.
Work continues on tailings handling infrastructure including a horizontal and downslope stacking conveyor
system. This area brings some added complexity, but the team is actively managing it.
Powerline
The powerline, main and secondary substations are advancing to support start -up in Q1 2026 . Designs
have been approved by the relevant authorities and procurement activities are substantially complete.
While these milestones reflect strong advancement, the schedule has been modestly compressed due to
resource availability.
Commissioning Activities
Pre-commissioning of the concentrate filter presses has been completed, along with all water testing in the
flotation cells and tanks. Pre-commissioning of the pebble crusher is complete, including first fills and
completion of construction punch list s. The pebble crusher area has been energized , and hot
commissioning of the conveying and process control systems has been completed. Pre-commissioning of
the fire, utility, and process water systems has started. Piping and cable installations continued to ramp up
during the quarter, with a focus on flotation, grinding, tails fi ltration, and primary crushing. Commissioning
of these areas is expected to commence as sub systems are completed by the construction team.
Integrated Extractive Waste Management Facility
Construction of the Karatzas Lakkos (KL) embankment progressed steadily, with continued advancement
of underdrain installation, commencement of the engineered fill raise of the dam, and preparatory works for
the next phase of cut-off trench construction.
Work is underway to prepare a dedicated area for the initial placement of tailings, which is expected to
simplify the ramp-up process.
Construction of the low-grade ore (LGO) stockpile embankment continued, with the lower section advancing
beyond the milestone elevation of 340 RL.
Enhancements were made to the construction of the Water Management System, notably the completion
of the coffer dam and the implementation of a piling program to ensure the structural integrity of the KT2
diversion channel. The Water Management System performed well during recent rainfall events, protecting
construction activities within the KL and LGO areas and ens uring that both contact and non -contact water
diversion systems operated as planned.
The intermediate water treatment plant (IWTP) mechanical installations are well underway, while water
treatment plant (WTP) foundation works commenced as planned.
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Accelerated Operations and Readiness
Open Pit Mining
The open pit mine successfully continued to ramp up during Q4 2025 with four crews operating ahead of
plan in building ore stockpiles for the process plant start-up. At the end of Q4 2025, there was approximately
1.2 million tonnes of open pit and underground ore on stockpiles3, containing approximately 47.3 thousand
ounces of gold and 12.5 million pounds of copper. Grade control drilling covering 95% of the Phase 1 open
pit has been completed and confirmed the first three years of production.
Underground Development
Underground access development rates continued to accelerate . A total of 1,155 metres of underground
development was completed in Q4 2025. During 2025, underground development totalled 3,092 metres,
which was approximately 900 metres more development than budgeted during the year.
The test stope program delivered high quality results during the quarter. The first of two test stopes was
completely mined out and the second test stope mining will be completed in February. Each test stope
mined to date is expected to provide approximately 72kt of ore, with dimensions of 60 metres in height and
an area of 30 by 15 metr es. Ore fragmentation has exceeded expectations, and stope cavity monitoring
and extraction has met our expectations. This success has increased our confidence in the planned trial of
four larger test stopes in 2026, each designed at approximately 97kt per stope with dimensions of 60 metres
in height and an area of 30 by 20 metres per stope.
Semi-autonomous ore loading and open stope drilling, with operators on surface (no operator on the
equipment), was successfully used during the mining of these two test stopes. This technology enables a
single operator to control several pieces of equipment simultaneously, increasing safety, drill accuracy and
productivity, reducing idle time between shifts and during blast clearance, and decreasing associated costs.
Processing
Additional testing of tailings filter cloths is underway for the infill drilling program and from bulk samples
from the open pit ore already mined and stockpiled. An initial inventory strategy has been established to
ensure operational resilience and continuity of supply of filter cloths. This strategy includes maintaining six
complete cloth sets sourced from three different vendors.
Engineering and technical optimization efforts continued for the start -up tailings placement area, and
operational readiness activities for tailings stacking.
Workforce
As at December 31, 2025, there were approximately 2,350 personnel working on site, including 415
Skouries employees of which 397 were Skouries operational personnel.
Skouries Multimedia
• A progress update video can be found here: https://www.youtube.com/watch?v=0pMl17xABOY
• Photos of the construction progress at Skouries can be viewed and downloaded via this link:
https://eldoradogold.getbynder.com/web/6efc281ed22e50b/q4-2025-skouries-project-progress/
Olympias Expansion – Driving Operational and Financial Benefits
Expansion Project
Olympias is a long-life polymetallic operation in northern Greece with excellent prospectivity supported by
recent drill results . Since restarting operations and achieving commercial production on December 31,
2017, the mine has advanced the expansion project, which remains firmly on track to increase processing
capacity to 650,000 tonnes per annum from 500,000 per annum . C onstruction is progressing toward
completion in Q3 2026 and ramp -up is expected in Q4 2026. The expansion focuses on enhanced grind,
flotation and filtration capability which is expected to improve metallurgical performance across all metals.
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This brownfield expansion is expected to deliver higher throughput and improved recoveries, positioning
Olympias as a key pillar in Eldorado’s portfolio. Key infrastructure upgrades, including earthworks and site
facilities, are advancing as planned, supported by detailed engineering and permitting already in place.
Enhanced Commercial Terms and Cash Flow Impact
In addition to operational improvements, Olympias is expected to benefit from substantially improved
concentrate off-take terms beginning in 2026. These new agreements feature higher payability, lower
treatment charges and elimination of the VAT compared to 2025, providing a material improvement to cash
flow and reinforcing the strategic importance of this asset. Combined with Skouries, Olympias is expected
to play a critical role in transforming Eldorado’s production profile and cost structure, delivering sustainable
value for shareholders and long-term economic benefits for Greece.
Perama Hill – Advancing Toward Development
Perama Hill is expected to deliver annual production of approximately 100,000 ounces of gold over an
estimated initial eight-year mine life, providing strong returns and long-term economic benefits for Greece.
This high-grade, low-cost gold-silver project is located in northeastern Greece, and represents a significant
growth opportunity for Eldorado and the Thrace region, with strong prospectivity and potential to extend the
mine life beyond its initial estimate . The Environmental Impact Assessment (EIA) was submitted in
December 2025. This milestone underscores Eldorado’s commitment to advancing the project responsibly
and in alignment with regulatory requirements.
Community Engagement and Next Steps
Two parallel community consultation processes are expected to commence in the coming months: one led
by the Greek State and another by Eldorado, ensuring transparent dialogue and stakeholder participation.
Pending EIA approval, anticipated in H2 2026, construction could commence as early as 2027.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in
Türkiye, Canada and Greece. The Company has a highly skilled and dedicated workforce, safe and
responsible operations, a portfolio of high -quality assets, an d long -term partnerships with local
communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New
York Stock Exchange (NYSE: EGO).
Contact
Investor Relations
Lynette Gould, VP, Investor Relations, Communications & External Affairs
647 271 2827 or 1 888 353 8166
Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166
1 Gold equivalent ounces (GEO): Calculated by converting copper pounds produced into a gold equivalent
using budgeted commodity prices for the relevant period: 2026–2027: $4,000/oz gold and $5.00/lb copper;
2029 and beyond: $3,000/oz gold and $4.50/lb copper.
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2 These figures are preliminary in nature.
3 Skouries: Stockpiled Ore
Skouries: Stockpiled Ore
Tonnes
(x1000)
Au
(g/t)
Cu
(%)
Contained Au
(koz)
Contained Cu
(Mlbs)
As of Sep. 30, 2025 349 1.00 0.4 11 3
As of Dec. 30, 2025 1,200 1.20 0.47 47.3 12.6
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward -looking
statements or information within the meaning of the United States Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities laws. Of ten, these forward -looking statements and forward -
looking information can be identified by the use of words such as “anticipates”, “believes”, “budget”,
“continue”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “projected” or “schedu led” or
the negatives thereof or variations of such words and phrases or statements that certain actions, events or
results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to,
statements or information with respect to: management’s belief that its projects in Greece will deliver
transformational value; and generally future strategic focus in Greece; with respect to the Skouries Project:
timing of first concentrate production and commercial production, expected length of production and
economic benefits of the project to Greece, expected mine life and average annual production , expected
gold and copper (gold equivalent) production in 2026 ; expected benefits and terms of new concentrate
contracts, overall project capital estimate, expected additional accelerated operational capital, anticipated
Euro to USD FX impact, specific construction, commissioning and processing activities and the timeline
associated with each, mineral resource and mineral re serve estimates associated with stockpiled ore,
timing to complete the second test stope mining and a planned trial of four larger test sto pes in 2026,
expected expanded stope widths and the impact of grade control drilling; with respect to Olympias:
management’s believe in the prospectivity of the project, timing of commissioning and ramp -up of the
expansion, expected impacts of new concent rate contract terms, expected benefits of the brownfield
expansion and expected exploration activities including management’s views thereon; with respect to
Perama Hill: expectations to continue development and the Company’s beliefs of the benefits of this project,
expected timing of EIA approval and contingent timing of construction, expected mine life and annual
production, plans to update a feasibility study, management’s belief that mine life could be extended and
the prospectivity of the project; expec ted timing of the Company’s guidance release; and generally, our
strategy, plans, goals and priorities.
Forward-looking statements and forward-looking information by their nature are based on assumptions and
involve known and unknown risks, market uncertainties and other factors, which may cause the actual
results, performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements or information.
Forward-looking statements and forward -looking information are by their nature based on a number of
assumptions, that management considers reasonable. However, such assumptions involve both known
and unknown risks, uncertainties, and other factors which, i f proven to be inaccurate, may cause actual
results, activities, performance or achievements may be materially different from those described in the
forward-looking statements or information. These include assumptions concerning: timing, cost and results
of our construction and development activities, improvements and exploration; the future price of gold ,
copper and other commodities; exchange rates; anticipated values, costs, expenses and working capital
requirements; production and metallurgical recoveries; mineral reserves and resources; our ability to unlock
the potential of our brownfield property portfolio; our ability to address the negative impacts of climate
change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the
cost of, and extent to which we use, essential consumables (including fuel, explosives, cement, and
cyanide); the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated
overhauls of equipment; expe cted by -product grades; the use, and impact or effectiveness, of growth
capital; the impact of acquisitions, dispositions, suspensions or delays on our business; the sustaining
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capital required for various projects; and the geopolitical, economic, permitting and legal climate that we
operate in.
More specifically, with respect to the Skouries Project and updates, we have made additional assumptions
regarding: our ability and our contractors’ ability to recruit and retain labour resources within the required
timeline; labour productivity, rates, an d expected hours; inflation rates; the expected scope of project
management frameworks; our ability to continue executing our plans relating to the Skouries Project on the
estimated existing project timeline and consistent with the current planned project scope; the timeliness of
shipping for important or critical items; our ability to continue accessing our project funding and remain in
compliance with all covenants and contractual commitments related thereto; our ability to obtain and
maintain all require d approvals and permits, both overall and in a timely manner; the absence of further
previously unidentified archaeological discoveries which would delay construction of various portions of the
project; the future price of gold, copper, and other commoditi es; and the broader community engagement
and social climate in respect of the Skouries Project.
In addition, except where otherwise stated, Eldorado has assumed a continuation of existing business
operations on substantially the same basis as exists at the time of this news release. Even though we
believe that the assumptions and expectations repres ented by such statements or information are
reasonable, there can be no assurance that the forward -looking statement or information will prove to be
accurate. Many assumptions may be difficult to predict and are beyond our control.
Forward-looking statements and forward -looking information are subject to known and unknown risks,
uncertainties and other important factors that may cause actual results, activities, performance or
achievements to be materially different from those descri bed in the forward -looking statements or
information. These risks, uncertainties and other factors include, among others: development risks at
Skouries and other development projects; risks relating to our operations in foreign jurisdictions; risks
related to production and processing; our ability to secure supplies of power and water at a reasonable
cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our
reliance on infrastructure, commodities and consuma bles; inflation risk; community relations and social
license; environmental matters; geotechnical and hydrogeological conditions or failures; waste disposal;
mineral tenure; permits; non -governmental organizations; reputational issues; climate change; chan ge of
control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; regulatory
reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks
relating to any pandemic, epidemic, e ndemic, or similar public health threats; regulated substances;
acquisitions, including integration risks; dispositions; co -ownership of our properties; investment portfolio;
volatility, volume fluctuations, and dilution risk in respect of our shares; comp etition; reliance on a limited
number of smelters and off-takers; information and operational technology systems; liquidity and financing
risks; indebtedness (including current and future operating restrictions, implications of a change of control,
ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit
ratings); total cash costs per ounce and AISC (particularly in relation to the market price of gold and the
Company’s profitability); currency risk; interest rate risk; credit risk; tax matters; financial reporting (including
relating to the carrying value of our assets and changes in reporting standards); the global economic
environment; labour (including in relation to employee/union relations, the Greek transformation, employee
misconduct, key personnel, skilled workforce, expatriates, and contractors); commodity price risk; default
on obligations; current and future operating restrictions; reclamation and long -term obligations; credit
ratings; change in reporting standards; the unavailability of insurance; Sarbanes -Oxley Act, applicable
securities laws, and stock exchange rules; risks relating to environmental, sustainability, and governance
practices and performance; corruption, bribery, and sanctions; employee misconduct; litigation and
contracts; conflicts of interest; compliance with privacy legislation; dividends; tariffs and other trade barriers;
and those risk factors discussed in our most recent Annual Information Form & Form 40 -F. The reader is
directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form
40-F filed on SEDAR+ and EDGAR under our Company name, which discussion is incorporated by
reference in this news release, for a fuller understanding of the risks and uncertainties that affect our
business and operations.
With respect to the Skouries Project, these risks, uncertainties and other factors may cause further delays
in the completion of the construction and commissioning at the Skouries Project which in turn may cause
delays in the commencement of production, and further increase to the costs of the Skouries Project. The
specific risks, certainties and other factors include, among others: increase the costs of the Skouries