Eldorado Gold - Transformational Growth in Greece in 2026

On January 20, 2026, Eldorado Gold provided a comprehensive update regarding its flagship Skouries project in Greece and preliminary 2025 production results. * Skouries Progress: The project is 90% complete overall (Phase 1 & 2 combined) and 78% complete specifically for Phase 2 construction. The mill and crushing circuits are mechanically complete. * Critical Path: The filtered tailings plant remains on the critical path but is nearing completion. The primary remaining risk identified by management is the completion of electrical and instrumentation work. * Timeline Confirmed: First concentrate production is targeted for the end of Q1 2026 (March 2026). * 2025 Production Beat: The company produced 488,268 ounces of gold in 2025, exceeding the upper end of its tightened guidance range (470,000 – 480,000 ounces). This was driven by solid performance across the portfolio, particularly at Lamaque (187k oz) and Kisladag (169k oz). * Board Appointment: Dr. Sally Eyre has been appointed to the Board of Directors.

This news is Material - Positive. It confirms the investment thesis that has driven the stock price up nearly 200% over the last year. * De-risking the Flagship: The mechanical completion of the mill and crushing circuits at Skouries removes significant technical risk. While electrical/instrumentation risks remain, the 90% completion figure signals that the heavy capital expenditure phase is ending, and the transition to cash flow generation is imminent. * Operational Reliability: Hitting the upper end of 2025 production guidance demonstrates operational stability at existing assets (Lamaque, Kisladag), which provides the necessary cash flow bridge to complete Skouries without further equity dilution. * Valuation Support: The stock is trading at all-time highs. This news justifies the recent multiple expansion by confirming that the transformative growth from Skouries is on schedule. Any delay announced at this stage would have been catastrophic for the share price; the confirmation of the Q1 2026 target is a vital defense of the current valuation.

• Company: Eldorado Gold is a mid-tier gold and copper producer with assets in Canada, Turkey, and Greece.
• Flagship Project (Skouries): A high-grade gold-copper porphyry deposit in Greece. It is currently in the final stages of construction (90% complete).
  • Significance: Skouries transforms Eldorado into a significant copper producer, lowers the consolidated cost profile due to byproduct credits, and significantly extends the company's average mine life.
  • Timeline: First production Q1 2026, Commercial Production mid-2026.
• Operating Assets:
  • Lamaque (Canada): Underground gold mine, consistent performer.
  • Kisladag (Turkey): Large low-grade open pit heap leach.
  • Efemcukuru (Turkey): High-grade underground vein system.
  • Olympias (Greece): Carbonate replacement style producing gold, silver, lead, zinc.