Eldorado Gold Announces Completion of Skouries Mine Energization

Eldorado Gold Corporation announced that the Skouries mine in northern Greece has been energized, marking the completion of the permanent connection to the Greek national power grid. The connection was finalized following inspection, testing, and approval by the Greek transmission authority.

The company described the event as the second leg of a two-part milestone sequence, following the announcement of copper-gold concentrate production on September 8, 2026. Management stated that the connection provides the long-term power infrastructure required for the operation.

Guidance remains unchanged and re-stated. Commercial production is still expected in Q4 2026, with life-of-mine average production remaining at 140,000 oz gold and 67 million lbs copper annually. Simon Hille serves as the Qualified Person.

The release did not provide an update on Skouries capital costs, with the last public figure standing at approximately $1.315 billion to commercial production. There was no commentary on whether energization accelerates the ramp-up schedule, nor were there updates on throughput, grade, or recovery data. The release also omitted a retirement timeline for the interim gensets and provided no update on the McIlvenna Bay project, whose Q3 2026 commercial-production target expires at quarter-end. There was no change to 2026 production or AISC guidance.

Eldorado Gold Corporation (ELD) has formally completed the grid connection for its Skouries operation and received sign-off from Greek authorities, a milestone that had not been previously reported. The company’s September 8 release had indicated the connection was expected in September 2026, subject to final inspections, testing, and metering equipment installation.

This development represents delivery against a schedule the company had already communicated to the market, including a stated contingency for a September slip discussed during the Q2 earnings call. Consequently, guidance, life-of-mine averages, capital estimates, and cost expectations remain untouched. The completion removes an operational dependency on temporary 36 MW genset power in favor of approximately 50 MW of grid power, as noted in the Q2 transcript, and lowers the risk of a commissioning stall. However, the release does not disclose any measurable changes to production, costs, or capital expenditures.

Market reaction to the news was muted. Following the prior earnings release on July 30, 2026, when the stock closed at C$45.89, shares rallied to a peak of C$66.54 by August 27, representing a 45% increase, before easing to C$59.34. This level remained 29% above the pre-print close. The announcement of the first concentrate on September 8 resulted in a modest session gain of 1.6%, moving the price from C$60.51 to C$61.49, followed by a slide to C$55.95 by September 15. The market appears to have already priced in a successful Skouries start-up.

Eldorado Gold Corporation (TSX: ELD; NYSE: EGO), headquartered in Vancouver with a regional office in Amsterdam, is a producer of gold, copper, and base metals with operations in Canada, Türkiye, and Greece. The company’s producing and ramping assets include the Lamaque Complex in Val-d'Or, Québec, which produces orogenic gold processed at the Sigma mill with 2026 guidance of 185–200k oz Au and an AISC of $1,160–$1,360/oz; Kisladag in Uşak, Türkiye, an open-pit porphyry heap leach operation targeting 105–130k oz Au with an AISC of $2,100–$2,350/oz; Efemcukuru in Izmir, Türkiye, an underground epithermal mine guiding 70–80k oz Au with an AISC of $2,010–$2,210/oz; and Olympias in Halkidiki, Greece, a carbonate replacement deposit producing Au, Ag, Pb, and Zn with guidance of 70–80k oz Au and an AISC of $1,370–$1,570/oz. Additionally, McIlvenna Bay in Saskatchewan, a VMS Cu/Zn/Au/Ag project, is in ramp-up with commercial production targeted for Q3 2026, while Skouries in Halkidiki, Greece, a Cu-Au porphyry, is in commissioning with commercial production targeted for Q4 2026.

Development and exploration activities include Perama Hill in Thrace, Greece, an epithermal Au-Ag project with an EIA submitted as the next mine after Skouries; the Tesla Zone in Saskatchewan, a VMS project with a maiden resource expected in Q4 2026; and the Stratoni Skarn in Greece. The company also holds 100% ownership of Ormaque, Triangle, Sigma, Bonnefond, Lamaque South, Bourlamaque, Piavitsa, and Sapes. Following the acquisition of Foran, the portfolio composition is approximately 77% gold, 15% copper, 4% silver, and 4% other metals, shifting the company from a pure-play gold producer to a gold-copper entity whose share price will increasingly correlate with copper prices and concentrate payability.

For 2026, Eldorado Gold Corporation has raised its consolidated gold production guidance to 495–600k oz, an increase from 490–590k oz solely to reflect McIlvenna Bay's addition, while ex-growth operations remain guided at 430–490k oz. The company also guides 25–50 Mlb of copper. The three-year outlook targets 620–720k oz Au in 2027 and 640–740k oz in 2028, compared to 488,268 oz in 2025, representing approximately 40% growth, contingent on two projects that are barely out of commissioning. With a book value per share of US$26.32 as of June 30, 2026, against an approximate US$43 equivalent share price, the stock trades at roughly 1.6x book.