Eldorado Gold Announces Tailings Filter Presses Operational at Skouries

Eldorado Gold Corporation (ELD) issued an operational update regarding the Skouries mine in northern Greece on Oct 26, 2026, after market close. The release confirms that the first two of six Metso tailings filter presses at the facility are now operational. The filtration facility is designed with five operating units and one installed spare.

According to the company, four operating filter presses are required to support commercial production on sulphide ore, while five are needed to achieve nameplate throughput. The sixth unit serves as installed spare capacity to allow for maintenance without loss of throughput. The plant is currently operating continuously and progressively increasing throughput as commissioning advances. Commissioning of the remaining four filter presses is expected to be completed in November 2026.

Filtered tailings remain on the critical path, a status the company previously described in a Jan 20, 2026 release. The update also restates the Skouries life-of-mine average production at 140,000 oz gold and 67 million pounds copper per year.

Christian Milau, President and CEO, provided the statement, marking his first operational milestone comment since succeeding George Burns on Sept 30, 2026. The framing of the update focused on environmental aspects, including Integrated Extractive Waste Management, water recovery, and the use of modern mining technologies.

No commercial production date was provided in this release. The standing guidance remains for commercial production in Q4 2026. First copper-gold concentrate was achieved on Sept 8, 2026, and grid energization was completed on Sept 28, 2026. The scope of this update is limited to Skouries and does not address operations at Kisladag, Lamaque, Efemcukuru, Olympias, or McIlvenna Bay.

Eldorado Gold Corporation (ELD) confirmed that its processing plant is running continuously, providing the first explicit demarcation that four presses are required for commercial production while the remaining four are expected to arrive in November 2026. This timeline creates a tight operational dependency, as the entire remaining filtration capacity must be commissioned within a single month to maintain the schedule for Q4 commercial production.

The company’s 2026 consolidated guidance of 495,000–600,000 oz Au requires second-half production of roughly 290,000–395,000 oz against 204,974 oz in the first half, representing a heavily back-end-loaded year with approximately 68% of output weighted to H2 at the midpoint. Skouries is guided to contribute 60,000–100,000 oz Au and 20–40 Mlb Cu to that total. This release underpins the enabling infrastructure for that guidance figure, though it does not constitute a change to the project's scope, cost, or production disclosures.

Prior comparable milestones, including first ore crushed on July 20, first concentrate on Sept 8, grid energization on Sept 28, and EU CRMA strategic project designation on Oct 9, each moved the stock little. Shares fell roughly 30% from $63.16 on Sept 22 to $44.32 on Oct 23, indicating the market is not currently paying for milestone announcements. Material events would include a commercial production declaration, a guidance change, another capital revision, confirmation of McIlvenna Bay commercial production, or the Q3 print on Oct 29, 2026.

Eldorado Gold Corporation (ELD) is a TSX- and NYSE-listed producer of gold, copper, and base metals with operations in Canada, Greece, and Türkiye. The company maintains a regional office in Amsterdam and holds 100% ownership of all its major assets. Its producing portfolio includes the Lamaque Complex in Val-d'Or, Québec, which comprises the Triangle, Plug #4, Ormaque, Parallel, and Sigma Mill operations; the Kisladag open pit heap leach facility in Uşak, Türkiye; the Efemcukuru underground mine in İzmir, Türkiye; and the Olympias underground Au-Ag-Pb-Zn operation in Halkidiki, Greece, which has been in operation since 2017.

The company is currently ramping up two major assets: Skouries in Halkidiki, Greece, and McIlvenna Bay in east-central Saskatchewan. Skouries is an open pit and underground Cu-Au porphyry project targeting first concentrate production on September 8, 2026, with commercial production aimed for the fourth quarter of 2026 and an estimated mine life of approximately 20 years. McIlvenna Bay, an underground Cu-Zn-Ag-Au VMS deposit, was acquired alongside Foran Mining on April 14, 2026. First copper concentrate is scheduled for June 7, 2026, followed by first zinc production in July 2026, with an estimated mine life of roughly 18 years.

In development and exploration, Eldorado Gold is advancing the Perama Hill project in Thrace, Greece, which is slated as the next mine after Skouries. Additional projects include the Tesla Zone in Saskatchewan, the Stratoni Skarn and Kessandra District in Greece, and the Bourlamaque targets in Québec.

For 2026, Eldorado Gold provided consolidated gold guidance of 495,000–600,000 oz and copper guidance of 25–50 million pounds. Guidance for existing operations alone projects 430,000–490,000 oz of gold at total cash costs of $1,220–$1,420 per ounce and an all-in sustaining cost (AISC) of $1,670–$1,870 per ounce. Site-specific guidance includes: - Lamaque: 185,000–200,000 oz - Kisladag: 105,000–130,000 oz - Efemcukuru: 70,000–80,000 oz - Olympias: 70,000–80,000 oz - Skouries: 60,000–100,000 oz Au plus 20–40 million pounds Cu - McIlvenna Bay: 5,000–10,000 oz Au plus 5–10 million pounds Cu

Looking ahead, the company’s three-year outlook as of February 19, 2026, projects gold production of 620,000–720,000 oz in 2027 and 640,000–740,000 oz in 2028. This represents roughly 40% growth over 2025’s output of 488,268 oz. This outlook is heavily dependent on Skouries and McIlvenna Bay ramping up as planned.

In March 2026, Eldorado Gold entered into a memorandum of understanding (MoU) with G Mining Services. The strategic alliance covers Perama Hill, the Lamaque Sigma Mill expansion, Skouries mill start-up and underground infrastructure, Olympias filtration modernization, and McIlvenna Bay throughput studies. While the MoU serves as a delivery-credibility initiative, it does not guarantee on-budget execution.

Regarding sustainability, Eldorado Gold holds an S&P Global CSA score of 48 out of 100, compared to an industry average of 33. The company achieved MAC-TSM Level AAA certification for tailings management at Lamaque, Kassandra Mines, and Efemcukuru. Its climate target aims for a 30% reduction in greenhouse gas (GHG) emissions versus a 2020 baseline by 2030, with 46% of that reduction already achieved as of December 2025.