Midtier gold producer Eldorado Gold has initiated its first dividend programme, citing its strong financial position and growing confidence in the delivery of its major growth projects in Greece, led by the Skouries copper/gold development.

The company on Thursday declared an initial quarterly dividend of $0.075 a share, payable on March 13 to shareholders of record on February 27. 

“This marks an important milestone in delivering value to our shareholders and reflects the company’s strong financial position and confidence in executing our growth strategy,” said CEO George Burns.

“The introduction of a dividend underscores our confidence in Skouries as it transitions into production and begins generating significant cash flow. Together with our share repurchase programme, this dividend demonstrates a disciplined capital framework that balances shareholder returns with reinvestment in high-quality growth opportunities.”

During 2025, Eldorado repurchased and cancelled about $204-million in common shares.

SKOURIES NEARING PRODUCTION
Eldorado’s confidence in launching the dividend programme is underpinned by progress at its flagship Skouries project in northern Greece, which is approaching first concentrate production.

The copper/gold porphyry project, part of the Kassandra Mines complex, is expected to produce first concentrate towards the end of the first quarter of 2026, with commercial production targeted for mid-year.

Overall project progress had reached 90%, including the first construction phase, and 78% for Phase 2 as at December 31, 2025.

Mechanical completion has been achieved for all six tailings filters, while openpit and underground mining activities are advancing ahead of schedule, with significant ore stockpiles established for plant startup.

Processing and maintenance teams are fully staffed and engaged in training and precommissioning activities, while concentrate offtake terms have been agreed with leading trading firms.

“Our dedicated team at Skouries delivered an exceptional year,” Burns said.

“With the mill and crushing circuits mechanically complete, underground development and openpit 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.

“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.”

The project carries a revised capital cost estimate of $1.06-billion and remains fully funded, supported by €680.4-million in commercial and recovery and resilience facility funding.

Cumulative Phase 2 capital investment had reached $980-million by the end of December 2025.

Eldorado also expects to benefit from improved offtake terms, with agreements expected to cover about 80% of concentrate production over two- to three-year periods.

OLYMPIAS EXPANSION PROGRESSING
Alongside Skouries, Eldorado continues to advance the expansion of its Olympias polymetallic mine in northern Greece.

The brownfield project aims to lift processing capacity to 650 000 t/y from 500 000 t/y, with construction scheduled for completion in the third quarter of 2026 and ramp-up in the fourth quarter.

Earthworks and infrastructure upgrades are progressing, with all major mill expansion equipment already on site.

New concentrate contracts executed for 2026 feature improved payability and treatment terms compared with 2025, which the company expects will deliver a significant uplift in cash flow.

“Beyond Skouries, we are equally excited about progress at Olympias, where the mill expansion to 650 000 t/y from 500 000 t/y is advancing toward completion later this year,” Burns said.

“This is expected to unlock significant value through higher throughput, while improved concentrate terms will also support stronger cash flow.”

PERAMA HILL MOVING TOWARD DEVELOPMENT
Eldorado is also progressing the Perama Hill gold/silver project in north-eastern Greece, which is expected to produce about 100 000 oz/y of gold over an initial eight-year mine life.

The environmental-impact assessment (EIA) for the project was submitted in December 2025, and community engagement processes are under way.

Two consultation processes, led separately by the Greek State and Eldorado, are expected to commence in the coming months.

Pending regulatory approval, construction could begin as early as 2027.

“At Perama Hill, the submission of an EIA and ongoing community consultation marks an important step toward the development of this high-grade, low-cost project,” Burns said.

Eldorado said its Greek portfolio was positioned to deliver transformational growth from 2026, with Skouries and Olympias expected to drive higher production, improved margins and stronger cash generation.

Combined with ongoing regional exploration, the company believes Greece will play a central role in reshaping its production profile and cost structure.