Vancouver-based Eldorado Gold said on Thursday that its Skouries copper/gold project in northern Greece had reached 70% completion, keeping the company on track to deliver first production in the first quarter of 2026 and commercial production by mid-year.

Located in the Halkidiki Peninsula, Skouries is a cornerstone asset for Eldorado, with a 20-year mine life and projected average output of 140 000 oz/y of gold and 67-million pounds a year of copper.

“At the Skouries project, we continued to make steady progress, supported by a skilled team on site performing at or slightly above our productivity assumptions,” said president and CEO George Burns. “We are focused on matching the skilled workforce to relevant work fronts to support our plan to deliver first production of the copper/gold concentrate in the first quarter of 2026, a key inflection point for the company.”

In February, the company reported project capital cost has been revised to $1.06-billion, an increase of $143-million from previous estimates, reflecting continued labour market tightness in Greece and accelerated procurement of high-capacity mining equipment. An additional $154-million in operational capital will be invested before commercial production.

During the second quarter, Eldorado invested $117-million in project capital at Skouries and $27.1-million in accelerated operational capital. As of June 30, the company had spent $705.7-million in cumulative project capital and $40.5-million in accelerated operational capital toward Phase 2 of construction.

In 2025, Eldorado expects to invest between $400-million and $450-million in project capital, and $80-million to $100-million in pre-production operational capital.

Q2 RESULTS AND GUIDANCE
The company reported gold production of 133 769 oz in the second quarter, supported by strong performance at Kisladag, in Türkiye, and accelerated processing at Lamaque, in Quebec. Gold sales totalled 131 489 oz at an average realised price of $3 270/oz.

Revenue rose to $451.7-million, with net income of $139-million, or $0.68 per share. Adjusted earnings before interest, taxes, depreciation and amortisation came in at $211.8-million, while cash from operating activities reached $158.2-million.

Eldorado is maintaining its 2025 gold production guidance of 460 000 oz to 500 000 oz and expects output to be near the midpoint. However, higher royalty rates in Türkiye, combined with elevated gold prices, are pushing cash costs and all-in sustaining costs (AISC) toward the upper end of the guidance range — $980/oz to $1 080/oz for cash costs and $1 370/oz to $1 470/oz for AISC.

"Disciplined capital and cost management, coupled with sustained strength in gold prices generated free cash flow of $61.5-million from our operating portfolio, excluding capital invested at Skouries,” said Burns.

The company ended the quarter with $1.08-billion in cash and cash equivalents and repurchased $44.6-million worth of shares during the period under its normal course issuer bid.