As Eldorado Gold prepares for a 33% production lift by 2027, a new copper-gold project in Greece and a focus on sustainability, innovation and organic growth are reshaping the company's future.

Setting the stage

In a sector defined by cyclical pressures and shifting expectations, Eldorado Gold is positioning itself for one of the most significant growth phases in its history as it looks to enhance profitability and create long-term value.

At the heart of this trajectory lies Skouries, a copper-gold project in northern Greece expected to begin first production in Q1 2026. Reflecting Eldorado Gold's ambition to focus on operations in stable jurisdictions, Skouries will not only help to lift the company's annual gold production to between 660,000 and 720,000oz by 2027, but also broaden its commodity mix and reinforce its credentials as a responsible miner. The development signals more than just another mine. It represents a transformation in scale, resilience and vision.

Skouries as a game-changer

The significance of Skouries lies not only in its production profile but also in its role as Eldorado's entry into copper, adding meaningful diversification alongside its gold portfolio. With demand for copper growing as an essential component in electrification and decarbonisation, the project positions the company to contribute meaningfully to the European Union's supply of critical minerals. As Eldorado chief executive George Burns put it: "Skouries is a transformational project for Eldorado."

The mine is expected to significantly increase Eldorado's free cash flow in a high gold price environment while diversifying revenues with copper, providing strategic optionality as the mining landscape inevitably evolves.

Sustainability by design

Central to the project's design is a commitment to responsible mining. Skouries will be marked by having one of the world's largest filtered tailings capabilities. This approach affords environmental advantages by reducing the tailings footprint by 40% compared to initial design, removing up to 90% of the water and producing a compact, geotechnically stable mass.

Navigating construction and startup

While the final phase of Skouries construction has now passed the 70% mark as of the end of June 2025, Eldorado faces the ongoing challenge of sourcing sufficient skilled labour in Greece. It has responded by running successful community job fairs and developing long-term training capacity. In addition, virtual and augmented reality are being used at a new training centre to equip the future workforce with the skills required for safe and efficient operations.

These measures are designed not only to mitigate risk ahead of first production in 2026 but also to create lasting socio-economic benefits in the region. By combining recruitment initiatives with workforce diversification, the company aims to ensure that the Skouries project has strong community support as it transitions to operations.

Portfolio synergy and growth

Skouries commands attention, yet other projects across Eldorado's portfolio are also advancing. In Québec, the Ormaque deposit at Lamaque has been added to reserves and is advancing towards becoming the site's second underground mine. In Greece, productivity gains at Olympias are paving the way for an expansion of processing capacity from 500ktpa to 650ktpa by 2027. And in the Turkish operations at Kışladağ and Efemçukuru steady production continues, supported by optimisation efforts.

Operational excellence

Continuous improvement remains a defining feature of the company's strategy. At Kışladağ, targeted initiatives in leach pad performance, material handling and process controls are focused on increasing throughput and recovery rates. Lessons learned at one site are systematically transferred to others, creating a culture of shared learning and technical innovation.

"From exploration to sustainability, our foundation in innovation and dedication to finding a better way to do things drives our work globally," Burns said. This philosophy ensures that projects under construction benefit from the operational insights of existing mines, while innovations developed for new builds are looped back into established operations.

Leadership strengthened

The commissioning of Skouries will expand Eldorado's operating portfolio to five mines, creating new demands on leadership and systems.

At the corporate level, the leadership team has also been strengthened. The appointment of Christian Milau, former chief executive of Equinox Gold, as president adds depth to the team's collective experience in scaling multi-mine producers. This reflects a clear recognition that Eldorado is entering a new phase of growth where operational discipline and strategic agility will be paramount.

Looking beyond 2026

Burns explained that "Eldorado's near-term growth strategy is focused on discovering high-quality ore bodies and developing them into long-life, profitable mines."

The company's track record includes turning its Kışladağ and Efemçukuru discoveries in Türkiye into long-life producing mines that together have yielded more than five million ounces of gold. That same approach now underpins the advancement of Perama Hill in northern Greece, a greenfield gold-silver project with the potential to further strengthen Eldorado's long-term production profile.

Personal connection to Skouries

For Burns, the significance of Skouries is not only corporate but personal. "What inspires me most is the team that is making it possible," he reflected.

And with over 1,700 personnel onsite during construction, he sees the project as a testament to dedication, skill and shared values: an exemplar of how Eldorado's values of integrity, courage, collaboration, agility and drive can move a company forward.

Defining success

Success cannot be measured only in production volumes or financial returns, according to Burns. "We are the most successful when we create enduring value for all stakeholders," he said. "That means safe and inclusive workplaces, contributing to strong local economies and environmental stewardship that extends well beyond the life of a mine."

As Eldorado moves through its next chapter, the challenges to be met are those of sustaining innovation, embedding responsibility across operations and proving that disciplined growth can also deliver long-term benefits to people and landscapes. In that sense, the company's legacy will rest as much on the strength and sustainability of the communities and environments it leaves behind as on the gold and copper it mines.