Eldorado Gold Announces Tailings Filter Presses Operational at Skouries

Eldorado Gold advances Skouries mine commissioning, with two of six filter presses now operational.

What the company is saying

Eldorado Gold announces that the first two tailings filter presses at the Skouries mine in northern Greece are now operational, describing this as a key commissioning milestone. The company emphasizes that filtered tailings are central to the mine’s design and its Integrated Extractive Waste Management strategy, highlighting environmental and operational benefits. Christian Milau, President and CEO, frames the update as evidence of progress toward commercial production and the implementation of modern mining technologies. The release details that four filter presses are needed for commercial production on sulphide ore, five for nameplate throughput, and a sixth is installed as a spare for operational flexibility. Commissioning of the remaining four presses is targeted for completion in November 2026, with plant throughput expected to increase as more presses come online. The company reiterates its long-term production guidance of 140,000 ounces of gold and 67 million pounds of copper annually over the life of mine. Simon Hille, Executive Vice President and COO, is named as the Qualified Person responsible for the technical content.

What the data suggests

The announcement confirms that two out of six Metso filter presses at Skouries are now operational, a necessary step but still short of the four required for commercial production and five for nameplate throughput. The company provides clear operational targets: commissioning of the remaining four presses is expected by November 2026. No quantitative data is given on current throughput rates or plant performance, so the actual pace of ramp-up is unquantified. The only hard production numbers are forward-looking: an average of 140,000 ounces of gold and 67 million pounds of copper annually over the mine’s life. There is no disclosure of capital costs, cash flow, or earnings impact from this milestone. The technical and operational disclosures are specific, but the absence of financial or near-term operating data means the announcement is primarily a progress update rather than a financial inflection point.

Analysis

The announcement highlights the operational start of two filter presses at Skouries, which is a concrete milestone, but the majority of the release focuses on forward-looking statements: the completion of commissioning (expected November 2026), ramp-up to commercial production, and long-term production targets. No financial metrics (revenue, EBITDA, cash flow) are disclosed, so the true_signal cannot exceed weak_positive. The tone is upbeat, emphasizing the importance of the milestone and future production, but actual measurable progress is limited to the commissioning of two out of six filter presses. The benefits (commercial production, nameplate throughput, and projected gold/copper output) are long-dated, with full commissioning not expected for another two years. The capital intensity is high, as significant infrastructure is being brought online with no immediate earnings impact disclosed. The gap between narrative and evidence is moderate: the company frames the milestone as significant, but the realized progress is partial and the financial impact remains unquantified.

Risk flags

• ●Execution risk remains high as only two of six filter presses are operational, and commercial production cannot begin until at least four are running. Delays in commissioning the remaining units could push back the production timeline and defer cash flow.
• ●The announcement provides no financial data or current throughput figures, making it difficult for investors to assess the immediate impact of this milestone or to gauge whether the project is on budget or schedule.
• ●Forward-looking production targets of 140,000 ounces of gold and 67 million pounds of copper per year are long-term averages and may not reflect near-term ramp-up realities, exposing investors to the risk of slower-than-expected production or operational setbacks.
• ●The operational complexity of a six-press filtration system introduces maintenance and reliability risks, especially as only a single spare unit is available to cover breakdowns or planned maintenance without throughput loss.

Bottom line

Eldorado Gold’s update on Skouries signals progress, but only two of six filter presses are running, meaning commercial production is not yet possible. The company sets clear operational targets, with the remaining four presses expected online by November 2026, but provides no current throughput or financial data. The long-term production guidance of 140,000 ounces of gold and 67 million pounds of copper per year is reiterated, but these are projections rather than realized results. Investors should recognize that the full value from Skouries remains months away, with execution and ramp-up risks still present. The most important takeaway is that this is an incremental step in a multi-stage commissioning process, not a near-term catalyst for earnings or cash flow.

Announcement summary

(TSX:ELD, NYSE:EGO) Eldorado Gold Corporation announced that the first two tailings filter presses at its Skouries mine in northern Greece are now operational, marking a significant milestone toward commercial production. The Skouries tailings filtration facility consists of six Metso filter presses, including five operating units and one installed spare. Four operating filter presses are required to support commercial production on sulphide ore, and five are needed to achieve nameplate throughput. The sixth unit will serve as installed spare capacity, providing operational flexibility and enabling maintenance activities without loss of throughput. Commissioning of the remaining four filter presses is expected to be completed in November 2026. The plant is currently operating continuously and progressively increasing throughput as commissioning advances and the remaining filter presses are brought online. Christian Milau, President and Chief Executive Officer, stated that bringing the filter presses online is an important commissioning milestone and emphasized the role of filtered tailings in Skouries' design and the company's Integrated Extractive Waste Management strategy. Commissioning and ramp-up activities continue across Skouries, focusing on increasing throughput and optimizing plant performance as the operation advances toward commercial production. Skouries is expected to produce on average 140,000 ounces of gold and 67 million pounds of copper annually over the life of mine. Simon Hille, FAusIMM, Executive Vice President, Chief Operating Officer, is the Qualified Person responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release and for verifying the technical data disclosed relating to Skouries. Eldorado Gold is a gold, copper, and base metals producer with mining, development, and exploration operations in Canada, Türkiye, and Greece. The company’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

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