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The discussion surrounding the utilization of Thrace’s mineral wealth has been in the spotlight, with the project to exploit the gold and silver deposits in Perama, Evros, at the center of attention. The Environmental Impact Assessment for the project is now in the evaluation phase, opening a new cycle of dialogue between the company, the local community, and institutional stakeholders.

Within this context, the General Manager of Thracean Mining, Leonidas Bakouras, speaks to Capital.gr about the planning of the project in Perama, the modern technologies envisaged for environmental protection, the importance of scientific evidence in public dialogue, as well as the conditions under which the necessary social consensus can be built for the implementation of an investment of this scale.

Interview by Haris Floudopoulos.

Mr. Bakouras, the discussion about the “gold mines” in Thrace has been going on for almost 30 years. Recently, we saw once again a group of people expressing their opposition, saying that they prioritize “human lives over profits.” How do you respond to this?

L. Bakouras: First of all, I would like to say that the narrative about “gold mines” is no longer valid, neither in essence nor symbolically. I fully understand and respect the concerns of a portion of the people in Thrace; however, we must first clarify the following: the term “gold mines,” which has acquired a negative connotation over the years, does not correspond at all to our planning. What we are designing is a mining–metallurgical project in Perama, Evros, aimed at the utilization of gold and silver deposits using modern methods.

Essentially, what we are doing is aligning ourselves with the developmental needs and the prospects of the wider Thrace region. In other words, we are bringing a development proposal to the area, and I believe it should not be treated with disregard.

From 1999 until today, science and technology have made tremendous advances and have brought about significant changes in the mining process, always with a focus on greater safety for both the environment and human beings.

These new developments—which we have incorporated into the design of the mining project in Perama and included in the Environmental Impact Assessment that we submitted to the competent ministry—are what we want to serve as the basis for the dialogue we are conducting primarily with the people of the local community in Thrace, but also with all the scientific, social, and productive stakeholders involved.

The strongest argument from those who oppose the project concerns environmental degradation. They speak of depletion of water resources, toxic chemicals, and open tailings ponds that will pollute the aquifer. What does your planning actually provide for?

L. Bakouras: I understand the concern for the environment; however, modern mining activity places environmental protection as the highest priority at every stage, from planning and operation to restoration. That is precisely why we want all our data to be examined publicly and scientifically. At the same time, I am pleased that the people of Thrace are environmentally aware, as this allows us to speak on common ground. For Thracean Mining and its parent company, Eldorado Gold, environmental protection is a matter of utmost importance, and therefore we have made very strict provisions in the Environmental Impact Assessment.

First, there are no longer tailings ponds. We are implementing the world-leading technology of Dry Stacking, that is, the dewatering of residues from the mining process. This method significantly reduces the environmental footprint of the project, maximizes safety and stability even under extreme conditions, and enables progressive restoration from the very beginning of operations, while dramatically reducing water use.

Second, the water used in the production process is recycled, fully protecting the region’s water resources. In addition, this water mainly comes from collection rather than from the aquifer, while for backup purposes there is also a separate drilling well for the needs of the project. In fact, the water from this well is unsuitable for drinking and irrigation.

Third, we are installing a state-of-the-art Environmental Monitoring System which, through hundreds of sensors, monitors a wide range of indicators on a 24-hour basis. There will be measurements for water, soil, and air quality, dust levels, as well as noise levels, and all this data will be posted in real time on a database that will be accessible and understandable to everyone.

This system, moreover, is already being applied with great success at the Kassandra Mines and was developed by Hellas Gold and Eldorado, serving as a model at both the national and European level.

Fourth, the site will be restored progressively alongside the progress of mining operations. Regarding the restoration process, the strict legislative framework fully guarantees its orderly implementation.

However, strong criticism is also heard that the company is trying to “buy” social consent through CSR initiatives in hospitals, universities, associations, and infrastructure. Is this a tool of pressure?

L. Bakouras: Social contribution cannot and should not be criminalized, and for us it constitutes an act of responsibility.

Thracean Mining is not simply an investor that arrived, carried out a project, and will eventually leave. We are a cell of this society. Returning value to the region that hosts us is a strategic choice and a moral obligation for us, not a form of transaction.

L. Bakouras: We design and implement initiatives in specific areas such as Education, Health, Safety, the Environment, and Infrastructure, aiming to improve the quality of life for all of us and the overall prosperity of the region. Obviously, we do not claim that we solve all the local problems; however, we demonstrate in practice our willingness as a company to be part of the solutions.

The opposing side also raises the issue of jobs, arguing that hiring local residents aims to create an “army” that will support the company in case of social tension…

L. Bakouras: In any value system we may refer to, work holds an important place. We respect every opinion, but we deeply believe in the value of employment. Our goal is to give young people in Thrace the opportunity to remain in their region and build their future with security.

Within this framework, we offer jobs based on specific criteria and transparent procedures, meeting the company’s needs as they evolve over time. Through this process, we give dozens of people (of various specialties and levels of training—engineers, environmental scientists, mining engineers, technicians, field workers, and others) the opportunity to have employment in a modern environment with prospects for development and stability. In this way, we enable people who love their region to stay there and build their future with greater security.

The Prime Minister himself has stated that “for the investment to proceed, the consent of the local community is required.” How do you respond to this, and what is your next step in order to gain this trust?

L. Bakouras: We absolutely agree, as the “social license” is just as important to us as the environmental one. That is precisely why we seek and implement complete transparency in every action and communication we undertake. For the past year and a half, all our actions—as well as our planning—have been publicly known. We have participated in major conferences, we have spoken publicly, and we have explained the steps we are taking toward completing our planning.

Everyone now knows that we have prepared the Environmental Impact Assessment and submitted it to the competent Ministry. It is also widely known that this study is a serious scientific work for which we collaborated with the largest universities in Greece. We did not establish individual collaborations with academics; instead, we officially addressed the institutional project implementation bodies of each university.

From this point onward, we are entering a new phase. Consultation is not a process of approval but a process of building trust.

L. Bakouras: Within the framework of this dialogue, we are submitting the Environmental Impact Assessment for evaluation and we seek to listen carefully to the scientifically substantiated arguments of those who express reservations or disagreements regarding our planning. We emphasize the importance of a scientific approach, as we believe that dialogue should take place within a common, evidence-based framework. From our side, we have set the scientific bar high.

At the same time, however, we address everyone and not only those with scientific expertise; therefore, we are planning a variety of information initiatives. Among these is the operation of so-called Info Centers in Alexandroupoli, Komotini, and Sapes, where every citizen will be able to easily and quickly receive information about the Perama mining project, about modern mining activity, and about the developments surrounding it—presented in simple and understandable language for everyone.

There is often a perception that in extractive activities, mineral wealth is simply exported abroad as raw material and that the country loses the real added value. What exactly does your own production process foresee?

L. Bakouras: This is an extremely critical parameter that completely changes the data of our project and one that citizens should be aware of. At Thracean Mining, we will not simply export raw ore. Our planning provides for the full vertical integration of production within the country, with the production of a gold and silver alloy (the so-called doré metal) in our state-of-the-art facilities. In practical terms, this means that all the high added value of metallurgical processing remains in Thrace and in the national economy. This translates into more and more specialized jobs for our scientists, higher tax revenues for the state and municipalities, and the transformation of Thrace into a modern center for the production of a final product, rather than merely a site of mining activity.

In closing, Mr. Bakouras, the history of the “gold mines” in Thrace now spans three decades. How much longer do you think it will continue?

L. Bakouras: We all know that the region of Thrace needs support from investment initiatives and proposals that will stimulate its economy and its prospects. Our proposal has all these characteristics, and we are bringing it to the table for dialogue.

I know very well that the people who worked on the preparation of the Environmental Impact Assessment did so with consistency, method, and dedication to science and legislation. What remains now is to share our planning with the local community, explain our proposal in detail, and discuss thoroughly any concerns that may exist.

For these discussions, there are specific institutional procedures. We hope that they will begin soon and that we will ultimately succeed in making the people of Thrace active participants in our investment proposal.

With a vision to help build a sustainable and resilient economy in Northern Greece, Leonidas Bakouras, General Manager of Thracean Mining,  subsidiary of Eldorado Gold, took part in the 9th Thessaloniki Development Conference, organized by the Hellenic Institute for Research and Development (ELINEKA). Among the conference’s keynote speakers were Deputy Minister of Transport Konstantinos Kyranakis, Deputy Minister of Development Stavros Kalafatis, Deputy Minister of Labour Anna Efthymiou, Regional Governor of Central Macedonia Athina Aidona, and Thessaloniki Mayor Stelios Angeloudis.

In his address, Mr. Bakouras outlined the significant benefits of the planned mining investment in Perama, Thrace, valued at more than $430 million. He emphasized that the project is designed in line with the strictest international environmental standards and modern mining best practices, while addressing the region’s real economic needs. The investment is expected to help stabilize local population decline, tackle unemployment, and strengthen Thrace’s limited industrial base.

He stressed that the project is being planned under a framework of clear rules, strong institutional and social oversight, and full respect for the environment. It is also expected to enhance the region’s geopolitical importance by positioning Thrace as a European hub for critical raw materials.

Mr. Bakouras described the public consultation of the Environmental Impact Assessment (EIA) as a top priority, ensuring that institutions and citizens have the time and access to reliable scientific information needed to form an informed view. “Trust is built on facts, and transparency for us is non-negotiable,” he said.

Referring to the EIA — prepared primarily by leading Greek universities — Mr. Bakouras concluded: “We want the study to be carefully reviewed, evaluated, and openly discussed on the basis of scientific evidence.”

This year, the challenges and opportunities facing Thrace were the focus of an event organized by the Paremvasi Think Tank in Thessaloniki. The honorary guest, New Democracy MP for Rodopi Evripidis Stylianidis, addressed the region’s development outlook, emphasizing the need for comprehensive policies that promote social cohesion and sustainable growth.

The discussion highlighted Thrace’s strategic role as an external border of the EU, a gateway to the Balkans, and a key hub for geopolitical stability, energy corridors, and economic connectivity in Southeastern Europe.

In this context, Leonidas Bakouras, General Manager of Thracean Mining, noted that the planned mining project in Perama, Evros, strengthens the region’s development prospects, describing it as a comprehensive proposal for the wider area.

The Perama project has been designed in line with the latest developments in the mining sector, incorporating international safety and environmental protection standards, and is expected to further strengthen Greece’s position among Europe’s mineral-producing countries.

At the same time, Mr. Bakouras explained that the investment plan will make a significant contribution to both the national economy and Thrace’s local economies, while creating high-quality, long-term jobs that the region urgently needs. Like the rest of the country, Thrace is facing Greece’s demographic challenge, and investments such as the one planned by Eldorado Gold (through its subsidiary Thracean Mining) can form part of the solution.

In closing, Mr. Bakouras stressed that Eldorado Gold is one of the largest foreign direct investors in Greece. He also pointed to the successful example of the Kassandra Mines in Halkidiki, where commercial operations at the state-of-the-art Skouries mine are expected to begin in the coming months.

Eldorado Gold’s executive leadership team led by President Christian Milau, conducted a two-day visit to Thrace on January 19–20, 2026. The visit was preceded by a meeting in Thessaloniki with the Deputy Minister for Macedonia and Thrace, Mr. Konstantinos Gioulekas.

The delegation also included Paul Ferneyhough, Executive Vice President & Chief Financial Officer; Frank Herbert, Executive Vice President, General Counsel & Chief Compliance Officer; Christos Balaskas, Vice President Commercial Growth & External Relations; and Natalie Kedikoglou, General Counsel & Company Secretary – Legal.

Sapes – First stop at the new facilities of Thrace Minerals

The first stop of the visit was the renovated Thrace Minerals’ facilities in Sapes.  In addition to laboratories and sample storage areas, the site includes a conference space and a geological exploration center.

During the visit, the team reviewed progress achieved in 2025, a year marked by strong organizational development for the Thrace-based companies and of strong focus on delivering the targets set by the shareholder. The first key milestone achieved was the completion and submission of the Environmental Impact Assessment (EIA) for the Perama project, while significant progress was also made during the same year in strengthening the organizational structure of the two Thrace-based companies.

Looking ahead to 2026, Mr. Leonidas Bakouras, General Manager, Thracean Mining, highlighted that the main objectives include supporting the Perama Project Environmental Impact Assessment throughout the public consultation process, securing approval from the competent ministry, completing the organizational structuring of the companies, and conducting geotechnical and geophysical studies in the Sapes and Perama areas.

The members of Eldorado Gold’s executive leadership team expressed their appreciation to the employees for their contribution to the companies’ progress, as well as their optimism that 2026 will be a successful year. It was further emphasized that, given that the Skouries project at the Kassandra Mines is moving toward the commencement of commercial operations in the coming months, focus is now shifting to the Perama project and the advancement of geological exploration in Sapes.

Perama & Alexandroupolis – Second day of the visit

The second day of the delegation’s visit began in Perama, at the facilities of Thracean Mining operating near the area where the mine is planned.

Delegation members were briefed on on-site activities, including ongoing geotechnical and geophysical surveys. They also visited the community centers currently under development in Perama and Komaros and reviewed samples collected since 2025 as part of the drilling program being carried out in Perama.

The visit concluded with a working meeting at Thracean Mining headquarters in Alexandroupolis, where the Thrace team delivered an in-depth presentation on the company’s progress from 2024 to date and discussed the 2026 targets in detail.

These visits represent important steps in further strengthening Eldorado Gold’s ties with its subsidiary companies in Thrace while supporting alignment on the shared vision and investment planning for the period ahead.

The General Director of Thrace Mines, Leonidas Bakouras, met with the President of the Hellenic Federation of Enterprises (SEV), Loukia Saranti, in Thessaloniki on

Their discussion focused on the growth outlook and development potential of Northern Greece. In this context, Eldorado Gold’s contribution to strengthening this outlook was highlighted, through the implementation of a high-standard investment plan in Halkidiki via its subsidiary, Hellas Gold.

It was also underlined that Eldorado Gold can further support Thrace’s development momentum and economy through the implementation of the mining project in Perama, Evros, which is the responsibility of its subsidiary, Thrace Mines. For this project, the Environmental Impact Assessment has been completed and submitted to the competent ministry, and the process now awaits public consultation and the ministry’s final decision.

During the meeting, both parties acknowledged the need to attract investments to Northern Greece and emphasized that Eldorado Gold is one of the country’s largest foreign direct investors, with the ability to contribute meaningfully to strengthening local communities and the national economy, increasing employment, and shaping a stable, investment-friendly profile for the wider region.

(All amounts expressed in U.S. dollars unless otherwise noted) 

VANCOUVER, BC – Eldorado Gold Corporation (TSX:ELD) (NYSE:EGO) (“Eldorado” or “the Company”) is pleased to provide an update on its high-quality growth projects in Greece, which are expected to deliver transformational value for the Company in 2026 and beyond. Greece remains key to Eldorado’s strategy, with three projects, Skouries, Olympias Expansion, and Perama Hill, advancing as planned, positioning the Company for significant production growth, improved margins, and enhanced cash flow.

Highlights 

• Skouries Project Advancing Towards First Concentrate Production
  • First concentrate production is expected towards the end of Q1 2026 and commercial production expected in mid-year.
  • Overall progress has reached 90% when including the first phase of construction, and 78% for phase 2 of construction as of December 31, 2025.
  • Mechanical completion for all six tailings filters has been achieved.
  • Open pit mining is progressing ahead of schedule, with significant ore stockpiles being established for plant start-up.
  • Underground mining successfully completed the first of two test stopes, with ore stockpiled on surface.
  • Processing and maintenance teams are fully staffed and actively engaged in training and pre-commissioning activities.
  • Commercial terms for concentrate off-take agreed to with leading trading firms, with strong copper market fundamentals supporting favourable terms.

• Olympias Expansion Underway
  • Construction progress continues with earthworks advancing, infrastructure upgrades underway and all mill expansion equipment on site.
  • Construction completion is expected in Q3 2026, with ramp-up expected in Q4 2026.
  • New concentrate contracts executed for 2026 feature substantially improved payability and treatment terms compared to 2025, providing a significant uplift to cash flow. These improved terms reflect strong market conditions and Eldorado’s strategic marketing efforts.
• Perama Hill Advancing Toward Development
  • The Environmental Impact Assessment (EIA) was submitted in December 2025.
  • Community engagement is underway to ensure transparent dialogue and incorporate stakeholder feedback. Two consultation processes are expected to commence over the coming months, one led by the Greek State and one by Eldorado.
  • A high-quality project team has been established based in Thrace (Alexandroupolis), and G Mining Services Inc., have been engaged to complete an updated feasibility study.

“Our dedicated team at Skouries delivered an exceptional year,” said George Burns, Chief Executive Officer. “With the mill and crushing circuits mechanically complete, underground development and open pit 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. While the filtered tailings plant and tails handling remains on the critical path, the key remaining risk is completing the electrical and instrumentation work across the site. However, we have good visibility on the required personnel to meet our first concentrate target.  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.

Beyond Skouries, we are equally excited about progress at Olympias, where the mill expansion to 650,000 tonnes per annum from 500,000 tonnes per annum is advancing toward completion later this year. This is expected to unlock significant value through higher throughput, while improved concentrate terms will also support stronger cash flow. Furthermore, 2026 is shaping up to be an exciting year for the Olympias exploration team, with multiple high-value targets identified near our existing operation.

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. Together, these projects, as well as promising regional exploration, underscore Greece’s transformational impact on Eldorado’s future, positioning us for sustainable growth and delivering enhanced shareholder value. Our focus continues to be commissioning at Skouries and executing a disciplined, safe ramp-up while maintaining momentum across our entire Greek portfolio.”

 Skouries – Advancing Towards First Concentrate Production

The Skouries Project, part of the Kassandra Mines complex, is located within the Halkidiki Peninsula of Northern Greece and is a copper-gold porphyry project. In January 2022, Eldorado published the results of the Skouries Project Feasibility Study with a 20-year mine life and expected average annual production of 140,000 ounces of gold and 67 million pounds of copper or approximately 240,000 gold equivalent ounces¹.

First production of copper-gold concentrate is expected towards the end of Q1 2026, and commercial production expected in mid-2026. Production and cost guidance will be provided as part of the Company’s overall guidance, expected to be released on February 19, 2026.

Concentrate Off-Take Agreements

Commercial terms for concentrate off-take have been agreed to with contract execution expected in the coming weeks. Concentrate off-take agreements will cover approximately 80% of the copper concentrate for a 2 to 3 year term depending on the agreement and with the market for clean copper concentrate tight we expect to achieve significantly better economic terms than those assumed in the 2022 feasibility study assumptions.

Capital Estimate

In Q1 2025, the capital cost estimate was revised to $1.06 billion and the project remains fully funded. The Commercial Loan Facility and the RRF Facility totalling €680.4 million ($798.9 million) are fully drawn.

• As we report Skouries capital costs in US dollars, the persistent strength of the Euro through the end of 2025 has led to an unfavorable foreign exchange impact, estimated to be approximately $43 million (through to commercial production). The impact to our cash balances has been materially mitigated through foreign exchange gains of approximately $20 million on Euro cash holdings through the end of 2025.

Project capital totalled approximately $137 million² in Q4 2025 and approximately $475 million² for 2025, slightly higher than the revised guidance range of $440 to $470 million as we continued to accelerate work across several non-critical path areas while proactively advancing site-wide de-risking initiatives. At December 31, 2025, cumulative project capital invested towards phase 2 of construction totalled $980 million².

In Q1 2025, an additional $154 million was allocated for accelerated operational capital to complete additional pre-commercial underground and open-pit mining and accelerate the purchase of higher capacity mobile mining equipment (originally expected to be purchased post commercial production as part of the contract mining fleet).

Accelerated operational capital costs are expected to increase through to commercial production by approximately $24 million to support:

Further accelerated underground development: Development rates are exceeding plan with multiple headings opened. We expect to continue accelerating development rates through 2026 to de-risk underground production and facilitate a faster ramp up of the underground in 2027. This will also allow us to increase the number of test stopes planned for 2026 from two to four, resulting in an addition of approximately 145,800 tons in 2026.

• Increase stope widths from 15 metres to 20 metres, resulting in an addition of approximately 24,300 tons per stope thereby increasing productivity and lowering costs.

Accelerated operational capital was approximately $35 million² in Q4 2025 and approximately $86 million² for 2025, in line with the guidance range of $80 to $100 million. As of December 30, 2025, cumulative accelerated operational capital totalled approximately $93 million².

Construction Activities

As at December 31, 2025, overall project progress was 90% when including the first phase of construction and 78% complete for phase 2 of construction.

Primary Crusher

Progress continues on the construction of the crusher building structure with the concrete now complete. The primary crusher is mechanically complete and set in position, with work continuing on finalizing the electrical installations.  Conveyors from the primary crusher through the coarse ore stockpile to the process plant have been installed and belt installations commenced in January 2026.

The stockpile dome foundation is complete, and assembly of the dome structure is progressing. Two of the three reclaim feeders and associated chute work have been installed, with pre-assembly underway on the remaining reclaim feeder. Installation of the prefabricated electrical distribution room is scheduled for late January 2026.

Process Plant

Work in the process plant remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore. High and medium voltage electrical distribution from multiple substations within the process plant network are advancing, and the control building structure is complete with electrical work underway across all areas.

The lime plant, flotation blowers and compressors buildings are mechanically complete. The prefabricated electrical distribution room for the compressors has been installed, with cable and terminations progressing.  Reagent areas are advancing well through various stages of mechanical, piping and electrical installations.

Thickeners

Two of the three tailings thickeners required for initial start-up are mechanically complete, with electrical cabling and instrumentation installation underway. The third tailings thickener is not required for start-up and is progressing in line with its planned start-up following first concentrate production.

Water testing has been completed, and piping installations have advanced as the pipe rack installations are completed. Work is advancing on the associated infrastructure, including the pumphouse building piping and electrical work and tank installations in the flocculant building. Electrical installations in the thickeners’ secondary substation building are in progress, with cable and terminations planned for late January 2026.

Filtered Tailings Plant

Work continues to progress on the filtered tailings plant, which remains on the critical path. The filtered tailings building structural steel installation is substantially complete, with cladding of the building planned to commence by the end of January 2026.

Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors completed.  Pipe and cable tray installation progressed as planned. The compressor building steel structure is complete, and all six compressors and air receivers are mechanically complete.

The filter plant tank farm construction has progressed with three tanks complete and the remaining two tanks assembled and water-tested, with internal coating work now underway. The clarifier water tank construction has progressed to plan.

The prefabricated electrical distribution room has been installed, with cable tray and electrical installation advancing.

Work continues on tailings handling infrastructure including a horizontal and downslope stacking conveyor system. This area brings some added complexity, but the team is actively managing it.

Powerline

The powerline, main and secondary substations are advancing to support start-up in Q1 2026. Designs have been approved by the relevant authorities and procurement activities are substantially complete.  While these milestones reflect strong advancement, the schedule has been modestly compressed due to resource availability.

Commissioning Activities

Pre-commissioning of the concentrate filter presses has been completed, along with all water testing in the flotation cells and tanks. Pre-commissioning of the pebble crusher is complete, including first fills and completion of construction punch lists. The pebble crusher area has been energized, and hot commissioning of the conveying and process control systems has been completed.  Pre-commissioning of the fire, utility, and process water systems has started.  Piping and cable installations continued to ramp up during the quarter, with a focus on flotation, grinding, tails filtration, and primary crushing.  Commissioning of these areas is expected to commence as sub systems are completed by the construction team.

Integrated Extractive Waste Management Facility

Construction of the Karatzas Lakkos (KL) embankment progressed steadily, with continued advancement of underdrain installation, commencement of the engineered fill raise of the dam, and preparatory works for the next phase of cut-off trench construction.

Work is underway to prepare a dedicated area for the initial placement of tailings, which is expected to simplify the ramp-up process.

Construction of the low-grade ore (LGO) stockpile embankment continued, with the lower section advancing beyond the milestone elevation of 340 RL.

Enhancements were made to the construction of the Water Management System, notably the completion of the coffer dam and the implementation of a piling program to ensure the structural integrity of the KT2 diversion channel. The Water Management System performed well during recent rainfall events, protecting construction activities within the KL and LGO areas and ensuring that both contact and non-contact water diversion systems operated as planned.

The intermediate water treatment plant (IWTP) mechanical installations are well underway, while water treatment plant (WTP) foundation works commenced as planned.

Accelerated Operations and Readiness

Open Pit Mining

The open pit mine successfully continued to ramp up during Q4 2025 with four crews operating ahead of plan in building ore stockpiles for the process plant start-up. At the end of Q4 2025, there was approximately 1.2 million tonnes of open pit and underground ore on stockpiles³, containing approximately 47.3 thousand ounces of gold and 12.5 million pounds of copper. Grade control drilling covering 95% of the Phase 1 open pit has been completed and confirmed the first three years of production.

 Underground Development

Underground access development rates continued to accelerate. A total of 1,155 metres of underground development was completed in Q4 2025. During 2025, underground development totalled 3,092 metres, which was approximately 900 metres more development than budgeted during the year.

The test stope program delivered high quality results during the quarter. The first of two test stopes was completely mined out and the second test stope mining will be completed in February.  Each test stope mined to date is expected to provide approximately 72kt of ore, with dimensions of 60 metres in height and an area of 30 by 15 metres. Ore fragmentation has exceeded expectations, and stope cavity monitoring and extraction has met our expectations. This success has increased our confidence in the planned trial of four larger test stopes in 2026, each designed at approximately 97kt per stope with dimensions of 60 metres in height and an area of 30 by 20 metres per stope.

Semi-autonomous ore loading and open stope drilling, with operators on surface (no operator on the equipment), was successfully used during the mining of these two test stopes. This technology enables a single operator to control several pieces of equipment simultaneously, increasing safety, drill accuracy and productivity, reducing idle time between shifts and during blast clearance, and decreasing associated costs.

Processing

Additional testing of tailings filter cloths is underway for the infill drilling program and from bulk samples from the open pit ore already mined and stockpiled. An initial inventory strategy has been established to ensure operational resilience and continuity of supply of filter cloths. This strategy includes maintaining six complete cloth sets sourced from three different vendors.

Engineering and technical optimization efforts continued for the start-up tailings placement area, and operational readiness activities for tailings stacking.

Workforce

As at December 31, 2025, there were approximately 2,350 personnel working on site, including 415 Skouries employees of which 397 were Skouries operational personnel.

Skouries Multimedia

• A progress update video can be found here: https://www.youtube.com/watch?v=0pMl17xABOY
• Photos of the construction progress at Skouries can be viewed and downloaded via this link:
  https://eldoradogold.getbynder.com/web/6efc281ed22e50b/q4-2025-skouries-project-progress/

Olympias Expansion – Driving Operational and Financial Benefits

Expansion Project

Olympias is a long-life polymetallic operation in northern Greece with excellent prospectivity supported by recent drill results. Since restarting operations and achieving commercial production on December 31, 2017, the mine has advanced the expansion project, which remains firmly on track to increase processing capacity to 650,000 tonnes per annum from 500,000 per annum. Construction is progressing toward completion in Q3 2026 and ramp-up is expected in Q4 2026. The expansion focuses on enhanced grind, flotation and filtration capability which is expected to improve metallurgical performance across all metals.

This brownfield expansion is expected to deliver higher throughput and improved recoveries, positioning Olympias as a key pillar in Eldorado’s portfolio. Key infrastructure upgrades, including earthworks and site facilities, are advancing as planned, supported by detailed engineering and permitting already in place.

Enhanced Commercial Terms and Cash Flow Impact

In addition to operational improvements, Olympias is expected to benefit from substantially improved concentrate off-take terms beginning in 2026. These new agreements feature higher payability, lower treatment charges and elimination of the VAT compared to 2025, providing a material improvement to cash flow and reinforcing the strategic importance of this asset. Combined with Skouries, Olympias is expected to play a critical role in transforming Eldorado’s production profile and cost structure, delivering sustainable value for shareholders and long-term economic benefits for Greece.

Perama Hill – Advancing Toward Development

Perama Hill is expected to deliver annual production of approximately 100,000 ounces of gold over an estimated initial eight-year mine life, providing strong returns and long-term economic benefits for Greece. This high-grade, low-cost gold-silver project is located in northeastern Greece, and represents a significant growth opportunity for Eldorado and the Thrace region, with strong prospectivity and potential to extend the mine life beyond its initial estimate. The Environmental Impact Assessment (EIA) was submitted in December 2025. This milestone underscores Eldorado’s commitment to advancing the project responsibly and in alignment with regulatory requirements.

Community Engagement and Next Steps

Two parallel community consultation processes are expected to commence in the coming months: one led by the Greek State and another by Eldorado, ensuring transparent dialogue and stakeholder participation. Pending EIA approval, anticipated in H2 2026, construction could commence as early as 2027.

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Türkiye, Canada and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

The participation of the General Director of Thracean Mining, Leonidas Bakouras, in the GREEN DEAL 2025 conference

The utilization of Greece’s mineral wealth can provide the country with strong development prospects — one of the key conclusions that emerged from the GREEN DEAL conference, organized by the Technical Chamber of Greece (TEE). The president of TEE, George Stasinos, stated that “the Green Deal and the new digital economy are now transforming together into a new reality, aiming for Resilience.”

Representing Eldorado Gold, Mr. Leonidas Bakouras, General Director of Thracean Mining, participated in the conference panel on “Energy and Mineral Resources.” During his remarks, Mr. Bakouras announced that this coming December, the Environmental Impact Assessment for the Perama mining and metallurgical project will be submitted to the Ministry of Environment and Energy. The EIA is being prepared in collaboration with leading Greek universities, and the project’s design aligns with international Best Available Practices.

Mr. Bakouras further emphasized the need for direct engagement with local communities and the importance of ensuring that they benefit from mining projects so that the positive impact becomes immediately visible. The policy of open, direct, and transparent dialogue with local communities is a cornerstone for Eldorado Gold — the parent company of “Hellas Gold,” which operates the Kassandra Mines in Halkidiki, as well as Thracean Mining.

Eldorado Gold is one of Greece’s largest foreign direct investors. As Mr. Bakouras noted, the Kassandra Mines currently employ over 3,500 people — a number expected to increase significantly in the coming years, along with the overall developmental footprint of the investment in the wider region, as confirmed by a related study from the Foundation for Economic and Industrial Research (IOBE).

At the same time, both at the Kassandra Mines and the Perama project, an innovative environmental monitoring program will be implemented, featuring hundreds of sensors and advanced methods that demonstrate the modernization of mining operations — now fully aligned with the broader goal of achieving a “Green Transition.”

All details of the Perama project design will be thoroughly discussed during the Public Consultation process, which will begin following the submission of the Environmental Impact Assessment to the Ministry of Environment and Energy. The goal is for local communities to actively participate in the planning through inclusive and productive dialogue, as the Perama project represents a significant investment opportunity for the broader Thrace region. In the same context, informational meetings will also be held with local scientific institutions, while accessibility to all project-related information will be enhanced through specially designed Info Points currently under preparation.

Furthermore, the Perama mining–metallurgical project, through its Social Investment Program, strengthens the local social fabric by supporting initiatives, organizations, and infrastructure within the wider community.

The GREEN DEAL 2025 conference was held this year for the fifth consecutive time, and during its proceedings, government officials made it clear that the responsible and modern utilization of Greece’s mineral resources remains a national priority.

Thracean Mining announces the start of its partnership with the Educational Organization Eduact in the framework of the VION Skills program, which will be implemented in Alexandroupoli and Komotini, bringing technology, innovation, and exploratory learning closer to the new generation.

As part of this collaboration, two new modern learning spaces have already begun operating in Komotini and Alexandroupoli. There, children, teenagers, and university students will have the opportunity to engage directly with educational technology, robotics, and innovation — to develop STEM skills, while also cultivating creativity, teamwork, and practical problem-solving abilities.

The program includes:

• Information and inspiration sessions for local university student groups using LEGO® Education and programming software
• Workshops for students of different ages
• Activities for skill development and community engagement

The program is free for children, teenagers, and students in the area, aiming to serve as a hub of innovation and inspiration for Thrace.

Thracean Mining extends its warmest thanks to Geologist Dimitra Nikolaidou for her long-standing and valuable contribution to the company’s course and work.

With professionalism, consistency, and scientific expertise, she made a substantial contribution to the development of important activities and was an exceptionally valued member of the team throughout all these years.

We wholeheartedly wish her every success in her next professional and personal steps, along with good health and continued success in the future path of her career.