Eldorado reaches 94% at Skouries

Eldorado Gold’s Skouries project is now close enough to the finish line that the story has changed. This is no longer mainly about pouring concrete and moving earth. It is about whether a nearly finished mine can be wired, energized, commissioned, and handed over without slipping again. On April 30, Eldorado said Skouries had reached 94% overall completion and kept its 2026 milestones in place — first concentrate in early Q3 and commercial production in Q4. (eldoradogold.com) ### What is Skouries, exactly? Skouries is Eldorado’s big copper-gold development project in northern Greece, part of the Kassandra Mines complex on the Halkidiki Peninsula. It is not a small bolt-on asset. The mine is designed as a long-life operation with both gold and copper output, which is why investors treat it as the company’s next major production engine rather than just another site update. (eldoradogold.com) ### Why does 94% matter so much? Because the last 6% is usually the awkward part. Early construction is visible and linear — dig, build, install. Late-stage construction is messier. Systems have to talk to each other. Power has to be stable. Equipment has to be tested under load. Crews have to clear punch-list items that look minor on paper but can block startup in practice. So 94% sounds like “basically done,” bu(eldoradogold.com)onsequence phase.” That is the gap the market is watching now. (eldoradogold.com) ### What changed this year? The key shift came in February. Eldorado pushed first concentrate production back by about one quarter, from the earlier timeline to early Q3 2026, and added roughly $50 million of delay-related construction capital inside its 2026 Skouries budget. Even with that reset, the company kept comme(eldoradogold.com)of nowhere. (eldoradogold.com) ### Why is “first concentrate” not the same thing as full startup? First concentrate is the first proof that the plant is actually processing ore into a saleable product. But that does not mean the mine is running at steady state. Commercial production comes later, after throughput, recoveries, reliability, and operating(eldoradogold.com)uction is the plant proving it can stay alive at something close to plan. (eldoradogold.com) ### Why does Eldorado care so much? Because Skouries changes the shape of the whole company. Eldorado’s February outlook said the second half of 2026 should mark an inflection into stronger cash generation, with 2027 bringing a new steady-state production profile. The company framed that as roughly 40% gold production growth versus 2025, with copper adding another earnings leg. In other words — Skouries is the growth story. (eldoradogold.com) ### What should people watch next? Not another flashy completion percentage. Watch for power and commissioning milestones, first concentrate on the revised Q3 schedule, and then evidence that ramp-up is clean enough to support a Q4 commercial-production call. If those land on time, the February delay becomes a reset. If they slip, the “94% complete” headline will start to look less reassuring. (eldoradogold.com) ### Bottom line Skouries is now close enough that execution matters more than construction optics. Eldorado has done most of the building. Now it has to prove the mine can start.