Eldorado Gold Corp

Eldorado Gold has produced its first copper-gold concentrate at the Skouries Project in northern Greece, moving the site from construction towards operational status, with commercial production targeted for the fourth quarter of 2026. The initial concentrate was produced during commissioning and ramp-up, following the first ore delivery to the crusher in July 2026. Key process plant components, including crushing, grinding, flotation, and tailings thickening circuits, have been successfully commissioned, and the ore stockpile holds over 4.6 million tonnes above reserve grade, supporting more than seven months of processing. CEO George Burns called it a defining moment, noting that Skouries, together with McIlvenna Bay in Saskatchewan, is expected to transform Eldorado into a larger, more diversified producer. Temporary power is supporting early operations while grid connection, expected in September 2026, awaits Greek transmission authority inspections. Over the mine's life, Skouries is forecast to yield an average of 140,000 ounces of gold and 67 million pounds of copper annually.

Canada is celebrating the progress of the McIlvenna Bay copper-zinc mine in Saskatchewan, which has achieved first concentrate and is ramping up toward commercial production. The mine, developed by Eldorado Gold in partnership with Indigenous groups, produced its first copper concentrate in June, followed by zinc and pyrite concentrates in July, and is expected to reach commercial production in the third quarter of 2026. The project has also connected to SaskPower's grid via a new 85-kilometre transmission line, and Eldorado Gold is exploring an expansion of processing capacity from 4,900 to approximately 7,000 tonnes per day, along with adding a silver-lead circuit. The federal government referred the project to the Major Projects Office in September 2025, and it has received significant funding, including up to $20 million from Natural Resources Canada, $41 million from Innovation, Science and Economic Development Canada, and approximately $156 million from the Canada Growth Fund. In 2026, the mine is expected to produce between five and 10 million pounds of copper, 3,000 and 6,000 tonnes of zinc, 5,000 and 10,000 ounces of gold, and 100,000 and 200,000 ounces of silver, with a mine life of at least 18 years. The project currently employs about 380 full-time workers, with approximately 34 percent being Indigenous, and is expected to create hundreds of jobs in Saskatchewan and Quebec.

Canadian stocks edged higher on Wednesday, with the benchmark S&P/TSX Composite Index settling at 36,146.42, up 344.83 points or 0.96%, after reaching a new intraday high of 36,443.29. The gains were supported by a surge in the materials sector, which rose 5.63%, as gold prices climbed after U.S. President Donald Trump indicated a U.S.-Iran agreement could happen soon, easing concerns over near-term U.S. interest rate hikes. Six of the 11 sectors posted gains, with IT up 2.48% and Consumer Discretionary up 1.31%, while the energy sector fell 3.03% as crude oil prices declined sharply on reduced risk premium. Among individual stocks, Shopify Inc surged 16.47% after reporting second-quarter 2026 revenue of $3.58 billion and earnings per share of $0.42, both exceeding analyst estimates, while Eldorado Gold Corporation rose 12.83% and Agnico Eagle Mines Limited gained 9.64%. On the losing side, Tamarack Valley Energy Ltd dropped 6.30% and Strathcona Resources Ltd fell 5.67%.

The S&P/TSX Composite Index rose to a new record high on Wednesday, climbing 367.80 points or 1.03% to 36,169.39 after touching an intraday peak of 36,443.29. The advance was driven by strong gains in materials, technology, and consumer discretionary sectors, while energy, industrials, and consumer staples stocks limited the upside. Shopify shares surged 17% after the company reported second-quarter net income of $1,502 million, up from $906 million a year earlier, and forecast third-quarter revenue growth at a low-thirties percentage rate. The Materials Capped Index jumped nearly 6%, with Eldorado Gold soaring 12% and several gold and silver miners posting gains of 8% to 9.5%. Other notable movers included RB Global, which soared 14% on a net income rise to $132 million, and iA Financial Corporation, which gained 3.3% after net income attributable to common shareholders increased 20% to C$384 million.

Eldorado Gold Corporation has received Toronto Stock Exchange approval to renew its normal course issuer bid, allowing the company to repurchase up to 13,065,993 common shares, representing 5% of its 261,319,863 outstanding shares as of July 27, 2026. The buyback program will run from August 5, 2026 through July 31, 2027, with purchases made on the TSX, NYSE, and alternative trading systems at prevailing market prices. Under the prior NCIB that began August 6, 2025 and ends July 31, 2026, Eldorado bought back 7,739,880 shares at a volume-weighted average price of C$43.56 per share. Daily TSX purchases will be capped at 194,581 shares, except for block purchases, while NYSE purchases will follow safe-harbor volume limits. Up to 12,865,993 repurchased shares will be cancelled, and up to 200,000 will be held in trust to satisfy restricted share unit plan redemptions.

Eldorado Gold has completed its board leadership transition, with Steven Reid stepping down as Chair and from the Board after more than five years as Chair and 13 years as a director. The Board has appointed Dan Myerson as Chair and Patrick Godin as Lead Independent Director, effective immediately. Myerson joined the Board following the acquisition of Foran Mining Corporation and has served as Deputy Chair, while Godin brings more than 40 years of mining industry experience. The appointments are part of the Board's ongoing succession and renewal process as Eldorado advances through a period of significant growth, including the Skouries project nearing commercial production and the McIlvenna Bay project ramping up operations.

Eldorado Gold reported solid second-quarter 2026 financial and operational results, with the Skouries copper-gold project in Greece on track for first production in the third quarter. Gold production was 104,616 ounces, down from 133,769 ounces a year earlier, while the average realized gold price rose to $4,379 per ounce. Revenue increased to $487.5 million, and net earnings attributable to shareholders reached $172.8 million, or $0.69 per share. The company updated its consolidated 2026 gold production guidance to 495,000 to 600,000 ounces, reflecting the addition of initial output from the newly acquired McIlvenna Bay mine in Canada, where first copper concentrate was achieved in June. Skouries construction is 97% complete, with first ore crushed and commissioning underway, and the project remains fully funded with a capital cost estimate of approximately $1.315 billion to commercial production.

Eldorado Gold shares rose 3.1% pre-market Tuesday after the company announced it is in the final stages of construction and entering the commissioning phase at its Skouries copper-gold project in Greece, with first ore now processed through the crushing circuit. The company continues to target first production of copper-gold concentrate in the third quarter and commercial production in the fourth quarter, subject to completion of final site energization, which is contingent upon final inspection by the relevant Greek authority and receipt of final signoff. Open pit mining at Skouries is running ahead of schedule, building a run-of-mine stockpile of approximately 3.4 million metric tons to support a steady ramp-up of the plant; including ore from the underground, total stockpiles have reached approximately 3.9 million tons, which will provide ore feed through 2026 and support the first full year of production. Based on the 2022 project feasibility study, Skouries is expected to produce on average 140,000 ounces of gold per year and 67 million pounds of copper per year with a 20-year life of mine.

Emperor Metals has submitted an updated remediation and closure plan for the Lac Pelletier Mine Property in Quebec to the Ministère des Ressources naturelles et des Forêts, with regulatory approval expected before the end of the third quarter. The plan, developed with Eldorado Gold and Norda Stelo, updates waste rock geochemistry and environmental quality assessments, and is a key step for Emperor to assume environmental responsibility from Eldorado. The project holds a fully authorized underground extraction permit for up to 1,000 tonnes per day, positioning it as a near-development-stage operation. Following approval, Emperor intends to initiate a Pre-Feasibility Study, with a current development schedule targeting production ramp-up in early 2028. The project has benefited from over 100,000 meters of drilling and approximately 3.3 kilometers of existing underground development.

Eldorado Gold Corporation announced that all nine director nominees were elected at its Annual Meeting of Shareholders held on June 23, 2026. The elected directors include Carissa Browning, George Burns, Teresa Conway, Samantha Espley, Sally Eyre, Patrick Godin, Judith Mosely, Daniel Myerson, and Steven Reid, with support ranging from 80.46% to 99.88% of votes cast. Shareholders also approved the appointment of independent auditors, authorized the board to set auditor compensation, and passed the advisory resolution on executive compensation. The company highlighted that the Skouries project is approaching first concentrate production, the Olympias expansion is advancing, and the recent acquisition of Foran Mining adds the McIlvenna Bay asset to its portfolio.

Arctic Gateway Group announced new concentrate shipments from northern Saskatchewan and Manitoba are moving across the Hudson Bay Railway network. Eldorado Gold Saskatchewan will soon ship concentrate from the McIlvenna Bay mine to eastern Canada via the railway's Flin Flon subdivision, following Eldorado Gold Corporation's acquisition of Foran Mining. In Manitoba, zinc concentrate shipments from Hudbay's Snow Lake operations are heading north to the Port of Churchill for export to European markets later this summer, marking the third consecutive year of such shipments. The railway has undergone significant upgrades and AGG is working with federal and provincial partners on further modernization to meet North American industrial weight standards and fully interoperate with Canada's Class 1 rail network.

Eldorado Gold has been named to Corporate Knights' Best 50 Corporate Citizens in Canada for 2026. The annual ranking evaluates leading Canadian companies on up to 25 environmental, social and governance indicators including board diversity, resource efficiency, financial management, sustainable revenue and sustainable investment. Chief Executive Officer George Burns said the recognition reflects the company's consistent efforts to operate responsibly, prioritize safety, and deliver long-term value for stakeholders. Eldorado Gold is a gold and base metals producer with operations in Canada, Greece and Türkiye, and its common shares trade on the Toronto Stock Exchange and the New York Stock Exchange.

Amex Exploration has completed the final tranche of its oversubscribed private placement, raising an additional C$20.6 million. The final tranche consisted of 4,581,567 common shares at C$4.50 each, bringing the total gross proceeds from the brokered and non-brokered placements to C$79,685,775. The entire offering, which was previously announced as a C$80 million best-efforts private placement, saw the final tranche purchased by strategic investor Eldorado Gold Corporation, increasing its stake to approximately 26.9% of Amex's outstanding shares. Proceeds will fund the bulk sampling program, phase 1 development of the Perron Gold Project, a feasibility study, and general corporate purposes. The offering remains subject to final acceptance by the TSX Venture Exchange.