Freeport-McMoRan Inc. press release

Eldorado Gold Reports Solid First Quarter 2026 Financial and Operational Results; Skouries Steadily Advancing Towards First Concentrate Production

2026-04-30

NYSE - New York Stock Exchange · Copper · Gold · Molybdenum · United States · Corporate Finance

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

VANCOUVER, British Columbia, April 30, 2026 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado”, "Eldorado Gold" or “the Company”)(TSX: ELD) (NYSE: EGO)today reports the Company’s financial and operational results for the first quarter of 2026. For further information please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis ("MD&A") filed on SEDAR+ at www.sedarplus.com under the Company’s profile.

First Quarter 2026 Highlights

Operations

Gold production:100,358 ounces. Gold sales:100,619 ounces at an average realized gold price per ounce sold(1)of $4,891. Production costs: $188.2 million Total cash costs(1):$1,470 per ounce sold All-in sustaining costs ("AISC")(1):$1,942 per ounce sold Total capital expenditures:$318.0 million, including $135.6 million of project capital invested at Skouries with activity focused on major earthworks and infrastructure construction, as well as $48.5 million of accelerated operational capital. Growth capital(1)at the operating mines totalled $89.4 million and sustaining capital(1)at operating mines totalled $32.9 million. Production and cost outlook: The Company is maintaining its 2026 annual production guidance of 490,000 to 590,000 ounces of gold. Production continues to be weighted to the second half of the year. Excluding Skouries total cash costs(1)for the full year are expected to be between $1,220 to $1,420 per ounce sold and an average AISC(1)of $1,670 to $1,870 per ounce sold.

_ (1)_These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this news release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in the Company's March 31, 2026 MD&A._

Financial

Revenue: $532.4 million in Q1 2026. Net cash generated from operating activities of continuing operations: $141.4 million in Q1 2026. Cash flow from operating activities before changes in working capital(1): $187.1 million in Q1 2026. Cash and cash equivalents: $629.7 million as at March 31, 2026. Cash decreased by $239.6 million in Q1 2026 compared to Q4 2025, primarily due to growth capital investment, share buybacks, repayments of the VAT Facility, dividend payments, and income taxes paid. These cash outflows are offset partly by cash generated from operating activities, VAT refunds and the sale of investments in marketable securities. Net earnings attributable to shareholders: $136.4 million or $0.69 basic earnings per share.

Adjusted net earnings attributable to shareholders(2):$188.2 million net earnings, or $0.95 earnings per share in Q1 2026. Adjustments of non-recurring items include an $18.3 million loss on foreign exchange translation of deferred tax balances, a $20.0 million unrealized loss on derivative instruments, and a $7.7 million expense relating to acquisition costs.

Adjusted net earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA")(1): $335.7 million. Free cash flow(2):Negative $129.1 million, primarily due to higher cash used in investing activities, partially offset by higher cash generated from operating activities. Free cash flow excluding capital expenditures at Skouries(2)was $62.9 million.

Corporate

Appointment of Sally Eyre to the Board of Directors, effective January 1, 2026. George Burns, Chief Executive Officer will retire in Q3 2026 on the ramp up toward commercial production at Skouries. Christian Milau, President, will assume the role of Chief Executive Officer at that time. Mr. Burns will remain a member of the Board following his retirement, and Mr. Milau will join the Board upon assuming the role of Chief Executive Officer. Promotion of Simon Hille to Executive Vice President and Chief Operating Officer, effective March 24, 2026. Appointment of Gordana Vicentijevic as Senior Vice President, Projects effective May 4, 2026. Initiation of a dividend program and first quarterly dividend payment on March 13, 2026. On April 30, 2026, the Company declared a second quarter dividend of $0.075 per common share, payable on June 16, 2026, to shareholders of record at close of business on June 2, 2026.

Subsequent Events

Completed the acquisition of Foran Mining Corporation ("Foran") on April 14, 2026, consideration included: 64,668,321 shares issued, and C$5.7M cash payment (C$0.01/share)

Promotion of Sylvain Lehoux to Senior Vice President, Operations, Canada, effective April 14, 2026. Appointment of Dan Myerson to the Board of Directors, effective April 14, 2026, and appointed as Deputy Chair, effective April 30, 2026.

Commentary

“As expected, first quarter gold production was aligned with our second half-weighted annual guidance, with 100,358 ounces produced,” said George Burns, Chief Executive Officer. “Continued strength in gold prices supported solid financial results during the quarter, reflecting disciplined operating performance and the quality of our asset base. During the quarter, we continued returning capital to shareholders through share buybacks and paid our first quarterly dividend, underscoring our commitment to sustainable shareholder returns.

During the quarter, construction at Skouries continued to advance and remains on track for first concentrate production in Q3 and commercial production in Q4. As execution activities have progressed and the project advances toward construction completion on schedule we have updated the forecast-to-complete and, as a result we have revised the estimate of total project capital to approximately $1.315 billion, an increase of approximately $155 million from the prior estimate. This reflects incremental costs related to labour, project and support overheads and materials across multiple work fronts and foreign exchange impacts. The primary driver of the increase is related to the contractor workforce levels to sustain execution momentum. We believe that advancing Skouries into safe production in the current metal price environment is a key driver of value creation, and this incremental capital reflects our continued focus on maintaining momentum toward first concentrate production.

We also received the Ormaque operating authorization, enhancing production flexibility at the Lamaque Complex by enabling ore from two mines to feed the mill. In addition, we strengthened our execution capabilities with the promotion of Simon Hille to Chief Operating Officer and the addition of Gordana Vicentijevic as Senior Vice President, Projects, reinforcing our focus on delivery certainty and long‑term value creation.

Subsequent to quarter end, we completed the acquisition of Foran, adding McIlvenna Bay to our portfolio, a high‑quality, multi‑decade Canadian copper‑zinc‑gold-silver asset to our portfolio. The project also offers significant exploration upside across a prospective district-scale land package, including near-mine targets such as the Tesla Zone. Since closing the acquisition, we have approved approximately $17 million of exploration spending in 2026, reflecting the highly target‑rich nature of the district and the potential to further extend mine life and support future growth. Collectively, these actions highlight our focus on execution and building a high-quality, long-life portfolio.”

_ (2)_These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosures for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this news release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in the Company's March 31, 2026 MD&A._

Skouries Highlights

The Skouries Project, part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of Northern Greece and is a high-grade copper-gold 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 over the life of the mine of 140,000 ounces of gold and 67 million pounds of copper, or approximately 240,000 gold equivalent ounces(3).

First production of the copper-gold concentrate is expected in Q3 2026 and commercial production is expected in Q4 2026, with 2026 gold production projected to be between 60,000 and 100,000 ounces and copper production projected to be between 20 and 40 million pounds.

Concentrate Off-Take Agreements

Concentrate commercial terms remain agreed and final offtake contract negotiations are in progress. With robust market conditions for copper gold concentrates continuing in 2026, we remain confident of achieving significantly stronger terms than those assumed in the 2022 feasibility study assumptions.

Capital Estimate and Schedule

As execution activities have progressed and the project advances toward construction completion on schedule, the Company has updated its forecast-to-complete and, as a result has revised its estimate of total project capital for phase 2 to approximately $1.315 billion. This reflects an incremental $155 million related to labour, project and support overheads and materials costs across multiple work fronts and foreign exchange impacts. Additional contractor resources have been and continue to be required to sustain momentum. Since mid Q1 2026 when the onsite workforce totaled approximately 2,350 employees and contractors, workforce levels have increased to over 3,200 currently, including the addition of specialized EU‑based contractors. This expanded workforce has supported continued progress across critical work fronts. The total workforce is expected to remain above 3,200 throughout the second quarter of 2026, followed by a planned and significant reduction in onsite labour in the third quarter as construction is completed, contractors are demobilized, and staffing levels normalize to support steady-state operations as the project transitions from construction into operations.

The project remains fully funded through operating cash flow, cash and debt financing. The Term Facility totalling €680.4 million ($782.3 million) is fully drawn (and the Contingent Overrun Facility of €60.0 million remains undrawn).

Project capital totalled $135.6 million in Q1 2026 and as of March 31, 2026, cumulative project capital invested towards Phase 2 of construction totalled $1.116 billion.

The accelerated operational capital cost estimate for Skouries has increased to approximately $260 million, reflecting an incremental $82 million investment focused on expanded pre‑commercial underground and open‑pit mining. These activities are supporting continued growth of the ore stockpiles ahead of first production, further advancement of the underground mine and advancing the site general earthworks. This incremental capital supports a smooth ramp‑up into production.

The Company is well positioned for start‑up, with over 2.8 million tonnes of ore stockpiled which provides the entire planned mill tonnage for 2026. Open pit and underground ore mining will continue for the balance of 2026 and will be blended to maximize cash flow with lower value ore being stockpiled for future years.

_ (3)_Gold equivalent ounces: Calculated by converting copper pounds produced into gold equivalent using budgeted commodity prices for the relevant period: 2026-2027: $4,000/oz gold and $5.00/lbcopper; 2029 and beyond: $3,000/oz gold and $4.50/lbcopper._

Construction Activities

As at March 31, 2026, overall project progress was approximately 94% complete.

Primary Crusher Building

The primary crusher is mechanically complete and all associated equipment is set in position, with work underway on the final piping and electrical installation. Conveyors from the primary crusher through the coarse ore stockpile to the process plant have been installed and belt installations are underway.

The stockpile dome foundation is complete, and assembly of the dome structure is virtually complete. All three reclaim feeders and associated chute work have been installed and work is underway to complete the final mechanical, piping and electrical connections in the stockpile reclaim tunnel. Electrical cable installation and terminations are in progress in the prefabricated electrical distribution room.

Process Plant

Work in the process plant remains focused on mechanical installations, piping, cable tray and cabling in preparation for first ore introduction. Q1 2026 inspections identified the need to replace the two damaged cyclone feed pumps variable speed drives. Temporary replacement equipment has been ordered and is expected to be installed in Q2 2026 with permanent equipment in Q3 2026. High and medium voltage electrical distribution from multiple substations within the process plant network are advancing, and the process control building structure is complete with electrical work underway across all plant areas. Electrical rooms are being progressively handed over to commissioning.

During the period, the compressor systems, blower systems and the process and fire water pumping systems achieved construction completion and have been handed over to the commissioning team. The reagent areas are advancing in line with the commissioning plan through various stages of mechanical, piping and electrical installations.

Thickeners

Two of the three tailings thickeners are mechanically complete, with electrical cabling and instrumentation installation underway. The third tailings thickener is not required for start-up.

Water testing is complete and piping installations have advanced as the pipe rack installations are completed. Work is advancing on the associated infrastructure, including the pumphouse building with piping and electrical work nearly complete, and mechanical and electrical installations in the flocculant building progressing. Electrical installations and cable pulling in the thickeners’ secondary substation building are well advanced.

Filtered Tailings Facility

Work continues to progress on the filtered tailings plant which remains on the critical path, with electrical installations and commissioning as the final steps. Work is also advancing on the tailings handling infrastructure.

Mechanical work advanced with all six filter presses and associated swivel doors, feeders and conveyors completed. The compressor building steel structure is complete, and all six compressors and air receivers are mechanically complete. Pipe installation continues to progress and cable tray installations are substantially complete. Electrical and instrumentation work is complete on filter presses 1 and 2 and progressing through the remaining four filter presses.

The filter plant tank farm construction has progressed with all five tanks now complete and structural steel for pipe racks and platforms advancing to support piping installations. The clarifier water tank construction is fully welded and currently being painted following the successful hydrotest. The clarifier is assembled and the bridge assembly is being preassembled for installation.

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

Powerline and Substations

The 150kV powerline, and primary substation are advancing in accordance with the project schedule to support start-up in Q3 2026. Final approval from the electrical regulatory authority, which is required prior to commissioning, is expected following completion of the required inspection and energization protocols in late Q2 or early Q3.

Powerline construction is advancing with the transmission tower assembly complete and pilot wire pulling now underway along the transmission line. Work in the primary substation has advanced through ongoing assembly of the substation structures and control building structural completion.

Commissioning Activities

Pre-commissioning of the power infrastructure for the plant has started with the substations that distribute power to the process plant, filter plant, and primary crusher. Commissioning continues in the fire, utility, and process water systems. Pre-commissioning for the SAG and Ball mill instrumentation, electrical and control systems has started. Pre-commissioning started in the flotation area with focus on air and instrumentation for the flotation cells. Wet commissioning has started for the process-water pumps and tailings thickeners.

Integrated Extractive Waste Management Facility (the "IEWMF")

Preparation works for the initial tailings placement area is progressing, with engineering fill continuing in the first part of Q2 2026.

Construction of the low-grade ore stockpile continued advancing with the planned sequence focused on the lower section.

Excavation of the southern diversion trench is ongoing and ramping up in the more favorable dry season.

Accelerated Operations and Readiness

Open Pit Mining

The open pit mine continued to ramp up during Q1 2026 and remains ahead of plan in building ore stockpiles for the process plant start-up. The open pit team delivered 877 kt of ore to stockpiles during Q1 2026. At the end of Q1 2026 the stockpiles contained approximately 2.3 million tonnes of open pit and underground ore. The stockpile metal content is approximately 84,000 ounces of gold and 24 million pounds of copper. Grade control drilling of the open pit phase 1 has been completed

Underground Development

The underground mine delivered 140 kt of ore to the ore stockpiles during Q1 2026. Underground access development rates continued to accelerate. A total of 1,333 meters of underground development was completed in Q1 2026. The monthly advance during March 2026 was 607 meters, a step up towards the approximate 700 meters per month we are targeting during the remaining months of the year. The underground ventilation system has been upgraded enabling ventilation of the 350 level where the remaining four test stopes will be mined this year.

The second test stope was completed with ore fragmentation, stope cavity monitoring and extraction exceeding expectations. Development of both the east and west declines continues, and development to access the next four test stopes started in Q2 2026.

Based on the successful completion of the first two test stopes, the Company has the opportunity to expand the stope design to support greater productivity, with the planned four larger test stopes designed at approximately 100 kt per stope

Processing

Three of the four processing operations and maintenance teams have successfully completed their theoretical training and are now completing job familiarization training at both Skouries and Olympias sites. The fourth team will commence theory training in Q2 2026.

Several key readiness activities are advancing according to plan. Procurement of maintenance spares is advancing on plan for completion in Q2, consignment stock agreements are in place with the main OEM’s and the tailings placement design has been completed.

Twelve highly experienced process plant ramp-up experts have been contracted to support the operations team during the first three months of operations.

Workforce

As at March 31, 2026, there were approximately 3,000 personnel working on site, including 450 Skouries employees.

Skouries Multimedia

A progress update video can be found here:https://youtu.be/rQh4xI9eAQ8 To view a time lapse of the filtered tailing plant installation, please visit:https://youtu.be/Q0kX40qpUHg Photos of the construction progress at Skouries can be viewed and downloaded via this link:https://eldoradogold.getbynder.com/web/75fd38cea59305ba/q1-2026-skouries-project-update/

McIlvenna Bay Project – Canada

The McIlvenna Bay Project, located in Saskatchewan, Canada, is a copper-zinc-gold-silver rich development project added on April 14, 2026, with the acquisition of Foran. In March 2025, Foran published a McIlvenna Bay Project Feasibility Study, with an 18 year mine life and average life of mine production of 41 million pounds of copper, 20,000 ounces of gold, 444,000 ounces of silver and 54 million pounds of zinc.