Shares of Eldorado Gold fell 4% following Q1 results as investors focused on the $155 million upward revision to Skouries project capital, signaling concerns over higher construction costs and project execution risk.

• Skouries project capital was raised to $1.315 billion, up $155 million from the previous estimate, driven primarily by increased construction workforce levels and accelerated operational capital requirements.
• Total workforce at Skouries grew from 2,350 to approximately 3,200 by quarter end, with open-pit mining and underground development ramping up in preparation for first concentrate production in Q3.
• Company reiterated that 2026 production will be back-half weighted, tied to the commissioning of both Skouries and MacBay.
• Eldorado Gold approved $17 million for MacBay exploration in 2026, targeting continued value creation as integration activities ramp up post-acquisition.
• CEO transition remains on track as George Burns prepares to retire, with Christian Milau set to succeed him later in the year.