Eldorado Gold Initiates Dividend, Signaling New Era of Investor Returns

VANCOUVER, British Columbia – January 22, 2026 – Eldorado Gold Corporation has taken a decisive step to reward its shareholders, announcing the initiation of a regular quarterly dividend program that marks a significant milestone for the international mining firm. The move signals strong confidence from management in the company's financial health and its strategic transition towards becoming a more mature, cash-generating producer.

In a press release issued today, the company (TSX: ELD, NYSE: EGO) declared an initial quarterly dividend of US$0.075 per common share. This first payment is scheduled for March 13, 2026, for shareholders of record at the close of business on February 27, 2026. The announcement reflects a pivotal moment for Eldorado, which has historically focused on reinvesting capital into its extensive portfolio of development and exploration projects across Türkiye, Canada, and Greece.

This new policy is not an isolated event but the culmination of a broader capital return strategy. During 2025, Eldorado demonstrated its commitment to shareholder value by repurchasing and cancelling approximately US$204 million worth of its common shares. The combination of a robust share buyback program and the new dividend framework is designed to attract and retain a wider base of investors, including those focused on income generation.

A Disciplined Capital Framework

The decision to initiate a dividend is underpinned by a robust financial position. As of its latest financial reporting for Q3 2025, Eldorado held a substantial cash position of $1.04 billion. The company generated $170.2 million in net cash from operating activities in that quarter alone, buoyed by strong gold prices and steady production. Preliminary results for the full year 2025 show gold production of 488,268 ounces, landing at the higher end of its guidance.

This financial strength allows the company to pursue what CEO George Burns described as a “disciplined capital framework.” In the announcement, Burns stated, “This marks an important milestone in delivering value to our shareholders and reflects the Company’s strong financial position and confidence in executing our growth strategy.”

While the company's overall free cash flow for 2025 was impacted by significant investments in growth projects, its legacy assets generated positive free cash flow of $76.9 million in the third quarter, effectively helping to fund the company’s future. This balance between generating returns from existing operations while building out new ones is at the heart of the strategic shift. The dividend, designated as an “eligible dividend” for Canadian tax purposes, will be paid in U.S. dollars, though Canadian resident shareholders will receive it in Canadian currency.

Skouries: The Catalyst for Confidence

Central to Eldorado Gold's newfound confidence is the imminent completion of its flagship Skouries project in Greece. The high-grade gold-copper porphyry project is set to transform the company's production profile and financial trajectory. For years, Skouries has been a significant capital expenditure; now, it is on the verge of becoming a major cash flow generator.

As of the end of 2025, the overall project was 90% complete, with first concentrate production anticipated by the end of the first quarter of 2026 and a ramp-up to commercial production expected by mid-year. The project is fully funded, with its €680.4 million project finance facility fully drawn, de-risking its path to completion. Open pit mining is already ahead of schedule, with substantial ore stockpiles ready for the plant's startup.

Once fully operational, Skouries is projected to be a long-life, low-cost mine, producing an average of 140,000 ounces of gold and 67 million pounds of copper annually over its 20-year lifespan. The addition of significant copper production will diversify Eldorado's revenue stream, reducing its direct sensitivity to the volatile gold market and providing exposure to copper's crucial role in the global energy transition.

“The introduction of a dividend underscores our confidence in Skouries as it transitions into production and begins generating significant cash flow,” Burns noted in his statement, directly linking the project's progress to the new shareholder return policy.

Balancing Growth with Shareholder Payouts

The new dividend does not signal an end to growth investments. Eldorado continues to advance a pipeline of projects, ensuring a sustainable future beyond its current operating mines. The company is also progressing with the Olympias Expansion in Greece, which is expected to be completed in the third quarter of 2026, and submitted an Environmental Impact Assessment for its Perama Hill project in December 2025.

This strategy of balancing shareholder returns with reinvestment is becoming a key differentiator in the mining sector. Analysts have noted that Eldorado is transitioning from a traditional gold producer into a more diversified copper/gold major, a move that could be re-rated by the market as Skouries comes online. The company's inclusion in the 2025 TSX30 list, recognizing its 238% three-year share price appreciation, highlights its recent performance, though some analyst price targets from late 2025 suggested the market had yet to fully price in the impending growth.

While the initial dividend declaration is a firm commitment, Eldorado Gold was careful to note that future dividends remain at the discretion of its Board of Directors. The declaration, amount, and payment of subsequent dividends will depend on the company's financial performance, capital needs, and broader business conditions. This provides the company with the flexibility to navigate the cyclical nature of the mining industry while affirming its new commitment to providing a direct return to the investors who have supported its long-term growth strategy.