Eldorado Gold produces first concentrate at Canadian project

The company says this milestone represents a significant addition to Eldorado's already diversified portfolio and further strengthens the company's Canadian operating platform.

Wet commissioning of the McIlvenna Bay processing plant was completed recently and, following the start of hot commissioning, first copper concentrates were produced on June 7.

Eldorado says the operating team is now focused on ramp-up toward the nameplate capacity of 4 900 t a day.

Key activities during the ramp-up period include optimising the flotation circuit and reagent addition performance, and completing the paste plant and associated underground infrastructure, including the paste plant reticulation to support ongoing mine and plant production ramp-up.

The company says it expects to achieve commercial production at McIlvenna Bay in the third quarter of this year.

“Achieving first concentrate at McIlvenna Bay is a significant milestone, not just for Eldorado but for Canadian mining,” says CEO George Burns.

“This project is a compelling example of Canada's ability to advance critical mineral assets responsibly and with conviction. McIlvenna Bay diversifies our revenue base with substantial copper and zinc production, and alongside our Skouries project, in Greece, will transform Eldorado into a high-margin, free cash flow generating business.

“We are proud to become part of the Saskatchewan mining community and look forward to building lasting relationships with our employees, Indigenous rightsholders and local communities and all levels of government as we advance this exceptional asset together.”

Saskatchewan Premier Scott Moe says first concentrate at McIlvenna Bay is great news for Saskatchewan and for Canada.

He says the project is a testament to what is possible when responsible resource development, strong Indigenous partnerships and committed investors come together in a premier mining jurisdiction.

“McIlvenna Bay will generate jobs, economic activity and long-term prosperity for communities across Saskatchewan for decades to come. We congratulate Eldorado Gold on reaching this important milestone and look forward to the project's continued success,” says Moe.

Canadian federal Energy and Natural Resources Minister Tim Hodgson adds that this milestone at McIlvenna Bay demonstrates how Canada is seizing this moment, and the momentum of this project following its referral to the Major Projects Office by the Prime Minister in 2025.

“It is a perfect example of how we are moving quickly, responsibly and in partnership with provinces and Indigenous Peoples, to become an energy and mining superpower. Copper and zinc underpin clean energy, national security and industrial supply chains – and now, Canada is delivering them, for ourselves and our allies.

“I congratulate Eldorado Gold, the province of Saskatchewan, and all the partners who made this milestone possible. This is how we build Canada strong for all,” says Hodgson.

Following the completion of the acquisition of Foran Mining Corporation on April 14, Eldorado says it is advancing a focused exploration and growth strategy at McIlvenna Bay, building on a strong operational and geological foundation.

Eldorado says it has committed about $17-million of additional exploration spending on McIlvenna Bay and its wider mineral claims this year, reflecting the highly prospective, district-scale nature of the land package and the opportunity to further extend mine life and support further growth.

The adjacent Tesla Zone, a high-grade polymetallic discovery located near existing infrastructure, represents a compelling longer-term expansion opportunity at McIlvenna Bay.

Beyond testing for copper-rich extensions at Tesla, the exploration team will be drilling the Bigstone deposit with the objective of expanding that resource, drilling several advanced and early-stage targets and undertaking large-scale airborne and target-scale geophysical surveys to identify new and refine known targets for future drill testing.

In addition, the company says the team will be undertaking various orebody characterisation studies to support both exploration vectoring and future resource development.

Eldorado explains that these have the potential to increase scale, extend mine life and enhance the long-term value of the asset.

McIlvenna Bay is situated within a mineral-rich belt extending over 225 km that has supported base metal production for over a century, underscoring the significant exploration potential across the broader district, much of which remains largely untested.

Eldorado says McIlvenna Bay meaningfully diversifies its asset base across both geography and commodity.

The project provides the company with significant copper exposure, adding a critical mineral in global demand to a portfolio that is well-balanced.

With operations spanning Canada, Greece and Türkiye, Eldorado says the combined portfolio delivers jurisdictional diversification alongside attractive long-term cash flow generation.

The company says its increased scale and enhanced Canadian exposure are expected to support a compelling valuation re-rate for shareholders.