VANCOUVER - Eldorado Gold Corporation (TSX:ELD, NYSE:EGO) produced its first copper concentrate at the McIlvenna Bay Project in Saskatchewan on June 7, according to a press release statement.
The company completed wet commissioning of the processing plant and commenced hot commissioning at the 100%-owned facility in east-central Saskatchewan. Shares currently trade at $28.41, near the 52-week high of $30.29, with the stock delivering a 9.62% return over the past year. The operating team is working toward the nameplate capacity of 4,900 tonnes per day.
Key activities during the ramp-up period include optimizing the flotation circuit and reagent addition performance, and completing the paste plant and associated underground infrastructure. Eldorado expects to achieve commercial production at McIlvenna Bay in the third quarter of 2026.
The company acquired the project through its purchase of Foran Mining Corporation, which closed on April 14, 2026. According to InvestingPro analysis, net income is expected to grow this year as the new production comes online. The platform tracks over 10 additional ProTips for ELD, offering deeper insights into the company’s financial health and growth trajectory. Eldorado has committed approximately $17 million of additional exploration spending on McIlvenna Bay and its wider mineral claims in 2026.
The exploration program will include drilling the adjacent Tesla Zone, a polymetallic discovery located near existing infrastructure, and drilling the Bigstone deposit. The company will also conduct airborne and geophysical surveys and ore body characterization studies.
"Achieving first concentrate at McIlvenna Bay is a significant milestone, not just for Eldorado but for Canadian mining," said George Burns, Chief Executive Officer. "This project is a compelling example of Canada’s ability to advance critical mineral assets responsibly and with conviction."
McIlvenna Bay is situated within a mineral-rich belt extending over 225 kilometers that has supported base metal production for over a century. The project adds copper and zinc production to Eldorado’s portfolio, which includes operations in Canada, Greece, and Turkey.
Simon Hille, Executive Vice President and Chief Operating Officer, is the Qualified Person under National Instrument 43-101 responsible for the technical information in the announcement.
In other recent news, Eldorado Gold Corporation has completed its acquisition of Foran Mining Corporation, making Foran a wholly-owned subsidiary. This transaction was finalized through a plan of arrangement, marking a significant development for both companies. Prior to the completion, Institutional Shareholder Services recommended that Eldorado shareholders vote in favor of issuing shares for the acquisition. In addition to the acquisition, Eldorado Gold announced a strategic engineering and construction alliance with G Mining Services Inc. This partnership aims to enhance project delivery across Eldorado’s portfolio. Furthermore, Eldorado Gold has appointed Simon Hille as its new Executive Vice President and Chief Operating Officer. Hille, who joined the company in 2020, will now oversee global operations, projects, and various functions including health and safety. These developments reflect Eldorado Gold’s ongoing strategic initiatives and leadership enhancements.
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