Eldorado Gold's Strategic Leadership Shift and Skouries Project Catalyst: A High-Conviction Play in Gold and Base Metals

Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) is undergoing a transformative leadership shift that positions it as a compelling investment opportunity in the gold and base metals sector. The appointment of Christian Milau as President, effective September 12, 2025, marks a pivotal moment for the company. With over 25 years of experience in mining, finance, and operational leadership, Milau's track record of scaling projects and optimizing capital efficiency aligns perfectly with Eldorado's strategic priorities. His arrival, coupled with the Skouries Project's imminent production phase, creates a rare confluence of leadership and execution that could unlock significant long-term value for shareholders.

Christian Milau: A Proven Operator for a High-Stakes Transition

Milau's career is defined by his ability to transform mining companies into high-performing, multi-asset producers. As CEO of Equinox Gold from 2016 to 2022, he oversaw the company's evolution from a single-asset developer to a diversified producer with eight operating mines. His expertise in capital allocation, stakeholder relations, and operational execution—acquired through roles at Endeavour Mining, New Gold, and Saudi Discovery Company—positions him to accelerate Eldorado's growth agenda.

The Skouries Project, a $1.06 billion copper-gold venture in Greece, is the linchpin of Eldorado's strategy. With first production expected in Q1 2026 and commercial operations by mid-2026, the project's success hinges on disciplined capital management and operational readiness. Milau's appointment ensures these priorities are in capable hands. His oversight of Technical Services, Exploration, Finance, and Health, Safety, and Sustainability departments will streamline decision-making, reducing bottlenecks and enhancing cross-functional coordination.

Capital Efficiency and Shareholder Value: A Dual-Track Strategy

Eldorado's Q2 2025 results underscore its commitment to capital efficiency. The company generated $61.5 million in free cash flow (excluding Skouries capital) and repurchased $44.6 million worth of shares under its normal course issuer bid. These actions reflect a disciplined approach to capital allocation, balancing growth investments with returns to shareholders. Milau's experience in optimizing capital structures—evidenced by his work at Equinox Gold and Saudi Discovery—will further refine this strategy.

The Skouries Project, now 70% complete, is a prime example of this balance. Despite rising labor and equipment costs, the project remains fully funded, with $1.078 billion in cash reserves as of June 30, 2025. Milau's focus on agility and cost control will be critical in navigating inflationary pressures and regulatory changes, such as Turkey's recent royalty amendments. By leveraging his global mining expertise, he can mitigate risks while maintaining the project's timeline and budget.

Leadership Depth: A Team Built for Execution

Milau's leadership is reinforced by a seasoned executive team. Simon Hille (Technical Services & Operations) and Louw Smith (Development, Greece) bring decades of operational and regional expertise, while Nora Lozano (Health, Safety & Sustainability) ensures compliance with evolving ESG standards. This depth of experience reduces reliance on any single individual, fostering a culture of collaboration and resilience.

The team's focus on operational readiness is already paying dividends. Skouries' workforce of 1,730 personnel, including 186 operational staff, is undergoing rigorous training to ensure smooth transitions to commercial production. Meanwhile, open pit mining commenced in July 2025, with equipment commissioning on track. These milestones validate Eldorado's ability to execute complex projects—a trait that will become increasingly valuable as the global mining sector faces labor and supply chain challenges.

Investment Thesis: A Catalyst-Driven Play

For investors, Eldorado's strategic alignment of leadership and execution creates a high-conviction opportunity. The Skouries Project alone could add 135,000 to 155,000 ounces of gold to Eldorado's production in 2026, while copper demand—driven by the energy transition—positions the company to benefit from dual commodity exposure. Milau's emphasis on collaboration and innovation will further enhance margins, as seen in his past roles where he reduced unit costs through operational optimization.

Risks and Mitigants

While regulatory changes in Turkey and Greece pose risks, Eldorado's proactive hedging strategies—such as zero-cost collars covering 28,000 ounces of gold from 2027—mitigate price volatility. Additionally, the company's strong balance sheet and $1.078 billion in cash provide a buffer against unforeseen challenges. Milau's global perspective, honed through roles in Saudi Arabia, Africa, and the Americas, equips him to navigate geopolitical and regulatory complexities.

Conclusion: A Leadership-Driven Growth Story

Christian Milau's appointment is more than a personnel change—it's a strategic catalyst. By combining his operational acumen with Eldorado's robust project pipeline and capital discipline, the company is poised to deliver sustainable growth and shareholder value in a sector primed for expansion. For investors seeking exposure to a high-conviction gold and base metals producer, Eldorado Gold offers a compelling case: a proven leadership team, a near-term production catalyst, and a disciplined approach to capital and risk management.

Investment Advice: Positioning for Eldorado Gold's next phase requires a medium-term horizon. The Skouries Project's commercial production in mid-2026 and Milau's leadership-driven efficiencies make the stock a strong buy for those comfortable with the mining sector's cyclical nature. Monitor the company's Q3 2025 update for further validation of its execution capabilities and capital allocation priorities.