Skouries Project

COPPER-GOLD MINING PROJECT

A landmark investment

The Skouries project, which is part of the Kassandra Mines, is located on the Halkidiki peninsula in northern Greece. This copper-gold porphyry deposit will be mined using a combination of surface and underground mining technologies, alongside the best-in-class sustainable practices. Based on the 2021 Feasibility Study, the initial life of the mine is approximately 20 years, and it is expected to produce on average 140,000 ounces of gold and 67 million pounds of copper per year.

By the end of the second quarter of 2025, Phase 2 construction was 70% complete. First production is expected in the first quarter of 2026, with commercial production expected in mid-2026.

Once operational, it will place Greece among the top gold-producing countries in Europe. Greece will also become a significant producer of copper contributing to the transition of the EU to a circular economy.
Download the Skouries Project Brochure PDF

Key Facts

LOCATION

NE Halkidiki

TYPE/PROCESSING METHOD

Open pit & underground

EXPECTED MINE LIFE

20 years

DEPOSIT TYPE

Copper-gold porphyry

Copper
Cu
Copper

Av. annual copper production

67 million pounds
Gold
Au
Gold

Av. annual gold production

140,000 ounces

JULY 2025

Advancing Skouries

By the end of the second quarter of 2025, Phase 2 construction was 70% complete. First production is expected in the first quarter of 2026, with commercial production expected in mid-2026.

On February 5, 2025, the Company announced an update to the project schedule and project capital cost estimate, primarily as a result of continued labour market tightness in Greece. The project capital cost incorporates an increase of approximately $143 million, to total $1.06 billion. In addition, the Company expects to complete additional pre-commercial production mining and has accelerated the purchase of higher capacity mobile mining equipment (originally expected to be purchased post commercial production as part of the contract mining fleet), resulting in $154 million of accelerated operational capital prior to commercial production. The project remains fully funded.

First production of the copper-gold concentrate is expected in Q1 2026 and commercial production expected in mid-2026, with 2026 gold production projected to be between 135,000 and 155,000 ounces and copper production projected to be between 45 and 60 million pounds.

Project capital totalled $117.0 million in Q2 2025 and $200.9 million during the six months ended June 30, 2025. Accelerated operational capital was $27.1 million in Q2 2025 and $33.5 million during the six months ended June 30, 2025. At June 30, 2025, cumulative project capital invested towards Phase 2 of construction totalled $705.7 million and the cumulative accelerated operational capital totalled $40.5 million.

In 2025, the project capital spend is expected to be between $400 and $450 million. In addition, the accelerated operational capital is expected to be between $80 and $100 million.

As at June 30, 2025 overall project progress was 70% complete for Phase 2 of construction.

Filtered Tailings Plant
Work continues to progress on the filtered tailings building, which remains on the critical path. Structural steel installation was 51% complete at the end of the quarter and approximately 75% complete at the end of July. Mechanical work progressed with the installation of the six feeder conveyors and the collector conveyor completed in June. Assembly of the first filter press has commenced. The compressor building foundations are complete and steel structure assembly and mechanical installations are in progress.

The filter plant tank farm construction has progressed with foundations complete and all five tanks underway, with two at the final height.


Primary Crusher
Progress continues on the construction of the crusher building structure. The concrete has advanced to the second of three elevations above the foundation. The apron feeder and associated chutes have been installed and the bottom shell of the primary crusher is pre-assembled for installation in August. Conveyor foundations between the primary crusher and coarse ore stockpile are advancing along with the stockpile dome foundations. The reclaim tunnel concrete and escape tunnel concrete are complete. Pre-assembly of the three reclaim feeders and associated chute work has commenced for installation in Q3. Foundations for the process plant feed conveyor are also underway.


Process Plant
Work in the process plant continues to expand to additional work fronts for cable tray, cable, piping and mechanical installations. Mechanical installations are proceeding in the support infrastructure areas.

Work continues on the support infrastructure with the process plant substation, lime plant and flotation blower buildings structurally complete. Mechanical installations in the lime plant and flotation blower buildings are complete, and the mechanical installations in the compressor building are underway. The control building structure has completed the fourth floor concrete and work is in progress on the final elevation.

Pre-commissioning of the concentrate filter presses is underway with completion anticipated in the coming weeks and pre-commissioning of the fire water pumping system has been completed. Water testing has been completed in the rougher flotation cells and has progressed to the cleaner flotation cells. Preparations are underway to start pre-commissioning of the pebble crusher.


Thickeners
Construction of the three tailings thickeners progressed on plan during the quarter. Concrete works and mechanical installations for two thickeners are complete. Work is advancing on the associated infrastructure with the pumphouse building structural and mechanical rough set complete, and pipe rack construction advancing. Water testing of the clarifier and water storage tank has been completed.


Integrated Extractive Waste Management Facility
During Q2 2025, foundation preparation for the Karatza Lakkos (KL) embankment commenced as planned with the development of the cut-off trench, drainage placement as well as engineered fill expected to commence in Q3 2025. The coffer dam continues to progress and is expected to be completed in Q3 2025. Bulk excavation in Water Management Pond 1 was completed as well as the bulk fill of Water Management Pond 2. Construction works in the low-grade ore stockpile are on-going with completion of the majority of drainage work expected in Q3 2025, followed by the commencement of placement in the lower section of the low-grade ore stockpile. Development and implementation of the water management plan is underway.


Underground Development
Underground access development rates accelerated during Q2 2025, and are currently achieving over 200 metres per month. At the end of Q2 2025, the 350-metre level was reached, which is the bottom level of the test stopes. The first test stope blasthole drilling commenced and progressed to 19% complete by the end of June 2025. Completion of the access development and mining of the first test stope are on track for the end of 2025. The ventilation was established during Q2 when the underground mine intersected an old surface decline, which is a part of the planned ventilation network.

Engineering
Engineering works are substantially complete. The focus has been on closing out the remaining engineering activities and providing technical clarifications when required.


Procurement
All major procurement is complete. The focus continues on managing and expediting deliveries to support construction and the close-out of completed purchase orders.


Operations including Operational Readiness
Development of the first phase of the open pit mining Management Operating System is ongoing with several systems and processes being used in daily management of the surface earthworks. Most of the initial start-up phase of open pit equipment operators have been onboarded and training on the open pit mining equipment is well underway. Open pit mining commenced in July 2025. Most of the initial equipment is on-site and commissioned. Grade control drilling covering 44% of the Phase 1 open pit has been completed. Operational readiness efforts are ongoing in Safety, Asset Management, Processing, and Supply Chain areas. Middle management for key positions in open pit mining and mobile maintenance have been recruited and onboarded with supervisory capacity to be bolstered in Q3 2025.


Workforce
As at June 30, 2025, there were approximately 1,730 personnel working on site, including 272 Skouries employees of which 186 were Skouries operational personnel.

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Social and economic benefits

The Project is designed in line with responsible mining principles and it is expected to create economic and social value at a local and national level.

Its construction will involve a plethora of operations and the supply of significant quantities of materials and services which will boost local hiring, procurement and employment. Specifically, the project will involve new investments of over $1 billion with more than 1,700 positions required during construction.

The construction works at Skouries started in the summer of 2023 and will continue for approximately 3 years. First production is expected in the first quarter of 2026, with commercial production expected in mid-2026.

Best-in-class technologies and environmental design

The mine will incorporate advanced digital technologies throughout its operations, with leading practices in technology, exploration and mining, safety and environmental protection. The development of the project involves integrating leading environmental and social practices in our industry that ensure long-term positive impacts for all, such as the Integrated Extractive Waste & Water Management System, Filtered Tailings Technology, Backfilling, Parallel Rehabilitation and Environmental Monitoring.

The Integrated Extractive Waste & Water Management Facility includes the:

  • Construction of the new filtered tailings management facility
  • Construction of a new water treatment plant with a high grade of responsiveness to extreme weather conditions and the potential to provide clean water for irrigation to the local community.

Benefits of filtered tailings

Geotechnical stability

Up to 90% of the water is removed from the tailings using filtration. These solids are then conveyed and compacted within the storage facility to form a geotechnically stable solid, improving safety and stability and mitigating geotechnical risks.

Recycled water

Dry stack technology helps water to be recycled and reused in the production cycle, which minimizes the consumption of fresh water.

Smaller area occupied for tailings

Use of only one downstream embankment rather than two originally planned, resulting in 40% reduction in the environmental footprint compared to the initial design, thus an area of 486,000 square meters at the Lotsanikos basin remaining undisturbed.

Benefits of dry-stack tailings

 

Other sustainable practices and technologies

Protection of Water and Facilities

The Water Management Sustems offer:

• Reduced consumption via targeted projects such as filtering and recycling.
• A reduction in groundwater inflows by pre-draining waters and re-injecting them into the aquifer.
• Diversion of surface waters from the mine via water diversion channels.
• Treatment of water which comes into contact with mining activities at the mine water treatment plant and re-use in day-to-day operations.

Recycling and repurposing tailings (backfilling)

The majority of open pit excavated materials are repurposed for constructing Dry-Stack Tailings Facilities, water treatment ponds and other structures. Any excess materials will be repurposed for the gradual rehabilitation of tailings sites. Tailings will also be repurposed as underground and open pit mining backfill materials to restore the previous landscape.

Parallel environmental rehabilitation

The rehabilitation of conventional liquid tailings sites is normally possible after the end of a mine’s lifetime. Filtered tailings technology, however, enables progressive reclamation of the site in parallel with mining activities. That means that the site will be rehabilitated and ready to
hand back to the local community sooner after the end of mining activity.

Comprehensive Environmental Monitoring Programme

Hellas Gold has engineered and already uses one of the most comprehensive environmental monitoring programs in Europe. The Environmental Monitoring Program tracks air, soil and water quality, noise, seismicity and ecology across 500 data points to provide real-time, continuous and accurate assessment of ongoing environmental performance.

SKOURIES PROJECT

Best-in-class environmental design

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Geology & Mineralization

The Skouries porphyry copper-gold deposit is centred on a small (less than 400m in diameter), pencil-porphyry stock that intruded schist and gneiss of the Paleozoic Vertiskos Formation of the Serbo-Macedonian Massif, NE Greece. Mineralization extends for more than 920m depth from surface.

The porphyry is characterized by at least four intrusive phases that are of probable monzonite to syenite composition, but contain an intense potassic alteration and related stockwork veining that overprints the original protolith.

Potassic alteration and copper mineralization also extend into the country rock; approximately two thirds of the measured and indicated tonnes and 40% of the contained metal are hosted outside the porphyry.

The potassic alteration is syn- to late-magmatic in timing and is characterized by K-feldspar overgrowths on plagioclase, secondary biotite replacement of igneous hornblende and biotite, and a fine-grained groundmass of K-feldspar-quartz with disseminated magnetite.

Four main stages of veining are recognized: 1) an early stage of intense quartz-magnetite stockwork; 2) quartz-magnetite veinlets with chalcopyrite ± bornite; 3) quartz-biotite-chalcopyrite ± bornite-apatite-magnetite veinlets; and 4) a localized, late stage set of pyrite ± chalcopyrite-calcite-quartz veins. The host porphyry and potassic alteration at Skouries were coeval and formed during the Early Miocene.

SKOURIES

Virtual tour of our copper-gold asset

SKOURIES PROJECT GALLERY

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SKOURIES: A VIDEO OVERVIEW

Presentation of the Skouries project (2022)

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MINING PROJECTS

Olympias Mining Facilities

The state-of-the-art mining facilities at Olympias accommodate the underground gold, silver, lead and zinc mine of Hellas Gold. At the facilities of Olympias, we have created a privately-owned plant nursery inside an old tailings site. There, we are growing over 1 million plants to be used in environmental rehabilitation projects in the area.

Explore Olympias