Eldorado Gold (ELD) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic growth and portfolio overview

• Production is set to grow from 500,000 to 900,000 gold equivalent ounces by 2027, driven by two new multi-decade assets with significant copper, zinc, and gold exposure.

• Combined company holds over 25 million ounces in measured and indicated resources, with an average mine life exceeding 13 years and new assets offering 18-20 year mine lives.

• Operations span Canada, Greece, and Türkiye, with mature mines and ongoing exploration targeting further expansion, especially in Türkiye and Greece.

• Recent acquisitions and expansions, such as Lamaque and Olympias, have exceeded expectations, with new discoveries and plant expansions supporting long-term growth.

Project updates and operational highlights

• Mack Bay and Skouries are both set to begin production within weeks to months, with Skouries expected to deliver substantial free cash flow due to its copper byproduct.

• Skouries construction is nearly complete, with a minor delay due to equipment issues; mining operations are ahead of schedule and de-risked.

• McIlvenna Bay is on track for first production by end of March, with scalable potential to double or triple output over time.

• Perama Hill in Greece is advancing with permitting and feasibility updates, aiming for construction readiness next year.

• Kışladağ is implementing a full ore agglomeration project to improve gold recovery and extend mine life.

Financial performance and capital allocation

• Combined company expects annualized EBITDA of $2.1 billion and maintains a strong balance sheet with $1.3 billion in cash and $225 million net debt.

• Free cash flow yield is estimated at 20% during ramp-up, with plans to triple company value through project execution and optimization.

• Share buybacks of $200 million were executed last year, with continued buybacks and the first dividend planned for this quarter.

• Capital investments this year focus on bringing new deposits into production and expanding processing capacity, with expectations for capital needs to decline after current projects.