Eldorado Gold (ELD) Investor Presentation summary

Strategic growth and operational highlights

• Multi-jurisdictional portfolio with operations in Türkiye, Greece, and Canada, holding 11.9 Moz of proven and probable gold reserves and a robust pipeline of growth projects, including Skouries and Perama Hill.

• Annual gold production is expected to grow from 460,000–500,000 oz in 2025 to 660,000–720,000 oz by 2027, driven by the ramp-up of Skouries and ongoing productivity improvements.

• Skouries project is fully funded, with €680M in project financing and a C$81.5M strategic investment by EBRD; first production is targeted for Q1 2026 and commercial production by mid-2026.

• Q2 2025 operational performance was strong, with 133,769 oz gold produced at $1,064/oz total cash costs and $1,520/oz AISC, maintaining full-year guidance.

• Cash and cash equivalents stood at $1.08B as of June 30, 2025, supporting financial flexibility and ongoing investments.

Project development and capital allocation

• Skouries capital cost estimate is $1.06B, with $400–$450M growth capital and $80–$100M accelerated operational capital planned for 2025.

• Construction at Skouries is advancing, with major infrastructure such as the filtered tailings plant, process plant, and primary crusher nearing completion; open pit mining began in July 2025.

• Olympias mill expansion to 650ktpa is underway, with productivity improvements supporting higher throughput and lower costs.

• Kışladağ is enhancing efficiencies through HPGR circuit optimization and secondary crusher expansion, with cumulative gold production in Türkiye surpassing five million ounces.

• Exploration budget for 2025 is $29–$32M, focused on resource conversion, near-mine expansion, and generative initiatives in core jurisdictions.

Financial and operational performance

• Q2 2025 revenue was $451.7M, with adjusted EBITDA of $211.8M and net earnings of $139.0M; free cash flow excluding Skouries was $61.5M.

• 2025 gold production guidance by mine: Kışladağ 160–170Koz, Efemçukuru 70–80Koz, Lamaque 170–180Koz, Olympias 60–70Koz.

• All-in sustaining costs for 2025 are guided at $1,370–$1,470/oz, with total sustaining capital of $145–$170M and growth capital at operations of $245–$270M.

• Hedge portfolio includes gold and copper swaps and zero-cost collars to manage price volatility during Skouries investment.

• Share price performance has outpaced peers, with a 238% appreciation from June 2022 to June 2025 and a current market capitalization of $5.9B.