Eldorado Gold (ELD) Investor presentation summary

Portfolio overview and growth strategy

• Operates diversified, long-life gold assets in Canada, Greece, and Türkiye, with 12.5 Moz of proven and probable gold reserves and a pipeline of strategic growth projects including Skouries and Perama Hill.

• Annual gold production expected to increase by 44% from 2025 to 2027, driven by Skouries and operational improvements across the portfolio.

• Commercial production at Skouries is targeted for mid-2026, with first concentrate production expected toward the end of Q1 2026.

• Multi-year guidance demonstrates significant production growth and margin expansion, supported by disciplined cost control and strong metal prices.

• Exploration investment for 2026 is increasing to $75–85M, targeting both resource conversion and new discoveries.

Financial performance and position

• Q3 2025 revenue was $434.7M, with net earnings of $56.5M and adjusted EBITDA of $196.3M for the first nine months of 2025.

• Cash and cash equivalents stood at $1.04B as of September 30, 2025, with total liquidity of $1.09B including credit facilities.

• Free cash flow excluding Skouries was $76.9M in Q3 2025; total cash costs for Q3 2025 averaged $1,195/oz sold, and AISC was $1,679/oz sold.

• 2025 guidance: gold production of 470,000–490,000 oz, total cash costs of $1,175–$1,250/oz, and AISC of $1,600–$1,675/oz.

• Market capitalization reached $8.7B with a 238% share price appreciation over three years.

Project updates and operational highlights

• Skouries project is 90% complete for Phase 1 and 78% for Phase 2, with $980M invested since restart; Q4 2025 project capital was ~$137M.

• Skouries is fully funded with a €680M project financing facility and a C$81.5M strategic investment by EBRD.

• Olympias mill expansion to 650ktpa is progressing, with commissioning and ramp-up expected in H2 2026.

• Kışladağ advancing whole ore agglomeration and secondary crusher projects, with installations expected in 2026–2027.

• Lamaque Complex achieved Q3 2025 gold production of 46,823 oz at $767/oz cash costs, supported by high-grade Ormaque ore.